Munich Personal RePEc Archive

Is shariah stock index better than the conventional stock index in explaining economic growth ? evidence from Malaysia

Hassen, Omar and Masih, Mansur (2017): Is shariah stock index better than the conventional stock index in explaining economic growth ? evidence from Malaysia.

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Abstract

The focus of this paper is to investigate whether the shariah stock index is better than the conventional stock index in explaining economic growth. The standard time series techniques are used for the analysis. Malaysia is taken as a case study. The variables used are the shariah stock index, conventional stock index, industrial production and interest rate. The results based on variance decompositions tend to indicate that it is the shariah stock index that has an edge over the conventional stock index in explaining economic growth at least in the context of Malaysia. The findings are plausible and have strong policy implications.

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