State contingent banking and asset price bubbles: The case of Islamic banking industry
Abstract
This paper examines how state contingent banking can help neutralize challenges like debt overhang and lack of optimal risk takings, problems associated with conventional banking that can eventually manifest in the creation of asset price bubbles and a financial crisis. Our analysis also contributes to the literature on Islamic banking which considers state contingent contracts as ideal from a religious perspective. We develop a model of banking...
Paper Details
Title
State contingent banking and asset price bubbles: The case of Islamic banking industry
Published Date
Nov 1, 2021
Journal
Volume
50
Pages
100531 - 100531
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