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Monetary stability and interest-free banking: the case of Iran

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Abstract:

Previous research has suggested that Islamic banking systems may be more stable than Western systems. However, this contention has only been tested empirically for the case of Tunisia, a country with no significant history of Islamic banking. This paper replicates the study done on Tunisia for the case of Iran, a country with some history of Islamic banking. The results are mixed, with some evidence both for and against the hypothesis of greater stability for Islamic banking. It is suggested that a good deal more work must be done to prove claims about the relative stability of Islamic banking.

Document Type: Research Article

DOI: https://doi.org/10.1080/000368497326525

Publication date: 1997-07-01

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