Financial development and economic diversification in Qatar: does Islamic finance matters (original) (raw)

Journal of Islamic Accounting and Business Research

Abstract

Purpose The financial system plays an essential role in facilitating the intermediation process for economic growth. Policymakers stress on achieving a well-developed and regulated financial system to achieve economic development and resiliency. Using data from the State of Qatar, this paper aims to examine the impact of financial development indicator on economic growth; the impact of financial development indicator on hydrocarbon and nonhydrocarbon sector; the impact of Islamic banking on hydrocarbon and nonhydrocarbon economic growth. Design/methodology/approach The research uses quarterly data from 2007 to 2019 and adopts autoregressive distributed lag cointegration techniques to test the long- and short-run dynamic relationship between various measures of financial development and economic growth. Findings The results present evidence of long-term cointegration between overall financial development indicator and economic growth. Furthermore, the authors document the existence o...

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