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We compare default rates on conventional and Islamic loans using a comprehensive monthly dataset from Pakistan that follows more than 150,000 loans over the period 2006:04 to 2008:12. We find robust evidence that the default rate on Islamic loans is less than half the default rate on conventional loans. Islamic loans are less likely to default during(More)
Information and communication technology (ICT) has become, within a very short time, one of the basic building blocks of modern society. Many countries consider understanding skills and concepts of ICT and mastering it as essential element of education process, alongside reading and writing. Within the past decade, the new ICT tools have fundamentally(More)
Article history: Received 6 August 2013 Received in revised form 8 August 2014 Accepted 12 August 2014 Available online 20 August 2014 We model two regimes using threshold cointegration and threshold vector error correction model for sovereign CDS and equity markets of thirteen emerging markets. We document evidence of momentum in cointegration(More)
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