«Noureddine Krichene» - Free Essay Paper
Noureddine Krichene obtained PhD in Economics in the University of California in 1980. He started to work in the International Monetary Fund (IMF) in 1986. N. Krichene was the advisor at the Islamic Development Bank in Jeddah from 2005 to 2007. He was a consultant before he joined the IMF. Noureddine Krichene’s area of work covers finance, macroeconomic policies, as well as energy and water economics. His researches and publications are mostly related to finance, economic and monetary fields. (“Authors’ Biography”, 2016). The paper seeks to define the views of Noureddine Krichene on topical issues of economics and Islamic banking through analyzing his scholar works.
Noureddine Krichene has published 25 work and research papers in Islamic economics and finance, finance, monetary theory, exchange rate theory, and energy and water economics. Some topics he covered include modeling stochastic volatility and its use in stock returns, studying market expectations of the euro-dollar exchange rates from option prices, modeling of oil prices trends using different factors that influence them, and the purchasing power parity in some East African countries. He was also a co-author of such books as The Stability of Islamic Finance and other. Noureddine Krichene also writes regularly for the Asian Times Online, and focuses on economics, events and trends in the financial and business world (INCEIF, 2010).
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In order to study the author’s perspective and views, it is necessary to study his most famous books and publications. Noureddine Krichene published several articles devoted to oil prices, as this question is important for many Islamic countries that trade in oil. In his paper “An Oil and Gas Model”, the author formulated a short-run model that had explicit role for monetary policy to analyze global oil and gas markets. The model studied in detail the features of those markets and their vulnerability depending on business cycles. The author states that the short-run demand for oil and gas was price–inelastic, relatively income–elastic, and depended on the interest and exchange rates. That model can be used to forecast oil and gas sales and prices for short periods under policy scenarios (Krichene, 2007). In his paper “Crude Oil Prices: Trends and Forecast”, the author argues using his model that crude oil prices became under growing pressure and seemed unlimited because of low interest rates and U.S. dollar that depreciated quickly. The author propels the idea of restoring stable oil markets as the only way of its development and stability (Krichene, 2008).
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One of the most famous books by Noureddine Krichene is Islamic Capital Markets: Theory and Practice. It provides a deep outlook of the purpose and entity of Islamic capital markets. The book discusses Islamic capital markets from both theoretical and practical sides. It also studies ideas about central banking, money, and the theory of economic growth in terms of Islamic capital markets. Islamic Capital Markets: Theory and Practice can be useful for students and specialists as it guides on investing in Islamic assets, as well as investigates the structure of financial products on the Islamic market and their risk management. In this book, Noureddine Krichene studies the development of such capital markets as Malaysia, which are leading in the field. In the book he investigates such notions as valuation, duration, immunization, convexity, forward rates, yield curves ,deals, and risks for Islamic financial instruments (Krichene, 2013).
One more large and informative book by N. Krichene is Introductory Mathematics and Statistics for Islamic Finance. This book is a good guide to quantitative methods that are used within the sphere of Islamic finance. The author uses applications based on research, and the book provides knowledge on Islamic finance theory and practice. It informs about a set of common tools for studying Islamic finance and provides many examples that can help in practical calculations. The author shows that mathematics and statistics are important for any economic or financial sphere, including Islamic finance. In this book, the author covers such topics as algebra, matrices, calculations and differential equations, probability theory and statistical formula (Krichene & Mirakhor, 2014).
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One more interesting book by N. Krichene is The Gold Standard Anchored in Islamic Finance. The book focuses on the study of the origins of the gold standard. The authors explain why it failed globally and how it could be effectively used again in the context of Islamic finance with the help of 100% reserve banking. This book is quite interesting in the context of financial and economic history (Askari & Krichene, 2016).
In general, N. Krichene can be considered among the most famous and influential economists who work in the sphere of Islamic finance, as well as other economic spheres. There are many useful things that people can learn from his books and articles, and they relate both to theoretical knowledge and practical using of financial and related knowledge. For instance, people can learn much about Islamic financial markets, their nature and peculiarities, as well as understand how they work in reality. Readers of Krichene’s works can also learn about the practical implementation of mathematics and statistics for Islamic finance. Finally, one can study some models, including models for studying oil prices trends and theoretical implementation of gold standard in Islamic finance. Thus, N. Krichene’s books and articles can provide deep overview on Islamic and general financial and economic issues like gold standard and oil prices trends. His publications and books can be useful for all people who are interested in economic and financial topics.