خلاصه ماشینی:
Kabir Hassan & Faridul Islam Abstract The paper examines the success and failures of various economic groupings among the OIC countries by estimating a gravity model.
This paper primarily presents a synthesis of the Islamic perspectives on the Islamic Common Market (ICM), reviews the present state of economic integration among the contemporary Islamic countries, identifies relevant tasks for the Islamic governments, and offers feasible recommendations for the governments of Islamic countries within the framework of the prevailing theories of international trade and free market.
Such studies will have important policy implications for the future course of economic cooperation among the OIC member countries and the role trade can play 21 to bolster them.
They provide an insightful economic analysis, and practicable policy guidelines for all the Islamic economic agents in the region, particularly in the context of establishing the Islamic Common Market (ICM)1• Within a regional framework, Hassan2 estimated a gravity model of international trade to examine whether intra SAARC (Bangladesh, Pakistan and Maldives are already members of the OIC) countries would be trade-creating or trade-diverting.
The resulting increased aggregate demand can, in turn, help achieve economies of large-scale production; reduce economic dependence; improve foreign currency reserves and enhance the bargaining power of the Islamic countries in international trade and financial markets.
"The Islamic Common Market: Is it Economically and Politically Justifiable?" Paper presented at the Second International Conference on Islamic Political Economy, held on Dec 10-11, 1996 at Penang, Malaysia; Mohamed Ariff, "Proliferation of Regional Groupings: Policy Options for the OIC," Journal of Economic Cooperation Among Islamic Countries, Vol. 19, # 1-2, Jan-Apr, 1998, pp.