Construction and Seasonal Patterns of Islamic Hijri Calendar Monthly Time Series : An Application to Consumer Price Index ( CPI ) in Pakistan

Riaz Riazuddin

doi:10.12816/0004975

Article Details

Construction and Seasonal Patterns of Islamic Hijri Calendar Monthly Time Series : An Application to Consumer Price Index ( CPI ) in Pakistan

Authors:

Riaz Riazuddin

Publisher:

Riphah Centre of Islamic Business - Riphah International University

Main Topics:

Economics and Finance

Journal:

Journal of Islamic Business and Management 2012 vol.2 Issue 1, pp.65-83

Document Type:

Article

Publication Date:

6/2012

Document Language:

English

Document ID (Org No.):

49321

Frequency:

Bi-Annual

pISSN:

20756291

DOI:

10.12816/0004975

Descriptors:

Keywords:

Abstract:

 Time series data are compiled and analysed in accordance with Gregorian calendar, given its world-wise use. This paper presents a simple method of constructing time series in accordance with Hijri Calendar from an already compiled Gregorian time series. Preliminary seasonal analysis of Hijri time series for CPI in Pakistan provides new insights of price behavior that depends both on Gregorian and Hijri seasonality. A spliced series of monthly CPI from January 1976 to December 2008 spanning 33 Gregorian years (396 Gregorian months) is used to capture a full cycle of 34 Hijri years (408 Hijri months). Method presented is general and can be used to construct and analyse any variable of interest. Paper proposes that statistical agencies and central banks of Islamic countries should also compile data according to Hijri Calendar, in addition to existing compilation according to Gregorian calendar. This will add to a better understanding of socioeconomic behaviours in Islamic countries.

Article Details

Construction and Seasonal Patterns of Islamic Hijri Calendar Monthly Time Series : An Application to Consumer Price Index ( CPI ) in Pakistan

Authors:

Riaz Riazuddin

Publisher:

Riphah Centre of Islamic Business - Riphah International University

Main Topics:

Economics and Finance

Journal:

Journal of Islamic Business and Management 2012 vol.2 Issue 1, pp.65-83

Document Type:

Article

Publication Date:

6/2012

Document Language:

English

Document ID (Org No.):

49321

Frequency:

Bi-Annual

pISSN:

20756291

DOI:

10.12816/0004975

Descriptors:

TIME-SERIES ANALYSIS

CONSUMER BEHAVIOUR

FINANCIAL STATEMENTS

CALENDARS

PAKISTAN

Hijri

CPI

Seasonal Effects

Gregorian

Time Series

Issues

Article Details

Authors: Riaz Riazuddin

Publisher: Riphah Centre of Islamic Business - Riphah International University

Main Topics: Economics and Finance

Journal: Journal of Islamic Business and Management 2012 vol.2 Issue 1, pp.65-83

Document Type: Article

Publication Date: 6/2012

Document Language: English

Document ID (Org No.): 49321

Frequency: Bi-Annual

pISSN: 20756291

DOI: 10.12816/0004975

Descriptors:

Issues

Authors:

Riaz Riazuddin

Publisher:

Riphah Centre of Islamic Business - Riphah International University

Main Topics:

Economics and Finance

Journal:

Journal of Islamic Business and Management 2012 vol.2 Issue 1, pp.65-83

Document Type:

Article

Publication Date:

6/2012

Document Language:

English

Document ID (Org No.):

49321

Frequency:

Bi-Annual

pISSN:

20756291

DOI:

10.12816/0004975