Download or read book Regional Financial Integration in the GCC written by Mr.Raphael A. Espinoza and published by International Monetary Fund. This book was released on 2010-04-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development of stock markets in the region will also improve the extent of financial integration. Interest rate data shows that convergence exists and that interest rate differentials are relatively short-lived-especially compared to the ECCU, another emerging market region sharing a common currency. Equities data using cross-listed stocks confirms that stock markets are fairly integrated compared to other emerging market regions, although financial integration is hampered by market illiquidity.
Download or read book Financial Integration in the GCC Region written by Kerim Peren Arin and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines financial spillovers between the four largest equity markets (by market capitalization) in the GCC region using a VAR-GARCH (1,1) framework that sheds light on interdependence as well as the effects of the 2014 oil crisis. Since the UAE is a federation including two stock exchanges (Abu Dhabi and Dubai), it is possible to test whether being part of a federal union matters more than market size in terms of financial integration. Our results suggest that the latter is more important, since we could not find evidence of stronger linkages between the Abu Dhabi and Dubai markets compared to those between other markets in the region. By contrast, there are significant spillover effects, both in the mean and in the volatility, from the largest market of Saudi Arabia to Qatar and the two markets in the UAE, which confirms that market capitalization is a more important determinant of financial integration than belonging to a federal union. Further, spillovers from the larger markets have become stronger as a result of the 2014 oil crisis. Finally, there is also evidence of spillovers from the smaller to the larger markets.
Download or read book Financial Integration in the GCC Stock Markets written by John L. Simpson and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The GCC markets are the most advanced in economic reforms in the Middle East and have proceeded solidly towards regional integration during the early 2000s. Some of the GCC markets (for example, Bahrain and the UAE) had made solid progress in their expansion, reforms and openness. Over the period there is evidence of cointegration of the UAE market with the other GCC markets in prices. Causality analysis shows the UAE was the major influence over prices in the Saudi Arabian, Kuwait and Qatar markets. The UAE already presents a strong case to be the regional financial centre if development continues strongly.
Download or read book Economic Integration in the GCC written by World Bank and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study discusses the status of economic integration of the six Gulf Cooperation Council (GCC) countries among themselves, with the larger Middle East and North Africa (MENA) region and globally. It also assesses the main challenges to further integration. The GCC is the most advanced example of sub regional integration in the MENA region, and its objectives are among the most ambitious in the developing world. It has evolved well beyond a focus on free trade in goods to embrace high levels of cross-national labor and capital mobility, and the progressive opening of many sectors within each economy to all member states. The GCC has made good progress on regional integration since its establishment in 1981. Integration efforts have gained considerable momentum following the ratification of the Unified economic agreement in 2001, the signing of the customs union agreement in 2003, and the adoption of the common market agreement in 2008. Under the customs union agreement, member countries have eliminated intraregional tariffs, unified external tariffs, and eased trade restrictions, bringing about a notable increase in the value of goods traded among member states.
Download or read book The Gulf Cooperation Council Project written by Kambiz Zare and published by . This book was released on 2019-01-04 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the economist Kambiz Zare throws new light on one of the most discussed international economic integration projects of our time - that of the Gulf Cooperation Council. Created in 1981 by Saudi Arabia, Qatar, Kuwait, Bahrain, the United Arab Emirates and Oman, this ambitious regional project had political, economic and financial aspirations, but its success has been decidedly uneven. To explain why, the author examines the feasibility of the GCC project from today's perspective, contrasting the evolving economic and financial circumstances in the six countries with the conditions that are necessary for regional integration to be achieved. In doing this, Dr. Zare clarifies why the GCC's potential to bring economic gain to the region and its people has been so elusive. By focusing on the GCC's first 35 years, from 1981 to 2016, the book offers a firm groundwork for understanding the ongoing dynamics of the GCC region. Its relevance is highlighted by the current political tensions that have arisen among certain member countries : might they have been averted through greater attention to the building blocks of economic and financial cohesion ?
Download or read book Monetary and Financial Integration of the Gulf Cooperation Council GCC for the Arab States of the Gulf written by Abdulrahman Abdulmohsen Al Kalaf and published by . This book was released on 1993 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary and Financial Integration of the Gulf Cooperation Council GCC for the Arab States of the Gulf written by Abdulrahman A. al- Kalaf and published by . This book was released on 1991 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On a Common Currency for the GCC Countries written by Mr.Esteban Jadresic and published by International Monetary Fund. This book was released on 2002-12-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the eventual replacement of the currencies of the GCC countries with a common currency. It concludes that a properly implemented currency union may contribute to enhance economic efficiency in the region, deepen regional integration, and develop its non-oil economy. However, it cautions that a currency union should be seen as only one component of a much broader integration effort. This should include the removal of the distortions that inhibit intraregional trade and investment, agreements on policy frameworks to ensure macroeconomic stability, and further political integration. The paper also addresses the choice of exchange rate arrangement for the unified currency.
Download or read book The Gulf Cooperation Council written by John A. Sandwick and published by Routledge. This book was released on 2019-06-26 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Gulf Cooperation Council represents both a model of development and unity in the Arab world and a working example of interstate cooperation to other nations. In this volume, contributors describe the rationale for Gulf unity and cooperation and analyze the financial, economic, and legal institutions of the GCC member states (Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Bahrain, and Qatar). They focus on the GCC's role in maintaining stability in the Arabian peninsula, an area that is clearly vital to U.S. interests. Contributors pinpoint the essential elements of GCC unity, including its efforts to obtain optimum economic self-sufficiency, to maximize market share and revenue from oil production, and to establish an integrated legal framework. The GCC's unique security needs, given the member states' vast combined area and thinly spread populations, are also discussed. An overview of the strategic interests and policies of both superpowers toward the region reveals a history of decline in their influence and prestige that is a result, it is argued, of misperceptions and misguided policies. Finally, documentation and bibliographic sections enhance the book's usefulness as a handbook on the GCC and the Arabian Gulf states.
Download or read book The Gulf Region written by John Nugée and published by Chatham House (Formerly Riia). This book was released on 2008 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Gulf region as a financial center and an economic power hub, focusing on its role in the world economy and capital markets. The authors address the issue of whether wealth alone is enough to create an international financial center. They also assess how many financial centers the Gulf can support and which has the best chance of making the transformation from regional player to global leader. This book is the first to provide an overall analysis of the strengths and weaknesses of the region, assessing its global aspirations and exploring long-term trends--Publisher's description.
Download or read book Economic Integration in the GCC written by Weltbank and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study discusses the status of economic integration of the six Gulf Cooperation Council (GCC) countries among themselves, with the larger Middle East and North Africa (MENA) region and globally. It also assesses the main challenges to further integration. The GCC is the most advanced example of sub regional integration in the MENA region, and its objectives are among the most ambitious in the developing world. It has evolved well beyond a focus on free trade in goods to embrace high levels of cross-national labor and capital mobility, and the progressive opening of many sectors within each economy to all member states. The GCC has made good progress on regional integration since its establishment in 1981. Integration efforts have gained considerable momentum following the ratification of the Unified economic agreement in 2001, the signing of the customs union agreement in 2003, and the adoption of the common market agreement in 2008. Under the customs union agreement, member countries have eliminated intraregional tariffs, unified external tariffs, and eased trade restrictions, bringing about a notable increase in the value of goods traded among member states.
Download or read book Economic Integration in MENA written by Shamshad Akhtar and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Though the Middle East and North Africa (MENA) region has weathered the recent global financial and economic crisis relatively well, it still faces daunting medium-term challenges. These include high unemployment (especially among young people), vulnerability to oil and food price shocks and water scarcity and inefficiencies of public sectors. Integration of the region into the global economy has been slow. Of particular concern is the stagnation in the region's share of global non-oil exports, an indication of missed opportunities for diversification and growth. Integration within the region, while rising, is also on the low side when compared with other middle- and high-income regional blocs. To start off the removal of intraregional tariffs under the Pan-Arab Free Trade Area (PAFTA) and the adoption of low common tariffs by the Gulf Cooperation Council (GCC) which coupled with improvements in infrastructure, especially roads and telecommunications is generating benefits. But much remains to be done, especially in reducing nontariff barriers to trade, harmonizing policies and procedures, and facilitating cross-border trade through development of infrastructure links and trade facilitation. Fortunately, trade in services has recently emerged on the agenda of national and regional authorities; this is an area of substantial potential welfare gain for the region.
Download or read book The Gulf Cooperation Council s Intratrade written by Mustafa Yacoub Behbehani and published by . This book was released on 1989 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Gulf Cooperation Council and Regional Economic Integration written by Pak Young-Chul and published by . This book was released on 1987 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Union Among Member Countries of the Gulf Cooperation Council written by Mr.Ugo Fasano-Filho and published by International Monetary Fund. This book was released on 2003-08-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.
Download or read book Gulf Cooperation Council GCC Economic Prospects and Policy Challenges for the GCC Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-11-13 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve’s quantitative easing policy. Geopolitical uncertainties in the Middle East are also high.
Download or read book Is MENA a Region The Scope for Regional Integration written by Mohamed A. El-Erian and published by International Monetary Fund. This book was released on 1996-04 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the scope and implications of greater economic integration in the Middle East and North Africa (MENA). After reviewing whether MENA satisfies the defining characteristics of a region, it documents the low level of regional economic interaction. It argues that gains from greater regional interactions will depend primarily on implementing domestic reform and external policies that, in any case, are needed for the region to benefit from the broader process of globalization of the world economy. It also discusses measures aimed directly at facilitating regional interaction.
