Regional Financial Integration in the GCC

Regional Financial Integration in the GCC PDF

Author: Mr.Raphael A. Espinoza

Publisher: International Monetary Fund

Published: 2010-04-01

Total Pages: 35

ISBN-13: 1451982585

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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.

Financial Integration in the GCC Region

Financial Integration in the GCC Region PDF

Author: Kerim Peren Arin

Publisher:

Published: 2019

Total Pages:

ISBN-13:

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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.

Financial Integration in the GCC Stock Markets

Financial Integration in the GCC Stock Markets PDF

Author: John L. Simpson

Publisher:

Published: 2010

Total Pages: 0

ISBN-13:

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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.

Economic Integration in the GCC

Economic Integration in the GCC PDF

Author: World Bank

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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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.

The Gulf Cooperation Council Project

The Gulf Cooperation Council Project PDF

Author: Kambiz Zare

Publisher:

Published: 2019-01-04

Total Pages: 256

ISBN-13: 2343164487

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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 ?

The Gulf Region

The Gulf Region PDF

Author: John Nugée

Publisher: Chatham House (Formerly Riia)

Published: 2008

Total Pages: 244

ISBN-13:

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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.

Economic Integration in the GCC.

Economic Integration in the GCC. PDF

Author: Weltbank

Publisher:

Published: 2010

Total Pages:

ISBN-13:

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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.

Economic Integration in MENA

Economic Integration in MENA PDF

Author: Shamshad Akhtar

Publisher:

Published: 2012

Total Pages:

ISBN-13:

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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.

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