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Financial Integration In The Gcc Region
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Book Synopsis Regional Financial Integration in the GCC by : Mr.Raphael A. Espinoza
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.
Book Synopsis Financial Integration in the GCC Region by : Kerim Peren Arin
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.
Book Synopsis Monetary and Financial Integration of the Gulf Cooperation Council (GCC) for the Arab States of the Gulf by : Abdulrahman Abdulmohsen Al Kalaf
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:
Book Synopsis Financial Integration by : Marga Peeters
Download or read book Financial Integration written by Marga Peeters and published by Springer Science & Business Media. This book was released on 2013-09-21 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Arab upheaval and the world's biggest financial crisis after the Great Depression were almost simultaneous in their occurrence. The Mediterranean economies now face a dual challenge of a political and financial restructuring in the light of a shaky economic pedestal on which they stand. In light of this socio-political and economic shift in both inland and in world markets, this book offers a thorough analysis on problems, prospects and the way ahead for the financial integration of the South-Mediterranean region. Several perspectives on financial integration and policy recommendations are put forward from a leading group of researchers specializing on the Mediterranean region.
Book Synopsis Monetary and Financial Integration of the Gulf Cooperation Council (GCC) for the Arab States of the Gulf by : Abdulrahman A. al- Kalaf
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:
Book Synopsis The Gulf Cooperation Council by : John A. Sandwick
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.
Book Synopsis The Gulf Cooperation Council Project by : Kambiz Zare
Download or read book The Gulf Cooperation Council Project written by Kambiz Zare and published by Editions L'Harmattan. 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. To explain why its success has been uneven, 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. 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.
Book Synopsis On a Common Currency for the GCC Countries by : Mr.Esteban Jadresic
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.
Book Synopsis Monetary Union Among Member Countries of the Gulf Cooperation Council by : Mr.Ugo Fasano-Filho
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.
Book Synopsis Gulf Cooperation Council Countries (GCC) by : International Monetary Fund
Download or read book Gulf Cooperation Council Countries (GCC) written by International Monetary Fund and published by International Monetary Fund. This book was released on 2018-12-06 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Financial systems in the GCC have developed significantly over the last couple of decades, but there appears to be further room for progress. The development of bank and equity markets has been supported by a combination of buoyant economic activity, a booming Islamic finance sector, and financial sector reforms. As a result, financial systems have deepened and, overall, the level of financial development compares well with emerging markets. However, it still lags advanced economies and, other than for Saudi Arabia, appears to be lower than would be expected given economic fundamentals, such as income levels. Financial development in the GCC has relied to a large extent on banks, while debt markets and nonbank financial institutions are less developed and access to equity markets is narrow. The non-bank financial institutions—pension funds, asset management and finance companies, and insurance—remain small. Domestic debt markets are underdeveloped. While equity markets appear to be well developed by market size, they are dominated by a few large (and often public-sector) companies. GCC countries have made progress on financial inclusion, but gaps remain in some important areas. Access to finance for SMEs, women, and youth, in particular, appears relatively low. This may partly reflect social norms, low levels of participation of women in the labor market and private sector activity, and the high level of youth unemployment. Further financial development and inclusion is likely to be associated with stronger economic growth in the GCC countries. While there is uncertainty surrounding the empirical estimates in the paper, further progress with financial development and/or inclusion is likely to go hand-in-hand with stronger growth. The growth benefits, however, are likely to vary across countries depending on the current level of financial development and inclusion. To realize these growth benefits, reforms to strengthen access to finance for SMEs, women, and youth are needed. Addressing institutional weaknesses and promoting financial sector competition would help boost access to finance for SMEs. Reforms to enhance financial literacy and improve SME governance structures and insolvency frameworks are critical. Other reforms encouraging female and youth employment and the use of emerging technologies in finance also appear promising. Additional reforms to foster financial development should focus on developing debt markets and making stock markets more accessible to a larger pool of companies and investors. To grow domestic debt markets, the authorities should develop a government yield curve, seek to increase market liquidity through secondary market trading, and ensure requirements for private issuance are not onerous. Stock market reforms should focus on enhancing corporate governance and investor protection, removing restrictions on foreign ownership, and encouraging financial market competition. The latter would also help the development of non-bank financial institutions."
Book Synopsis Economic Integration in the GCC by : World Bank
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.
Book Synopsis Economic Integration Among the GCC Members by : Montaha Ahmad Abboud
Download or read book Economic Integration Among the GCC Members written by Montaha Ahmad Abboud and published by . This book was released on 2009 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the main goal of enhancing political and economic integration, the Gulf Co operation Council (GCC) was established in 1981 to include its six members Bahra in, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. Several steps ha ve been taken to increase the degree of economic integration among its members, the last of which was the GCC Monetary Union which is planned to be set up by Ja nuary 2010. The main goal of this project is to introduce the GCC and test whether its membe rs are ready to enter its monetary union by the set deadline in 2010 by checking the level of macroeconomic policy convergence among its members. After introduc ing the Gulf Cooperation Council and discussing some of its achievements and agr eements in Chapter I, this project then introduces the GCC Monetary Union, its r ecent developments, its advantages and disadvantages and several other relevant points such as the applicability of the GCC as an OCA, and the choice of a peg f or the union's common currency in Chapter II. Following the previous introductions, the project then moves to the empirical pa rt of its work in Chapter IV. It is divided into two main parts; normal panel re gressions and forecasted panel regressions. After the literature review, the pre sentation of the variables, and the coverage of the several tests required to pe rform a fixed effect panel regression, the relevant long run equilibrium and sho rt run error correction models are conducted. The second part of the empirical w ork then goes on to forecast, using Box-Jenkins methodology, the rest of the dat a till the year 2010 to test whether GCC members are likely to achieve a higher level of macroeconomic policy convergence or not. The empirical work then conclu des that GCC member have only achieved partway convergence till now but are on t he right path as forecasts reveal an increase in the degree of convergence by th e year 2010. Finally, Chapter V concludes by a small discussion of the financial crisis and some of the relevant actions taken by the GCC members. This chapter then conclud es that despite all efforts to enhance economic integration among GCC members, t he establishment of a monetary union by 2010 is more a matter of economic will t han any economic efforts.
Book Synopsis Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries by : Amor Tahari
Download or read book Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries written by Amor Tahari and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: A healthy and dynamic financial sector is essential to achieving high and sustainable economic growth in the Maghreb region-Algeria, Libya, Mauritania, Morocco, and Tunisia. Financial integration within the Maghreb region will help deepen financial markets, increase their efficiency, and enhance the resilience of economies to shocks. It can also play a catalyst role for the global financial integration of the Maghreb region. This paper provides an overview of the financial systems, takes stock of the reform effort and highlights the challenges ahead, and examines the prospects for financial integration in the five Maghreb countries
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.
Book Synopsis The Outlook for Arab Gulf Cooperation by : Jeffrey Martini
Download or read book The Outlook for Arab Gulf Cooperation written by Jeffrey Martini and published by Rand Corporation. This book was released on 2016-07-20 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The cohesion of the Gulf Cooperation Council (GCC)--defined here as the ability of the six GCC member states to act together or in parallel--has significant consequences for regional stability and U.S. interests. This report examines factors that bind and divide the six GCC states--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--and presents the outlook for the GCC's evolution over the next ten years. Addressing the political, economic, and security dimensions of GCC relationships, the study provides a framework for understanding intra-GCC dynamics, an expectation of future developments, and policy recommendations for enhancing stability and U.S. regional interests"--Publisher's description.
Book Synopsis Economic Diversification in the GCC by : Mr.Tim Callen
Download or read book Economic Diversification in the GCC written by Mr.Tim Callen and published by International Monetary Fund. This book was released on 2014-12-23 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.
Book Synopsis Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries by : International Monetary Fund
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.
