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Regional financial integration in the GCC

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  • Espinoza, Raphael
  • Prasad, Ananthakrishnan
  • Williams, Oral

Abstract

We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. Interest rate data show that convergence exists and that interest rate differentials are relatively short-lived—especially relative to other unified currency area and comparable to those of the Euro Area post 1999. Equity data using cross-listed stocks confirm that stock markets are fairly integrated compared to other emerging market regions, although price equalization is hampered by market illiquidity. The limited volume data available suggests that intra-GCC capital flows are sizeable.

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Bibliographic Info

Article provided by Elsevier in its journal Emerging Markets Review.

Volume (Year): 12 (2011)
Issue (Month): 4 ()
Pages: 354-370

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Handle: RePEc:eee:ememar:v:12:y:2011:i:4:p:354-370

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Web page: http://www.elsevier.com/locate/inca/620356

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Keywords: Interest rate convergence; Sigma-convergence; Beta-convergence; Arbitrage opportunity; Cross-listing; Regional capital flows;

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References

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  1. Eduardo Levy Yeyati & Sergio Luis Schmukler & Neeltje Van Horen, 2006. "International Financial Integration through the Law of One Price," Business School Working Papers 2006-01, Universidad Torcuato Di Tella.
  2. Reinhart, Carmen & Edison, Hali, 2001. "Stopping hot money," MPRA Paper 13862, University Library of Munich, Germany.
  3. Goohoon Kwon & Raphael A. Espinoza, 2009. "Regional Financial Integration in the Caribbean," IMF Working Papers 09/139, International Monetary Fund.
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Citations

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Cited by:
  1. Kearney, Colm, 2012. "Emerging markets research: Trends, issues and future directions," Emerging Markets Review, Elsevier, vol. 13(2), pages 159-183.
  2. Peeters, Marga, 2010. "The changing pattern in international trade and capital flows of the Gulf cooperation council countries in comparison with other oil-exporting countries," MPRA Paper 23539, University Library of Munich, Germany.
  3. Masafumi Yabara, 2012. "Capital Market Integration," IMF Working Papers 12/18, International Monetary Fund.
  4. Ananthakrishnan Prasad & Raphael A. Espinoza, 2012. "Monetary Policy Transmission in the GCC Countries," IMF Working Papers 12/132, International Monetary Fund.
  5. Leo Frey & Ulrich Volz, 2013. "Regional Financial Integration In Sub-Saharan Africa – An Empirical Examination Of Its Effects On Financial Market Development," South African Journal of Economics, Economic Society of South Africa, vol. 81(1), pages 79-117, 03.
  6. Takagi, Shinji, 2012. "Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation?," ADBI Working Papers 390, Asian Development Bank Institute.
  7. Peeters, Marga & Sabri, Nidal Rachid, 2012. "International financial integration of Mediterranean economies : A bird’s-eye view," MPRA Paper 38081, University Library of Munich, Germany.
  8. Syed Abul, Basher & Salem, Nechi & Hui, Zhu, 2014. "Dependence patterns across Gulf Arab stock markets: a copula approach," MPRA Paper 56566, University Library of Munich, Germany.
  9. Serhan Cevik, 2011. "Desynchronized," IMF Working Papers 11/286, International Monetary Fund.
  10. Marga Peeters, 2010. "The changing pattern of international trade and capital flows of the GCC countries," European Economy - Economic Papers 415, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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