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The Changing Pattern in International Trade and Capital Flows of the Gulf Cooperation Council Countries in Comparison with other Oil-Exporting Countries

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  • Marga PEETERS

    ()
    (Expert National Detached at the European Commission, DG Economics and Financial Affairs, Unit European Neighborhood and Macro Financial Assistance, Brussels, Belgium)

Abstract

This study provides an overview of the pattern of the gross capital flows of the current and capital accounts of the balance of payments of the group of six Gulf Cooperation Council countries during the last decade that includes the global crisis years. As a comprehensive overview is lacking in the literature, while this country group has gained in importance in the global economy in particular in the years before the global crisis, this study tries to fill this gap. It benchmarks the GCC countries with the other oil-exporting OPEC countries that have a comparable size of natural resources. The GCC countries’ high investments in the world economy financed by their abundant income from oil revenues, showed their remarkably high degree of trade and financial integration in the world economy. Thanks to policies geared towards opening up borders, the GCC countries have imparted a significant stimulus to the world economy, to a much greater extent than other oil exporting countries in similar conditions. Aspects of globalization, trade and financial integration, such as the dependence on oil, “Dutch disease”, regional integration, foreign direct investment and cross-border assets and loans are addressed. The results show that the impact of the crisis has reverted international capital flows of the GCC, in particular cross-border bank loans, deposits and foreign direct investment. Current and future global policymaking needs however more timely and consistent statistical information.

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Bibliographic Info

Article provided by ScientificPapers.org in its journal Journal of Knowledge Management, Economics and Information Technology.

Volume (Year): 1 (2011)
Issue (Month): 7 (December)
Pages: 29

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Handle: RePEc:spp:jkmeit:1231

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Keywords: capital flows; gulf cooperation countries; oil; oil-exporting countries; international trade oil;

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  1. Mika Saito & Christian Henn & Rob Gregory & Bradley J. McDonald, 2010. "Trade and the Crisis," IMF Staff Position Notes 2010/07, International Monetary Fund.
  2. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
  3. Balli, Faruk & Osman, Mohammad & Louis, Rosmy J., 2008. "International Portfolio Inflows to GCC Markets. Are There any General Patterns?," MPRA Paper 10158, University Library of Munich, Germany.
  4. Espinoza, Raphael & Prasad, Ananthakrishnan & Williams, Oral, 2011. "Regional financial integration in the GCC," Emerging Markets Review, Elsevier, vol. 12(4), pages 354-370.
  5. Axel Dreher, 2006. "Does globalization affect growth? Evidence from a new index of globalization," Applied Economics, Taylor & Francis Journals, vol. 38(10), pages 1091-1110.
  6. Yongsung Chang & Sun-Bin Kim & Jaewoo Lee, 2013. "Accounting for Global Dispersion of Current Accounts," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(3), pages 477-496, July.
  7. May Y. Khamis & Abdullah Al-Hassan & Nada Oulidi, 2010. "The GCC Banking Sector," IMF Working Papers 10/87, International Monetary Fund.
  8. Rob Gregory & Christian Henn & Brad Mcdonald & Mika Saito, 2010. "Trade And The Crisis: Protect Or Recover," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 165-181.
  9. Michael Sturm & François Gurtner & Juan Gonzalez Alegre, 2009. "Fiscal policy challenges in oil-exporting countries – a review of key issues," Occasional Paper Series 104, European Central Bank.
  10. Mohamed El Hedi Arouri & Christophe Rault, 2010. "Les effets des fluctuations du prix du pétrole sur les marchés boursiers dans les pays du Golfe," Revue économique, Presses de Sciences-Po, vol. 0(5), pages 945-959.
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Cited by:
  1. Elsamadisy, Elsayed Mousa & Alkhater, Khalid Rashid & Basher, Syed Abul, 2013. "Pre- versus Post-Crisis Central Banking in Qatar," MPRA Paper 45310, University Library of Munich, Germany.
  2. Sabri, Nidal Rachid & Peeters, Marga & Abulaben, Diama K., 2012. "The impact of exchange rate volatility on trade integration among North and South Mediterranean countries," MPRA Paper 38080, University Library of Munich, Germany.
  3. 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.

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