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Regional Financial Integration in the GCC

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  • Raphael A. Espinoza
  • Oral Williams
  • Ananthakrishnan Prasad

Abstract

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/90.

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Length: 33
Date of creation: 01 Apr 2010
Date of revision:
Handle: RePEc:imf:imfwpa:10/90

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Keywords: Banking sector; Currency pegs; Interest rates; Regional shocks; Stock markets; financial integration; capital flows; equity markets; deposit rates; financial markets; portfolio investment; financial system; exchange rates; international financial; bond; economic integration; money market; bond markets; foreign exchange; foreign assets; financial sector; stock market; international financial markets; reserve requirements; financial systems; stock market indices; global markets; financial services; global integration; international financial statistics; financial stability; financial instability; global ? integration; bonds; financial institutions; stock ownership; global financial stability; class of bond; stock price; stock prices; deposit rate; currency risk; money market instruments; global financial integration; international financial integration; global financial crisis;

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References

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  1. Edison, Hali & Reinhart, Carmen M., 2001. "Stopping hot money," Journal of Development Economics, Elsevier, vol. 66(2), pages 533-553, December.
  2. Levy Yeyati, Eduardo & Schmukler, Sergio L. & Van Horen, Neeltje, 2006. "International financial integration through the law of one price," Policy Research Working Paper Series 3897, The World Bank.
  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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Cited by:
  1. 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.
  2. 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.
  3. 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.
  4. Serhan Cevik, 2011. "Desynchronized," IMF Working Papers 11/286, International Monetary Fund.
  5. Kearney, Colm, 2012. "Emerging markets research: Trends, issues and future directions," Emerging Markets Review, Elsevier, vol. 13(2), pages 159-183.
  6. Marga PEETERS, 2011. "The Changing Pattern in International Trade and Capital Flows of the Gulf Cooperation Council Countries in Comparison with other Oil-Exporting Countries," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 1(7), pages 29, December.
  7. Takagi, Shinji, 2012. "Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation?," ADBI Working Papers 390, Asian Development Bank Institute.
  8. 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.
  9. Ananthakrishnan Prasad & Raphael A. Espinoza, 2012. "Monetary Policy Transmission in the GCC Countries," IMF Working Papers 12/132, International Monetary Fund.
  10. Masafumi Yabara, 2012. "Capital Market Integration," IMF Working Papers 12/18, International Monetary Fund.

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