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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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  • Peeters, Marga

Abstract

During the past decade the Gulf cooperation council countries have achieved a remarkably high degree of trade and financial integration in the world economy. Before the global crisis began, they invested their abundant oil income which resulted from high energy prices and high world demand, in return abundantly abroad. Thanks to policies that are geared towards opening up borders, the Gulf cooperation council countries have imparted a significant stimulus to the world economy, to a much greater extent than other oil exporting countries in similar conditions. The development of the gross capital flows in view of the recent global crisis and their composition are the main focus of this study. It aims at providing a comprehensive overview of the pattern of the current and capital account of the balance of payments of the group of six Gulf cooperation council countries, and benchmarks this group with the other OPEC countries that have a comparable size of natural resources. 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 impact of the crisis is found to have reverted international capital flows of the GCC, in particular cross-border bank loans and deposits.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 23539.

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Date of creation: 2010
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Handle: RePEc:pra:mprapa:23539

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Keywords: Gulf countries; trade; capital flows; balance of payments; oil-exports;

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References

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  1. Jaewoo Lee & Yongsung Chang & Sun-Bin Kim, 2009. "Accounting for Global Dispersion of Current Accounts," IMF Working Papers 09/276, International Monetary Fund.
  2. May Y. Khamis & Abdullah Al-Hassan & Nada Oulidi, 2010. "The GCC Banking Sector," IMF Working Papers 10/87, International Monetary Fund.
  3. Axel Dreher, 2006. "Does globalization affect growth? Evidence from a new index of globalization," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 38(10), pages 1091-1110.
  4. 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.
  5. 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, Presses de Sciences-Po, vol. 0(5), pages 945-959.
  6. 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.
  7. Balli Faruk & Louis Rosmy J & Osman Mohamed A, 2009. "International Portfolio Inflows to GCC Markets: Are There Any General Patterns?," Review of Middle East Economics and Finance, De Gruyter, De Gruyter, vol. 5(2), pages 45-65, September.
  8. Mika Saito & Christian Henn & Rob Gregory & Bradley J. McDonald, 2010. "Trade and the Crisis," IMF Staff Position Notes 2010/07, International Monetary Fund.
  9. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
  10. Espinoza, Raphael & Prasad, Ananthakrishnan & Williams, Oral, 2011. "Regional financial integration in the GCC," Emerging Markets Review, Elsevier, Elsevier, vol. 12(4), pages 354-370.
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Cited by:
  1. 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.
  2. 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.
  3. 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.

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