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Regional financial integration in the GCC

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

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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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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  1. Montfort Mlachila & Paul Cashin & Cleary Haines, 2013. "Caribbean bananas: The macroeconomic impact of trade preference erosion," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 22(2), pages 253-280, March.
  2. 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.
  3. Reinhart, Carmen & Edison, Hali, 2001. "Stopping hot money," MPRA Paper 13862, University Library of Munich, Germany.
  4. Goohoon Kwon & Raphael A. Espinoza, 2009. "Regional Financial Integration in the Caribbean: Evidence From Financial and Macroeconomic Data," IMF Working Papers 09/139, International Monetary Fund.
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