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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

  • Peeters, Marga

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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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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  1. Michael Sturm & Jan Strasky & Petra Adolf & Dominik Peschel, 2008. "The Gulf Cooperation Council countries – economic structures, recent developments and role in the global economy," Occasional Paper Series 92, European Central Bank.
  2. May Y. Khamis & Abdullah Al-Hassan & Nada Oulidi, 2010. "The GCC Banking Sector; Topography and Analysis," IMF Working Papers 10/87, International Monetary Fund.
  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. Hamid Faruqee & Jaewoo Lee, 2009. "Global Dispersion of Current Accounts: Is the Universe Expanding?," IMF Staff Papers, Palgrave Macmillan, vol. 56(3), pages 574-595, August.
  5. 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.
  6. 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.
  7. 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.
  8. Yongsung Chang & Sun-Bin Kim & Jaewoo Lee, 2012. "Accounting for Global Dispersion of Current Accounts," Working papers 2012rwp-44, Yonsei University, Yonsei Economics Research Institute.
  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. 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. 61(5), pages 945-959.
  11. Raphael A. Espinoza & Oral Williams & Ananthakrishnan Prasad, 2010. "Regional Financial Integration in the GCC," IMF Working Papers 10/90, International Monetary Fund.
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