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8. Financial Markets in the GCC Countries

8. Financial Markets in the GCC Countries »

Source: The Macroeconomics of the Arab States of the Gulf

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

8.1 Introduction As the global economic crisis took hold, the GCC countries’ financial systems found themselves affected through contagion despite the relatively low direct exposure...

5. Fiscal Policy for Macroeconomic Stability

5. Fiscal Policy for Macroeconomic Stability »

Source: The Macroeconomics of the Arab States of the Gulf

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

5.1 Introduction Macroeconomic stability is important for long-term growth and the literature has discussed several channels through which volatility can reduce growth....

4. Government Spending, Subsidies, and Economic Efficiency

4. Government Spending, Subsidies, and Economic Efficiency »

Source: The Macroeconomics of the Arab States of the Gulf

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

4.1 Introduction The activities of the government have a heightened importance in the Gulf countries because oil revenues accrue to the government and the way they are spent or saved...

A Primeron Fiscal Analysis in Oil-Producing Countries

A Primeron Fiscal Analysis in Oil-Producing Countries »

Volume/Issue: 2009/56

Series: IMF Working Papers

Author(s): Paulo Medas , and Daria Zakharova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

DOI: http://dx.doi.org/10.5089/9781451872033.001

ISBN: 9781451872033

Keywords: resource revenue, oil prices, fiscal sustainability, fiscal indicators, oil reserves,

This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fisc...

Oil Prices and Bank Profitability
			: Evidence From Major Oil-Exporting Countries in the Middle East and North Africa

Oil Prices and Bank Profitability : Evidence From Major Oil-Exporting Countries in the Middle East and North Africa »

Volume/Issue: 2009/220

Series: IMF Working Papers

Author(s): Heiko Hesse , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

DOI: http://dx.doi.org/10.5089/9781451873672.001

ISBN: 9781451873672

Keywords: bank profitability, oil price shocks, system GMM, banking, exporting countries, bank performance,

This paper analyzes the relationship between oil price shocks and bank profitability. Using data on 145 banks in 11 oil-exporting MENA countries for 1994-2008, we test hypotheses of direct and indirect effects of o...

Oil Prices and GCC Stock Markets: New Evidence from Smooth Transition Models

Oil Prices and GCC Stock Markets: New Evidence from Smooth Transition Models »

Volume/Issue: 2018/98

Series: IMF Working Papers

Author(s): Nidhaleddine Ben Cheikh , Sami Ben Naceur , Oussama Kanaan , and Christophe Rault

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2018

DOI: http://dx.doi.org/10.5089/9781484353622.001

ISBN: 9781484353622

Keywords: Qatar, Saudi Arabia, Middle East, Oil prices, Oman, Bahrain, Kuwait, United Arab Emirates, Yemen, Republic of, GCC stock markets

Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results r...

Rethinking Fiscal Policy in Oil-Exporting Countries

Rethinking Fiscal Policy in Oil-Exporting Countries »

Volume/Issue: 2019/108

Series: IMF Working Papers

Author(s): Tokhir Mirzoev , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2019

DOI: http://dx.doi.org/10.5089/9781498314749.001

ISBN: 9781498314749

Keywords: Consumption, Public investments, Poverty, Capital, Real interest rates, Fiscal policy, oil exporters, permanent income hypothesis, fiscal rules, PIH

We examine the existing fiscal policy paradigm in commodity-exporting countries. First, we argue that its centerpiece-the permanent income hypothesis (PIH)-is not consistent with either intergenerational equity or...

1. Introductory Chapter

1. Introductory Chapter »

Source: The Macroeconomics of the Arab States of the Gulf

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

1.1 Introduction The countries of the Gulf Cooperation Council (GCC) have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversificati...

The Macroeconomics of the Arab States of the Gulf

The Macroeconomics of the Arab States of the Gulf »

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

DOI: http://dx.doi.org/10.5089/9780199683796.071

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labor for...

6. Monetary Policy with a Fixed Exchange Rate Regime

6. Monetary Policy with a Fixed Exchange Rate Regime »

Source: The Macroeconomics of the Arab States of the Gulf

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

6.1 Introduction The dollar peg has been the nominal anchor for monetary policy for many years in the GCC. 1 The pegged exchange rate regime provide...