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Proposed Decisions to Modify the New Arrangements to Borrow and to Extend the Deadline for a Review of the Borrowing Guidelines

Proposed Decisions to Modify the New Arrangements to Borrow and to Extend the Deadline for a Review of the Borrowing Guidelines »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund. Finance Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2020

DOI: http://dx.doi.org/10.5089/9781513530062.007

ISBN: 9781513530062

Keywords: International monetary system, Forward commitment capacity, Central banks, Monetary authorities, Credit, NAB, PP, general review, IMFC, executive board

This paper presents a proposal for reforming the NAB with a doubling of the aggregate size of the NAB and amendments to the NAB Decision. The proposal contains the following key elements: doubling the aggregate siz...

The Future of Oil and Fiscal Sustainability in the GCC Region

The Future of Oil and Fiscal Sustainability in the GCC Region »

Volume/Issue: 2020/1

Series: Departmental Papers / Policy Papers

Author(s): Tokhir Mirzoev , Ling Zhu , Yang Yang , Tian Zhang , Erik Roos , Andrea Pescatori , and Akito Matsumoto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2020

DOI: http://dx.doi.org/10.5089/9781513525907.087

ISBN: 9781513525907

Keywords: Fiscal policy, Oil exporting countries, Gulf Cooperation Council (GCC), Oil prices, Oil revenues, Supply and demand, Producer prices, Public financial management, Oil-exporting countries, DPPP

The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away fro...

U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter?

U.S. Monetary Policy Spillovers to GCC Countries: Do Oil Prices Matter? »

Volume/Issue: 2019/304

Series: IMF Working Papers

Author(s): Olumuyiwa Adedeji , Erik Roos , Sohaib Shahid , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513519357.001

ISBN: 9781513519357

Keywords: Bank rates, Market interest rates, Real interest rates, Discount rates, Interest rates on loans, Growth, Gulf Corporation Council, Spillovers, U.S. Monetary Policy, WP

This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which o...

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries?

How Do Changing U.S. Interest Rates Affect Banks in the Gulf Cooperation Council (GCC) Countries? »

Volume/Issue: 2019/268

Series: IMF Working Papers

Author(s): Olumuyiwa Adedeji , Yacoub Alatrash , and Divya Kirti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2019

DOI: http://dx.doi.org/10.5089/9781513519319.001

ISBN: 9781513519319

Keywords: Central banking and monetary issues, Interest rates on loans, Bank liquidity, Market interest rates, Banking systems, Banks, Gulf Corporation, U.S. Monetary Policy, Competition, WP

Given their pegged exchange rate regimes, Gulf Cooperation Council (GCC) countries usually adjust their policy rates to match shifting U.S. monetary policy. This raises the important question of how changes in U.S....

Regional Economic Outlook, October 2019, Middle East and Central Asia

Regional Economic Outlook, October 2019, Middle East and Central Asia »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 November 2019

DOI: http://dx.doi.org/10.5089/9781513514000.086

ISBN: 9781513514000

Keywords: Regional Economic Outlook, Middle East and Central Asia, Economic growth, Oil prices, Market economies, Regional economics, Fiscal policy, economic outlook, global trade tensions, oil-importing countries

Growth in the near term remains subdued for oil exporters in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region, amid volatile oil prices, precarious global growth, elevated fiscal vulnerabilit...

Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK

Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK »

Volume/Issue: 2019/214

Series: IMF Working Papers

Author(s): Samya Beidas-Strom , and Marco Lorusso

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2019

DOI: http://dx.doi.org/10.5089/9781498320504.001

ISBN: 9781498320504

Keywords: External sector, Fiscal sector, Supply and demand, Oil consumption, Real effective exchange rates, DSGE model, Economic diversi?cation, Shocks and commodity exporters, Bayesian estimation, Fiscal policy

We build and estimate open economy two-bloc DSGE models to study the transmission and impact of shocks in Russia, Saudi Arabia and the United Kingdom. After accounting for country-specific fiscal and monetary secto...

Saudi Arabia
			: 2019 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2019/290

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

DOI: http://dx.doi.org/10.5089/9781513513447.002

ISBN: 9781513513447

Keywords: Real sector, Economic indicators, Balance of payments, Price indexes, Financial soundness indicators, ISCR, CR, SAMA, non-oil, Proj

This 2019 Article IV Consultation with Saudi Arabia discusses that reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue....

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2019/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

DOI: http://dx.doi.org/10.5089/9781513513485.002

ISBN: 9781513513485

Keywords: Real sector, Economic reforms, Tax revenue, Economic growth, Economic analysis, ISCR, CR, non-oil, Saudi economy, priority sector

This Selected Issues paper on Saudi Arabia analyses policies to drive diversification for the country. Diversification is needed to create jobs for Saudis and to mitigate the impact of uncertainty in oil markets. W...

Saudi Arabia
			: 2019 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia : 2019 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2019/290

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513513591.002

ISBN: 9781513513591

Keywords: Real sector, Economic indicators, Balance of payments, Price indexes, Financial soundness indicators, ISCR, CR, SAMA, non-oil, Proj

Reforms are starting to yield positive results. Oil prices and production have been volatile, and uncertainties in the global oil market continue. Promoting non-oil growth and creating jobs for Saudi nationals rema...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2019/291

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2019

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513513638.002

ISBN: 9781513513638

Keywords: Real sector, Economic reforms, Tax revenue, Economic growth, Economic analysis, ISCR, CR, non-oil, Saudi economy, priority sector

Selected Issues...

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB

Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB »

Volume/Issue: 2019/52

Series: IMF Working Papers

Author(s): Yinqiu Lu , and Yilin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781498302562.001

ISBN: 9781498302562

Keywords: Central banks, Capital account convertibility, Central bank aggregates, Investment policy, Monetary authorities, currency composition, FX reserves, portfolio theory, RMB, numeraire

The way central banks manage their foreign reserve assets has evolved over the past decades. One major trend is managing reserves in two or more tranches-liquidity tranche and investment tranche-especially for thos...

Saudi's Growth and Financial Spillovers to Other GCC Countries: An Empirical Analysis

Saudi's Growth and Financial Spillovers to Other GCC Countries: An Empirical Analysis »

Volume/Issue: 2018/278

Series: IMF Working Papers

Author(s): Olumuyiwa Adedeji , Sohaib Shahid , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2018

DOI: http://dx.doi.org/10.5089/9781484388792.001

ISBN: 9781484388792

Keywords: Saudi Arabia, Middle East, Growth, Gulf Corporation Council, Spillovers, Financial Markets and the Macroeconomy, Country and Industry Studies of Trade, Trade Forecasting and Simulation, International Policy Coordination and Transmission

This paper examines real and financial linkages between Saudi Arabia and other GCC countries. Growth spillovers from Saudi Arabia to Bahrain are found to be sizeable and statistically significant, but those to othe...

Gulf Cooperation Council Countries (GCC)
			: How Developed and Inclusive are Financial Systems in the GCC?

Gulf Cooperation Council Countries (GCC) : How Developed and Inclusive are Financial Systems in the GCC? »

Volume/Issue: 2018/057

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2018

DOI: http://dx.doi.org/10.5089/9781498310284.007

ISBN: 9781498310284

Keywords: Economic integration, Financial sector development, External sector, Market economies, Economic growth, financial development, GCC country, SMEs, GCC, debt market

"Financial systems in the GCC have developed significantly over the last couple of decades, but there appears to be further room for progress. The development of bank and equity markets has been supported by a comb...

Gulf Cooperation Council
			: Trade and Foreign Investment-Keys to Diversification and Growth in the GCC

Gulf Cooperation Council : Trade and Foreign Investment-Keys to Diversification and Growth in the GCC »

Volume/Issue: 2018/058

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2018

DOI: http://dx.doi.org/10.5089/9781498310307.007

ISBN: 9781498310307

Keywords: Economic integration, Investment policy, Economic growth, Global competitiveness, Comparative advantage, GCC country, non-oil, FDI, FDI inflow, GCC

"Diversification of the GCC economies, supported by greater openness to trade and higher foreign investment, can have a large impact on growth. Such measures can support higher, sustained, and more inclusive growth...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2018/264

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 August 2018

DOI: http://dx.doi.org/10.5089/9781484374382.002

ISBN: 9781484374382

Keywords: Fiscal policy, Fiscal rules, Employment, Labor markets, Labor market policy, Financial sector, Selected issues

This Selected Issues paper looks at the potential role that fiscal rules could play in strengthening fiscal management in Saudi Arabia. The implementation of fiscal policy in Saudi Arabia is undergoing significant...

Saudi Arabia
			: 2018 Article IV Consultation-Press Release and Staff Report

Saudi Arabia : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/263

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 August 2018

DOI: http://dx.doi.org/10.5089/9781484374269.002

ISBN: 9781484374269

Keywords: Article IV consultation reports, Fiscal policy, Fiscal adjustment, Fiscal reforms, Employment, Macroprudential policies and financial stability, Value added taxes, Government expenditures, Public investment, Corruption

This 2018 Article IV Consultation highlights that Saudi Arabia's real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent. Growth is expected to pick-up furth...

Saudi Arabia
			: 2018 Article IV Consultation-Press Release and Staff Report

Saudi Arabia : 2018 Article IV Consultation-Press Release and Staff Report »

Volume/Issue: 2018/263

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 August 2018

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484374344.002

ISBN: 9781484374344

Reform momentum remains strong under Vision 2030. New reform initiatives are being rolled-out under the Vision Realization Programs (VRPs). Oil prices have risen over the past year and are positively affecting fisc...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2018/264

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 August 2018

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781484374481.002

ISBN: 9781484374481

Selected Issues...

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...

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia

A Growth-Friendly Path for Building Fiscal Buffers in the Caucuses and Central Asia »

Volume/Issue: 2018/6

Series: Departmental Papers / Policy Papers

Author(s): Edward Gemayel , Lorraine Ocampos , Matteo Ghilardi , and James Aylward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2018

DOI: http://dx.doi.org/10.5089/9781484337165.087

ISBN: 9781484337165

Keywords: Growth acceleration, Uzbekistan, Afghanistan, Islamic Republic of, Iran, Islamic Republic of, Libyan Arab Jamahiriya, Syrian Arab Republic, Yemen, Republic of, Saudi Arabia, Somalia, Sudan

Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency ad...

Public Wage Bills in the Middle East and Central Asia

Public Wage Bills in the Middle East and Central Asia »

Volume: 18

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

DOI: http://dx.doi.org/10.5089/9781484336731.087

ISBN: 9781484336731

Keywords: Public sector, Public sector wages, Public employment, Public expenditure management, Public expenditures reform, Public services, Public employment systems, Public sector; Public sector wages; Public employment; Public expenditure management; Public expenditures reform; Public services; Public employment systems

Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation,...

General Arrangements to Borrow

General Arrangements to Borrow »

Volume/Issue: 2017/071

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2017

DOI: http://dx.doi.org/10.5089/9781498346108.007

ISBN: 9781498346108

Keywords: Central banks, Credit, Borrowing, Special Drawing Rights, gab, stand agreement, renewal, washington-based, quota

This notification summarizes the outcome of consultations with Washington-based representatives of participants in the General Arrangements to Borrow (GAB) on a possible renewal of the GAB decision. By way of backg...

Gulf Cooperation Council
			:  How Can Growth-Friendlier Expenditure-Based Fiscal Adjustment be Achieved in the GCC?

Gulf Cooperation Council : How Can Growth-Friendlier Expenditure-Based Fiscal Adjustment be Achieved in the GCC? »

Volume/Issue: 2017/065

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781498346214.007

ISBN: 9781498346214

Keywords: Economic policy, Economic conditions, Economic theory, Economic reforms, Public financial management, GCC country, non-oil, GCC, capital spend, intergenerational equity

growth in expenditure, GCC governments have started to implement significant fiscal consolidation measures, but more needs to be done. Rapid population growth and booming oil revenues led to large increases in gove...

Gulf Cooperation Council
			:  Strengthening Liquidity Management Frameworks in Support of Stability and Growth in the GCC

Gulf Cooperation Council : Strengthening Liquidity Management Frameworks in Support of Stability and Growth in the GCC »

Volume/Issue: 2017/064

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781498346207.007

ISBN: 9781498346207

Keywords: Central banks, Central bank operations, Financial crises, Central bank capital, Financial markets, interbank, GCC country, GCC, excess reserve, reserve requirement

Effective liquidity management is important to promote macro-financial stability in the GCC countries. Fixed exchange rate regimes provide credible nominal anchors in the GCC countries, but combined with open capit...

Gulf Cooperation Council
			:  The Economic Outlook and Policy Challenges in the GCC Countries

Gulf Cooperation Council : The Economic Outlook and Policy Challenges in the GCC Countries »

Volume/Issue: 2017/066

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 December 2017

DOI: http://dx.doi.org/10.5089/9781498346191.007

ISBN: 9781498346191

Keywords: Economic policy, Real sector, Economic cooperation, Economic conditions, Financial soundness indicators, GCC country, non-oil, GCC, oil price, low oil price

Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the nea...

Saudi Arabia
			: 2017 Article IV Consultation-Press Release; and Staff Report

Saudi Arabia : 2017 Article IV Consultation-Press Release; and Staff Report »

Volume/Issue: 2017/316

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323175.002

ISBN: 9781484323175

Keywords: Article IV consultation reports, Fiscal policy, Oil prices, Fiscal consolidation, Labor market reforms, Bank supervision, Currency pegs, Economic indicators, Balance of payments statistics, Press releases

This 2017 Article IV Consultation highlights Saudi Arabia's launch of a bold reform program under Vision 2030, announced in 2016. The authorities have made considerable progress in initiating the implementation of...

Saudi Arabia
			: Financial System Stability Assessment

Saudi Arabia : Financial System Stability Assessment »

Volume/Issue: 2017/318

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323458.002

ISBN: 9781484323458

Keywords: Financial system stability assessment, Financial sector, Banking systems, Liquidity management, Financial stability, Macroprudential Policy, Bank supervision, Financial safety nets, Anti-money laundering, Combating the financing of terrorism

This paper assesses the stability of Saudi Arabia's financial system as a whole. Banks-the core of the Saudi financial system-remain liquid and resilient. Stress tests show that most banks, including all systemical...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2017/317

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2017

DOI: http://dx.doi.org/10.5089/9781484323243.002

ISBN: 9781484323243

Keywords: Fiscal policy, Fiscal reforms, Oil prices, Inflation, Selected issues, Saudi Arabia

This Selected Issues paper looks at the appropriate scope and pace of fiscal adjustment in Saudi Arabia. The economy of Saudi Arabia has started to feel the impact of the fiscal adjustment. The fiscal space analysi...

Multi-Country Report
			: Ensuring Financial Stability in Countries with Islamic Banking-Case Studies-Press Release; Staff Report

Multi-Country Report : Ensuring Financial Stability in Countries with Islamic Banking-Case Studies-Press Release; Staff Report »

Volume/Issue: 2017/145

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 June 2017

DOI: http://dx.doi.org/10.5089/9781484302996.002

ISBN: 9781484302996

Keywords: Asia and Pacific, Bahrain, Djibouti, Europe, Indonesia, Kenya, Kuwait, Malaysia, Middle East, Nigeria

This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can...

If Not Now, When? Energy Price Reform in Arab Countries; April 2017 Rabat, Morocco

If Not Now, When? Energy Price Reform in Arab Countries; April 2017 Rabat, Morocco »

Volume/Issue: 2017/030

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2017

DOI: http://dx.doi.org/10.5089/9781498346733.007

ISBN: 9781498346733

Keywords: Social safety nets, Economic conditions, Oil prices, Purchasing power, Price controls, oil importer, energy price, reference price, energy subsidy, price gap

Regulating energy prices has been a common practice around the world. The objective is, generally, to facilitate access to energy products, which are central to people's well-being and countries' economic developme...

Ensuring Financial Stability in Countries with Islamic Banking

Ensuring Financial Stability in Countries with Islamic Banking »

Volume/Issue: 2017/007

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2017

DOI: http://dx.doi.org/10.5089/9781498347099.007

ISBN: 9781498347099

Keywords: Financial regulation and supervision, Financial crises, Financial instruments, Financial markets, Financial institutions, conventional bank, IAH, IFSB, Murabahah, PSIA

This paper discusses the need for ensuring financial stability in countries with Islamic Banking (IB). IB continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central...

What Influences Bank Lending in Saudi Arabia?

What Influences Bank Lending in Saudi Arabia? »

Volume/Issue: 2017/31

Series: IMF Working Papers

Author(s): Ken Miyajima

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2017

DOI: http://dx.doi.org/10.5089/9781475578669.001

ISBN: 9781475578669

Keywords: Panel analysis, Econometric models, Time series, Saudi Arabia, Loans, Middle East, Bank credit, Banks, Credit expansion, macro-financial linkages

Determinants of bank-level credit growth in Saudi Arabia are investigated by applying a panel approach to data spanning 2000-15. Strong bank balance sheet conditions, economic activity, and oil prices support bank...

Saudi Arabia
			: 2016 Article IV Consultation-Press Release; Staff Report; and Informational Annex

Saudi Arabia : 2016 Article IV Consultation-Press Release; Staff Report; and Informational Annex »

Volume/Issue: 2016/326

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2016

DOI: http://dx.doi.org/10.5089/9781475539523.002

ISBN: 9781475539523

Keywords: Article IV consultation reports, Economic growth, Oil prices, Fiscal policy, Fiscal consolidation, Privatization, Corporate sector, Fiscal reforms, Labor market reforms, Banking sector

This 2016 Article IV Consultation highlights that real GDP growth in Saudi Arabia is expected to slow to 1.2 percent in 2016, but recover to 2 percent in 2017 as the pace of fiscal consolidation eases. Inflation ha...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2016/327

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2016

DOI: http://dx.doi.org/10.5089/9781475544275.002

ISBN: 9781475544275

Keywords: Budget deficits, Deficit financing, Economic growth, Oil prices, Government expenditures, Fiscal consolidation, Privatization, Public-private sector cooperation, Selected Issues Papers, Saudi Arabia

This Selected Issues paper discusses the options for financing the government fiscal deficit in Saudi Arabia. The Saudi government is working to develop a comprehensive strategy to meet its budget financing needs....

Saudi Arabia
			: 2016 Article IV Consultation-Press Release; Staff Report; and Informational Annex

Saudi Arabia : 2016 Article IV Consultation-Press Release; Staff Report; and Informational Annex »

Volume/Issue: 2016/326

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2016

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781475544381.002

ISBN: 9781475544381

Saudi Arabia has begun a fundamental policy shift to respond to low oil prices. The government has introduced a series of reforms over the past year and has recently set out plans for a bold and ambitious transform...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2016/327

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 October 2016

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781475544589.002

ISBN: 9781475544589

Saudi Arabia: Selected Issues...

The Impact of Oil Prices on the Banking System in the GCC

The Impact of Oil Prices on the Banking System in the GCC »

Volume/Issue: 2016/161

Series: IMF Working Papers

Author(s): Padamja Khandelwal , Ken Miyajima , and Andre Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 August 2016

DOI: http://dx.doi.org/10.5089/9781475523393.001

ISBN: 9781475523393

Keywords: Macro-financial linkages, nonperforming loans, panel vector autoregression

This paper examines the links between global oil price movements and macroeconomic and financial developments in the GCC. Using a range of multivariate panel approaches, including a panel vector autoregression appr...

Staff Background Paper for the G20 Surveillance Note - Priorities for Structural Reforms in G20 Countries

Staff Background Paper for the G20 Surveillance Note - Priorities for Structural Reforms in G20 Countries »

Volume/Issue: 2016/043

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 July 2016

DOI: http://dx.doi.org/10.5089/9781498345408.007

ISBN: 9781498345408

Keywords: Economic conditions, Total factor productivity, Fiscal policy, Balance of payments, Labor market reforms, policy space, structural reform, advanced economy, debt-to-GDP ratio, labor market reform

provide a powerful lift to growth-both in the short and the long term-if they are well aligned with individual country conditions . These include an economy's level of development, its position in the economic cycl...

Macroprudential Policy and Financial Stability in the Arab Region

Macroprudential Policy and Financial Stability in the Arab Region »

Volume/Issue: 2016/98

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , Heba Abdel Monem , and Pilar Garcia Martinez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 May 2016

DOI: http://dx.doi.org/10.5089/9781484361641.001

ISBN: 9781484361641

Keywords: Macroprudential policy, systemic risk, credit, financial stability

Several characteristics of the structure of the Arab economies, their economic policy framework, and their banking systems make macroprudential policy a particular relevant tool. For most oil exporters, heavy relia...

Economic Diversification in Oil-Exporting Arab Countries

Economic Diversification in Oil-Exporting Arab Countries »

Volume/Issue: 2016/028

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2016

DOI: http://dx.doi.org/10.5089/9781498345699.007

ISBN: 9781498345699

Keywords: Economic conditions, Employment, Labor market reforms, Nonoil sector, Oil exporting countries, Oil prices, Oil revenues, Population, Private sector, Public sector

countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains rela...

An Empirical Investigation of Oil-Macro-Financial Linkages in Saudi Arabia

An Empirical Investigation of Oil-Macro-Financial Linkages in Saudi Arabia »

Volume/Issue: 2016/22

Series: IMF Working Papers

Author(s): Ken Miyajima

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2016

DOI: http://dx.doi.org/10.5089/9781498330329.001

ISBN: 9781498330329

Keywords: Macro-financial linkages, nonperforming loans, panel vector autoregression, interest, oil prices, revenues, loans, Computational Techniques, Financial Markets and the Macroeconomy, Government Policy and Regulation,

Oil-macro-financial linkages in Saudi Arabia are analyzed by applying panel econometric frameworks (multivariate and vector autoregression) to maceoeconomic and bank-level balance sheet data for 9 banks spanning 19...

2016 External Sector Report

2016 External Sector Report »

Volume/Issue: 2016/005

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 January 2016

DOI: http://dx.doi.org/10.5089/9781498345545.007

ISBN: 9781498345545

Keywords: Commodity prices, Current account balances, Emerging markets, Exchange rates, External sector, External Sector Report, External shocks, Monetary policy, Real effective exchange rates, Terms of trade

After narrowing in the aftermath of the global financial crisis and remaining broadly unchanged in recent years, global imbalances increased moderately in 2015, amid a reconfiguration of current accounts and exchan...

Monetary Operations and Islamic Banking in the GCC
			: Challenges and Options

Monetary Operations and Islamic Banking in the GCC : Challenges and Options »

Volume/Issue: 2015/234

Series: IMF Working Papers

Author(s): Ritu Basu , Ananthakrishnan Prasad , and Sergio Rodriguez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 November 2015

DOI: http://dx.doi.org/10.5089/9781513588513.001

ISBN: 9781513588513

Keywords: Basel Committee on Banking Supervision, Liquidity management, Monetary operations, Monetary policy, Cooperation Council for the Arab States of the Gulf, Islamic banking, GCC

The assessment provides evidence of market segmentation across Islamic and conventional banks in the Gulf Cooperation Council (GCC), leading to excess liquidity, and an uneven playing field for Islamic banks that m...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2015/286

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 October 2015

DOI: http://dx.doi.org/10.5089/9781513505077.002

ISBN: 9781513505077

Keywords: oil prices, interest, revenues, interest rates, oil price

This Selected Issues paper assesses the importance of oil and interest rate spillovers for Saudi Arabia. Oil prices have fallen by more than 40 percent since mid-2014 while the Federal Reserve is expected in the co...

Gulf Cooperation Council (GCC)-Energy Price Reforms in the GCC-What Can Be Learned From International Experiences?

Gulf Cooperation Council (GCC)-Energy Price Reforms in the GCC-What Can Be Learned From International Experiences? »

Volume/Issue: 2015/064

Series: Policy Papers

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 October 2015

DOI: http://dx.doi.org/10.5089/9781498343916.007

ISBN: 9781498343916

Keywords: Oil product prices, Demand elasticity, Energy prices, Oil prices, Pricing policy, energy price, GCC country, energy product, electricity tariff, GCC

Energy prices in the GCC countries are low by international standards. These low prices have co-existed with rapid economic development in the region over the past 50 years, but the costs of this policy have also r...

How Does Bank Competition Affect Solvency, Liquidity and Credit Risk? Evidence from the MENA Countries

How Does Bank Competition Affect Solvency, Liquidity and Credit Risk? Evidence from the MENA Countries »

Volume/Issue: 2015/210

Series: IMF Working Papers

Author(s): Raja Almarzoqi , Sami Ben Naceur , and Alessandro Scopelliti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 September 2015

DOI: http://dx.doi.org/10.5089/9781513581910.001

ISBN: 9781513581910

Keywords: Bank Competition, Solvency, Bank Regulation, Supervision, bank, risk, banking, credit, Government Policy and Regulation, Corporation and Securities Law

The paper analyzes the relationship between bank competition and stability, with a specific focus on the Middle East and North Africa. Price competition has a positive effect on bank liquidity, as it induces self-d...

Saudi Arabia
			: 2015 Article IV Consultation - Press Release; Staff Report; and Informational Annexl

Saudi Arabia : 2015 Article IV Consultation - Press Release; Staff Report; and Informational Annexl »

Volume/Issue: 2015/251

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2015

DOI: http://dx.doi.org/10.5089/9781513551111.002

ISBN: 9781513551111

Keywords: market, monetary fund, labor market, oil price

This 2015 Article IV Consultation highlights that the rising oil prices and production resulted in large external and fiscal surpluses for Saudi Arabia. Real GDP growth is projected to slow to 2.8 percent in 2015,...

Fair Taxation in the Middle East and North Africa

Fair Taxation in the Middle East and North Africa »

Volume/Issue: 2015/16

Series: Staff Discussion Notes

Author(s): Mario Mansour , Pritha Mitra , Carlo Sdralevich , and Andrew Jewell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 September 2015

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781513552255.006

ISBN: 9781513552255

Keywords: Resource Revenues, Excise, Value-Added Tax, Equity, tax, taxes, Justice, Inequality, and Other Normative Criteria and Measurement, International Relations and International Political Economy: Other

Fairness - and what governments can do about it - is at the forefront of economic and social debate all over the world. In MENA, this has been at the core of recent political transitions but has not been adequately...

Comparing the Employment-Output Elasticities of Expatriates and Nationals in the Gulf Cooperation Council

Comparing the Employment-Output Elasticities of Expatriates and Nationals in the Gulf Cooperation Council »

Volume/Issue: 2015/191

Series: IMF Working Papers

Author(s): Alberto Behar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 August 2015

DOI: http://dx.doi.org/10.5089/9781513573885.001

ISBN: 9781513573885

Keywords: Employment Elasticities, Labor Market Adjustment Costs, GCC, Gulf Cooperation Council, labor market, labor, private sector, unemployment, Labor Economics: General, Labor Economics Policies

We estimate the elasticity of private-sector employment to non-oil GDP in the Gulf Cooperation Council (GCC) for GCC nationals and expatriates using a Seemingly Unrelated Error Correction (SUREC) model. Our results...

Integrated Ownership and Control in the GCC Corporate Sector

Integrated Ownership and Control in the GCC Corporate Sector »

Volume/Issue: 2015/184

Series: IMF Working Papers

Author(s): Andre Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2015

DOI: http://dx.doi.org/10.5089/9781513589459.001

ISBN: 9781513589459

Keywords: GCC countries, network analysis, integreated ownership, concentration, shareholders, shares, debt, stock, shareholder, Government Policy and Regulation,

The objective of the paper is to assess ownership and control links in the GCC corporate sector. The analysis focuses on the integrated ownership and network arising from ownership data available in Bloomberg and G...

2015 External Sector Report

2015 External Sector Report »

Volume/Issue: 2015/036

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2015

DOI: http://dx.doi.org/10.5089/9781498344364.007

ISBN: 9781498344364

Keywords: Commodity prices, Current account balances, External sector, External Sector Report, Monetary policy, Oil prices, Real effective exchange rates, International investment position, Current account surpluses, Current account deficits

After narrowing modestly in 2013, the global scale of current account imbalances, and of excess imbalances, held steady in 2014. Over the last several years, while the country composition of imbalances has rotated...

Arab Countries in Transition - Economic Outlook and Key Challenges

Arab Countries in Transition - Economic Outlook and Key Challenges »

Volume/Issue: 2015/030

Series: Policy Papers

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2015

DOI: http://dx.doi.org/10.5089/9781498344128.007

ISBN: 9781498344128

Keywords: External sector, Financial soundness indicators, Economic conditions, Economic stabilization, Economic models, excl, amortization, CPI inflation, account deficit, short-term outlook

The Arab Countries in Transition (ACTs) have had diverging trajectories over the past year and face an uncertain outlook.1 Improvements in the European economy, lower oil prices, and some progress on the policy fro...

Saudi Arabia
			: Tackling Emerging Economic Challenges to Sustain Strong Growth

Saudi Arabia : Tackling Emerging Economic Challenges to Sustain Strong Growth »

Series: Departmental Papers / Policy Papers

Author(s): Ahmed Al-Darwish , Naif Alghaith , Alberto Behar , Tim Callen , Pragyan Deb , Amgad Hegazy , Padamja Khandelwal , Malika Pant , and Haonan Qu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 March 2015

DOI: http://dx.doi.org/10.5089/9781498323079.087

ISBN: 9781498323079

Keywords: Export diversification, Commodity markets, Economic growth, Budgets, Fiscal rules, Fiscal policy, Macroprudential Policy, Nonoil sector, Monetary policy, Oil revenues

Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth...

Can Islamic Banking Increase Financial Inclusion?

Can Islamic Banking Increase Financial Inclusion? »

Volume/Issue: 2015/31

Series: IMF Working Papers

Author(s): Sami Ben Naceur , Adolfo Barajas , and Alexander Massara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2015

DOI: http://dx.doi.org/10.5089/9781498370813.001

ISBN: 9781498370813

Keywords: financial inclusion, Financial Possibility Frontier, bank, banking, banks, credit, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects)

The paper analyses existing country-level information on the relationship between the development of Islamic banking and financial inclusion. In Muslim countries-members of the Organization for Islamic Cooperation...

Saudi Arabia:
			: Tackling Emerging Economic Challenges to Sustain Strong Growth

Saudi Arabia: : Tackling Emerging Economic Challenges to Sustain Strong Growth »

Volume: 15

Series: Departmental Papers / Policy Papers

Author(s): Ahmed Al-Darwish , Naif Alghaith , Alberto Behar , Tim Callen , Pragyan Deb , Amgad Hegazy , Padamja Khandelwal , Malika Pant , and Haonan Qu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 January 2015

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781498382045.087

ISBN: 9781498382045

Keywords: Saudi Arabia; GCC; Growth; petroleum

Saudi Arabia: Tackling Emerging Economic Challenges to Sustain Strong Growth...

Economic Diversification in the GCC
			: Past, Present, and Future

Economic Diversification in the GCC : Past, Present, and Future »

Volume/Issue: 2014/12

Series: Staff Discussion Notes

Author(s): Tim Callen , Reda Cherif , Fuad Hasanov , Amgad Hegazy , and Padamja Khandelwal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2014

DOI: http://dx.doi.org/10.5089/9781498303231.006

ISBN: 9781498303231

Keywords: Export diversification, Exports, Bahrain, Cooperation Council for the Arab States of the Gulf, Cross country analysis, Economic growth, Oil revenues, Oman, Private sector, Saudi Arabia

Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil m...

Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries

Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries »

Volume/Issue: 2014/10

Series: Staff Discussion Notes

Author(s): Maria Albino-War , Svetlana Cerovic , Francesco Grigoli , Juan Flores , Javier Kapsoli , Haonan Qu , Yahia Said , Bahrom Shukurov , Martin Sommer , and SeokHyun Yoon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2014

Language: Arabic

DOI: http://dx.doi.org/10.5089/9781498314954.006

ISBN: 9781498314954

Keywords: Public investment, Middle East and Central Asia, North Africa, Central Asia and the Caucasus, Expenditure efficiency, Infrastructure, Transportation, Oil exporting countries, Public investment efficiency, natural resources

Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating...

Saudi Arabia
			: Staff Report for the 2014 Article IV Consultation

Saudi Arabia : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/292

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2014

DOI: http://dx.doi.org/10.5089/9781484318898.002

ISBN: 9781484318898

Keywords: oil, government spending, fiscal deficit, fiscal consolidation

KEY ISSUES Context. Saudi Arabia's economy has grown very strongly in recent years, benefitting from high oil prices and output, strong private sector activity, and government spending. It has played a systemic an...

How Much Carbon Pricing is in Countries' Own Interests? The Critical Role of Co-Benefits

How Much Carbon Pricing is in Countries' Own Interests? The Critical Role of Co-Benefits »

Volume/Issue: 2014/174

Series: IMF Working Papers

Author(s): Ian Parry , Chandara Veung , and Dirk Heine

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2014

DOI: http://dx.doi.org/10.5089/9781498358279.001

ISBN: 9781498358279

Keywords: carbon pricing, co-benefits, air pollution, fuel taxes, top twenty emitters, benefits, natural gas, fossil fuel, greenhouse gas, Government Policy

This paper calculates, for the top twenty emitting countries, how much pricing of carbon dioxide (CO2) emissions is in their own national interests due to domestic co-benefits (leaving aside the global climate bene...

Arab Countries in Transition - Economic Outlook and Key Challenges

Arab Countries in Transition - Economic Outlook and Key Challenges »

Volume/Issue: 2014/030

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 June 2014

DOI: http://dx.doi.org/10.5089/9781498342674.007

ISBN: 9781498342674

Keywords: Economic conditions, Fiscal policy, Jordan, Morocco, Private sector, Regional Economic Outlook, Transition economies, Tunisia, External sector, Fiscal sector

In spite of deepening and spreading conflicts in the region, as well as, in many cases, a challenging internal socio-political environment, the Arab Countries in Transition (Egypt, Jordan, Libya, Morocco, Tunisia a...

Economic Growth and Government Spending in Saudi Arabia
			: an Empirical Investigation

Economic Growth and Government Spending in Saudi Arabia : an Empirical Investigation »

Volume/Issue: 2014/3

Series: IMF Working Papers

Author(s): Saad Alshahrani , and Ali Alsadiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 January 2014

DOI: http://dx.doi.org/10.5089/9781484348796.001

ISBN: 9781484348796

Keywords: Oil Exporting Economy, expenditures, expenditure, government expenditure, total expenditures, capital expenditures, Economic Growth and Government Spending in Saudi Arabia, General, Government Policy,

This paper empirically examines the effects of different types of government expenditures, on economic growth in Saudi Arabia. We use different econometric techniques to estimate the short- and long-run effects of...

Gulf Cooperation Council (GCC) - Labor Market Reforms to Boost Employment and Productivity in the GCC

Gulf Cooperation Council (GCC) - Labor Market Reforms to Boost Employment and Productivity in the GCC »

Volume/Issue: 2013/088

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2013

DOI: http://dx.doi.org/10.5089/9781498341158.007

ISBN: 9781498341158

Keywords: Cooperation Council for the Arab States of the Gulf, Cross country analysis, Global competitiveness, Labor market reforms, Labor productivity, Private sector, Unemployment, Total factor productivity, Labor market policy, Fiscal sector

The GCC growth model has delivered substantial improvements in living standards over several decades. Access to foreign labor has supported rapid growth in the non-oil sector and price stability in the region. It h...

Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting

Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting »

Volume/Issue: 2013/070

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2013

DOI: http://dx.doi.org/10.5089/9781498341219.007

ISBN: 9781498341219

Keywords: Cross country analysis, Libya, Regional Economic Outlook, Transition economies, Yemen, Public financial management, Economic indicators, Economic conditions, Consumption, Regional economics

In an environment of heightened socio-economic tensions, regional insecurity, and strained public finances, the Arab Countries in Transition (ACTs) 1 face the difficult task of delivering on the expectations for jo...

Saudi Arabia
			: 2013 Article IV Consultation

Saudi Arabia : 2013 Article IV Consultation »

Volume/Issue: 2013/229

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2013

DOI: http://dx.doi.org/10.5089/9781484361375.002

ISBN: 9781484361375

Keywords: oil, government spending, fiscal policy, primary deficit, fiscal spending, Burkina Faos,

This staff report on Saudi Arabia's 2013 Article IV Consultation discusses economic policies and development. As the largest crude oil exporter, and the only producer with significant spare capacity, Saudi Arabia p...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2013/230

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2013

DOI: http://dx.doi.org/10.5089/9781484362419.002

ISBN: 9781484362419

Keywords: oil, oil prices, global supply, elasticity of substitution, domestic firms

This Selected Issues paper on Saudi Arabia assesses Saudi Arabia's role in the oil market and global economy. Saudi Arabia, the world's largest producer and exporter of oil, has long played a systemically important...

Saudi Arabia
			: Financial Sector Assessment Program Update-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

Saudi Arabia : Financial Sector Assessment Program Update-Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2013/213

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2013

DOI: http://dx.doi.org/10.5089/9781484385982.002

ISBN: 9781484385982

Keywords: banking, banking supervision, capital adequacy, internal control, consolidated supervision

This paper focuses on Saudi Arabia's Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision. The banking sector is fairly concentrated around a few banks. The seven largest...

Saudi Arabia
			: Financial Sector Assessment Program Update-Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems

Saudi Arabia : Financial Sector Assessment Program Update-Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems »

Volume/Issue: 2013/214

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2013

DOI: http://dx.doi.org/10.5089/9781475556452.002

ISBN: 9781475556452

Keywords: payment systems, payments, payment system, clearing houses, pos

This paper highlights the Saudi Arabia's Detailed Assessment of Observance of the Committee on Payment and Settlement Systems Core Principles for systemically important payment systems. The Saudi Arabian Monetary A...

Saudi Arabia
			: Financial Sector Assessment Program Update-Detailed Assessment of Observance of the IOSCO Objectives and Principles of Securities Regulation

Saudi Arabia : Financial Sector Assessment Program Update-Detailed Assessment of Observance of the IOSCO Objectives and Principles of Securities Regulation »

Volume/Issue: 2013/212

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2013

DOI: http://dx.doi.org/10.5089/9781484390696.002

ISBN: 9781484390696

Keywords: regulations, regulation, regulatory system, regulatory requirements, regulatory information

This paper discusses Saudi Arabia's Detailed Assessment of the Observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Capital Market A...

Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting

Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting »

Volume/Issue: 2013/031

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 April 2013

DOI: http://dx.doi.org/10.5089/9781498341967.007

ISBN: 9781498341967

Keywords: Economic conditions, Consumption, Economic indicators, Economic cooperation, Regional economics, Secretary's Memorandum to Executive Board, excl, medium-term, macroeconomic stability, political transition

Arab Countries in Transition (ACTs) continue to face high political uncertainty and social pressures. The uprisings and protests have generated the promise of a better life for 300 million people, but forthcoming e...

External Linkages and Policy Constraints in Saudi Arabia

External Linkages and Policy Constraints in Saudi Arabia »

Volume/Issue: 2013/59

Series: IMF Working Papers

Author(s): Niklas Westelius

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2013

DOI: http://dx.doi.org/10.5089/9781475570274.001

ISBN: 9781475570274

Keywords: oil revenues, oil prices, oil exports, oil export, export revenues, Institutions and the Macroeconomy, General, Global Outlook,

The constraints that external linkages impose on domestic policy choices in Saudi Arabia have continuously evolved over the past four decades. This paper argues that two major ongoing developments in particular hav...

Measures of Fiscal Risk in  Hydrocarbon-Exporting Countries

Measures of Fiscal Risk in Hydrocarbon-Exporting Countries »

Volume/Issue: 2012/260

Series: IMF Working Papers

Author(s): Carlos Caceres , and Leandro Medina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2012

DOI: http://dx.doi.org/10.5089/9781475530162.001

ISBN: 9781475530162

Keywords: stochastic simulations, volatility, break-even prices, exporting countries, commodity prices, break-even prices., Forecasting and Other Model Applications, Financial Forecasting and Simulation, General, Government Policy,

The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, mediu...

Saudi Arabia
			: 2012 Article IV Consultation

Saudi Arabia : 2012 Article IV Consultation »

Volume/Issue: 2012/271

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2012

DOI: http://dx.doi.org/10.5089/9781475510638.002

ISBN: 9781475510638

Keywords: credit, current account, prices, payments, fiscal spending, General,

Saudi Arabia is the world's largest oil exporter and has employed its spare capacity to help stabilize the global oil market, providing important support to the global economy. The associated increase in oil revenu...

Saudi Arabia
			: Selected Issues

Saudi Arabia : Selected Issues »

Volume/Issue: 2012/272

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2012

DOI: http://dx.doi.org/10.5089/9781475510621.002

ISBN: 9781475510621

Keywords: tfp, gdp growth, growth accounting, General,

This chapter reviews developments in GDP over the past several decades. The analysis shows that accumulation of labor and capital explains the bulk of overall output growth since 1990, with changes in total factor...

Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting

Arab Countries in Transition - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting »

Volume/Issue: 2012/080

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2012

DOI: http://dx.doi.org/10.5089/9781498339797.007

ISBN: 9781498339797

Keywords: Cross country analysis, Egypt, Jordan, Libya, Morocco, Political economy, Regional Economic Outlook, Transition economies, Tunisia, Yemen

Political uncertainty in the Arab Countries in Transition (ACT) has continued in recent months, especially as the escalation of the conflict in Syria is creating negative regional spillovers.1 While transition gove...

Middle East and North Africa - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting

Middle East and North Africa - Economic Outlook and Key Challenges - Deauville Partnership Ministerial Meeting »

Volume/Issue: 2012/032

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 April 2012

DOI: http://dx.doi.org/10.5089/9781498340595.007

ISBN: 9781498340595

Keywords: Economic growth, Egypt, Fiscal risk, Jordan, Libya, Middle East, Morocco, North Africa, Political economy, Regional Economic Outlook

Historic transitions in the Arab Spring countries are coming under increasing strain frommacroeconomic pressures and unmet social demands. Domestic uncertainty over the countries' future course, compounded by the g...

Saudi Arabia
			: Financial System Stability Assessment:  Update

Saudi Arabia : Financial System Stability Assessment: Update »

Volume/Issue: 2012/92

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2012

DOI: http://dx.doi.org/10.5089/9781475503043.002

ISBN: 9781475503043

Keywords: banking, credit, foreign exchange, prices

An update on Saudi Arabia's Financial System Stability Assessment (FSAP) is presented. Saudi Arabia has confronted the global financial crisis from a position of strength, and took decisive steps to manage the impa...

Saudi Arabia
			: Reports on the Observance of Standards and Codes

Saudi Arabia : Reports on the Observance of Standards and Codes »

Volume/Issue: 2012/93

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2012

DOI: http://dx.doi.org/10.5089/9781475503050.002

ISBN: 9781475503050

Keywords: regulations, standards, capital market, regulation, capital adequacy

Saudi Arabia's Report on Standards and Codes has been examined. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulatio...

Inflation Differentials in the GCC
			: Does the Oil Cycle Matter?

Inflation Differentials in the GCC : Does the Oil Cycle Matter? »

Volume/Issue: 2011/294

Series: IMF Working Papers

Author(s): Oral Williams , and Kamiar Mohaddes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463927288.001

ISBN: 9781463927288

Keywords: Inflation differentials, convergence, panel data, pairwise approach, monetary union, Gulf Cooperation Council (GCC) countries., inflation, inflation rates, monetary fund, price level

This paper uses a pairwise approach to investigate the main factors that have been driving inflation differentials in the Gulf Cooperation Council (GCC) region for the past two decades. The results suggest that inf...

Gulf Cooperation Council Countries (GCC)
			: Enhancing Economic Outcomes in an Uncertain Global Economy.

Gulf Cooperation Council Countries (GCC) : Enhancing Economic Outcomes in an Uncertain Global Economy. »

Series: Departmental Papers / Policy Papers

Author(s): Samya Beidas-Strom , Tobias Rasmussen , and David Robinson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2011

DOI: http://dx.doi.org/10.5089/9781484383315.087

ISBN: 9781484383315

Keywords: fiscal policy, interest, consumption, gdp, debt

Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF's area and functional departments....

Saudi Arabia
			: 2011 Article IV Consultation:  Staff Report; Public Information Notice on the Executive Board Discussion

Saudi Arabia : 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion »

Volume/Issue: 2011/292

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2011

DOI: http://dx.doi.org/10.5089/9781463904272.002

ISBN: 9781463904272

Keywords: prices, credit, current account, payments, oil prices, France:,

Over the last few decades, the economy of Saudi Arabia has strengthened, as oil prices increased with the rebound in global economic activity. Despite this, vulnerabilities to a sustained decline in the oil price h...

Global and Regional Spillovers to GCC Equity Markets

Global and Regional Spillovers to GCC Equity Markets »

Volume/Issue: 2011/138

Series: IMF Working Papers

Author(s): Tahsin Saadi Sedik , and Oral Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455265435.001

ISBN: 9781455265435

Keywords: GCC, contagion, equity markets, stock market, market capitalization, foreign participation, Financial Aspects of Economic Integration, Financial Markets and the Macroeconomy,

This paper analyzes the impact of global and regional spillovers to GCC equity markets. GCC equity markets were impacted by spillovers from U.S. equity markets despite varying degrees of foreign participation. Spil...

(Why) Should Current Account Balances Be Reduced?

(Why) Should Current Account Balances Be Reduced? »

Volume/Issue: 2011/3

Series: Staff Discussion Notes

Author(s): Gian Milesi-Ferretti , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2011

DOI: http://dx.doi.org/10.5089/9781462384860.006

ISBN: 9781462384860

Keywords: global imbalances, current account, exchange rates, current account deficits, current account surpluses, exchange rate, current account deficit, Account Balances Be Reduced?,

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

How Strong are Fiscal Multipliers in the GCC?

How Strong are Fiscal Multipliers in the GCC? »

Volume/Issue: 2011/61

Series: IMF Working Papers

Author(s): Raphael Espinoza , and Abdelhak Senhadji

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455221059.001

ISBN: 9781455221059

Keywords: Gulf Cooperation Council, expenditure, capital expenditure, government expenditure, fiscal multipliers, Fiscal Policies and Behavior of Economic Agents: General,

The effectiveness of fiscal policy in smoothing the impact of shocks depends critically on the size of fiscal multipliers. This is particularly relevant for the GCC countries given the need for fiscal policy to cus...

New Indicators for Tracking Growth in Real Time

New Indicators for Tracking Growth in Real Time »

Volume/Issue: 2011/43

Series: IMF Working Papers

Author(s): Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2011

DOI: http://dx.doi.org/10.5089/9781455218998.001

ISBN: 9781455218998

Keywords: Nowcasting, Short-term forecasting, Real-time data, gdp growth, forecasting, real gdp, equation, Model Construction and Estimation, Forecasting and Other Model Applications, General Aggregative Models: Forecasting and Simulation,

We develop monthly indicators for tracking growth in 32 advanced and emerging-market economies. We test the historical performance of our indicators and find that they do a good job at describing the business cycle...

Determinants of the Foreign Exchange Risk Premium in Gulf Cooperation Council Countries

Determinants of the Foreign Exchange Risk Premium in Gulf Cooperation Council Countries »

Volume/Issue: 2010/255

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

DOI: http://dx.doi.org/10.5089/9781455209552.001

ISBN: 9781455209552

Keywords: time-varying risk premium, multivariate GARCH-in- Mean, GCC, risk premium, exchange risk, exchange rate, Multivariate Garch-in-mean,

This paper analyzes macroeconomic determinants of the foreign exchange risk premium in two Gulf Cooperation Council (GCC) countries that peg their currencies to the U.S. dollar: Saudi Arabia and the United Arab Emi...

Recent Credit Stagnation in the Mena Region
			: What to Expect? What Can Be Done?

Recent Credit Stagnation in the Mena Region : What to Expect? What Can Be Done? »

Volume/Issue: 2010/219

Series: IMF Working Papers

Author(s): Ralph Chami , Raphael Espinoza , Adolfo Barajas , and Heiko Hesse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455208845.001

ISBN: 9781455208845

Keywords: Credit boom, deposit, banks balance sheet, credit booms, banking, pre-crisis, bank lending,

This paper examines the recent credit slowdown among Middle Eastern and North African (MENA) countries from three analytical angles. First, it finds that, similar to other regions and to its past history, a credit...

Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead
			: An Update

Impact of the Global Financial Crisis on the Gulf Cooperation Council Countries and Challenges Ahead : An Update »

Series: Departmental Papers / Policy Papers

Author(s): May Khamis , and Abdelhak Senhadji

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2010

DOI: http://dx.doi.org/10.5089/9781589065109.087

ISBN: 9781589065109

Keywords: External financing, External debt, Economic indicators, Financial sector, Debt restructuring, Bank soundness, Banking sector, Global Financial Crisis 2008-2009, Governance, Nonbank financial sector

Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF's area and functional departments....

Monetary Policy Analysis and Forecasting in the Group of Twenty
			: A Panel Unobserved Components Approach

Monetary Policy Analysis and Forecasting in the Group of Twenty : A Panel Unobserved Components Approach »

Volume/Issue: 2010/152

Series: IMF Working Papers

Author(s): Francis Vitek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

DOI: http://dx.doi.org/10.5089/9781455201358.001

ISBN: 9781455201358

Keywords: Monetary policy analysis, Panel unobserved components model, Bayesian conditioning on judgment, inflation, monetary conditions, nominal interest rate, Bayesian Analysis, Multiple or Simultaneous Equation Models: Models with Panel Data, Model Construction and Estimation, Forecasting and Other Model Applications

This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into twenty national economies along the lines of the Group of Twenty. This structu...

Review of the Adequacy of and Options for Supplementing Fund Resources

Review of the Adequacy of and Options for Supplementing Fund Resources »

Volume/Issue: 2009/094

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781498336406.007

ISBN: 9781498336406

Keywords: Economic conditions, Economic indicators, Financial crisis, Fund size, Use of Fund resources, SDR interest rates, Balance of payments, Forward commitment capacity, External debt, International reserves

This review discusses the potential scale of a possible increase, as well as modalities that would facilitate a prompt increase in the Fund's resources should the need for additional resources be agreed. While a pe...

Establishing Conversion Values for New Currency Unions
			: Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union

Establishing Conversion Values for New Currency Unions : Method and Application to the planned Gulf Cooperation Council (GCC) Currency Union »

Volume/Issue: 2009/184

Series: IMF Working Papers

Author(s): Bassem Kamar , Jean-Etienne Carlotti , and Russell Krueger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

DOI: http://dx.doi.org/10.5089/9781451873313.001

ISBN: 9781451873313

Keywords: Currency union, conversion rates, EAC, East African Community, ECOWAS, ECU, GCC, Gulf Cooperation Council, SADC, South African Development Community

A key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion r...

Borrowing by the Fund - Operational Issues

Borrowing by the Fund - Operational Issues »

Volume/Issue: 2009/043

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 June 2009

DOI: http://dx.doi.org/10.5089/9781498335898.007

ISBN: 9781498335898

Keywords: Borrowed resources use, Borrowing agreements, Borrowing by Fund, Forward commitment capacity, Fund financial position, Fund liquidity, General Arrangements to Borrow, Lending commitments by Fund, New Arrangements to Borrow, Reserve tranche positions

An increase in the Fund's resources available to assist its members represents an important part of the multilateral response to the global crisis. To this end, the IMFC agreed in April that there should be an incr...

The State of Public Finances-Outlook and Medium-Term Policies After the 2008 Crisis

The State of Public Finances-Outlook and Medium-Term Policies After the 2008 Crisis »

Volume/Issue: 2009/042

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2009

DOI: http://dx.doi.org/10.5089/9781498336185.007

ISBN: 9781498336185

Keywords: Economic reforms, Financial crisis, Financial sector, Fiscal policy, Health care, Pensions, Public finance, Economic conditions, Financial crises, Public financial management

This paper quantifies the fiscal implications of the crisis, assesses the status of fiscal balances after the shock, and discusses the strategy to ensure fiscal solvency. The focus is primarily on advanced and eme...

Determinants of Inflation in GCC

Determinants of Inflation in GCC »

Volume/Issue: 2009/82

Series: IMF Working Papers

Author(s): Magda Kandil , and Hanan Morsy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

DOI: http://dx.doi.org/10.5089/9781451872293.001

ISBN: 9781451872293

Keywords: domestic policies, inflationary pressures, price inflation, money supply, monetary growth,

Inflationary pressures have heightened in the oil-rich Gulf Cooperation Council (GCC) since 2003. This paper studies determinants of inflation in GCC, using an empirical model that includes domestic and external fa...

Exchange Rate Assessment for Oil Exporters

Exchange Rate Assessment for Oil Exporters »

Volume/Issue: 2009/81

Series: IMF Working Papers

Author(s): Klaus-Stefan Enders

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

DOI: http://dx.doi.org/10.5089/9781451872286.001

ISBN: 9781451872286

Keywords: Exchange rate, current account, real exchange, government spending, real exchange rate,

While the underlying methodologies continue to be widely debated and refined, there is little consensus on how to assess the equilibrium exchange rate of economies dominated by production of finite natural resource...

Finanzas y Desarrollo, diciembre de 2008

Finanzas y Desarrollo, diciembre de 2008 »

Volume/Issue: 45/4

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2009

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451957020.022

ISBN: 9781451957020

'Grietas en el sistema: La economía mundial en apuros' examina el panorama institucional y de política económica, que cambia rápidamente en medio de una crisis financiera que ahora amenaza con degenerar en una prof...

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...

Finance & Development, December 2008

Finance & Development, December 2008 »

Volume/Issue: 45/4

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2008

DOI: http://dx.doi.org/10.5089/9781451922455.022

ISBN: 9781451922455

Keywords: multilateral framework, regional integration, world markets, trading system, regional trade

Cracks in the System: World Economy Under Stress" explores the rapidly changing institutional and policymaking landscape around a financial crisis that now threatens a deep and prolonged global recession. The lead...

Fiscal Policy and Economic Cycles in Oil-Exporting Countries

Fiscal Policy and Economic Cycles in Oil-Exporting Countries »

Volume/Issue: 2008/253

Series: IMF Working Papers

Author(s): Kamilya Tazhibayeva , Aasim Husain , and Anna Ter-Martirosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2008

DOI: http://dx.doi.org/10.5089/9781451871111.001

ISBN: 9781451871111

Keywords: public spending, fiscal impulse, fiscal stance

This paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries. Panel VAR analysis and the associated impulse responses indicate that in countries...

Trade Elasticities in the Middle East and Central Asia
			: What is the Role of Oil?

Trade Elasticities in the Middle East and Central Asia : What is the Role of Oil? »

Volume/Issue: 2008/216

Series: IMF Working Papers

Author(s): Andreas Billmeier , and Dalia Hakura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

DOI: http://dx.doi.org/10.5089/9781451870749.001

ISBN: 9781451870749

Keywords: trade elasticities, current account adjustment, export prices, exporting countries, export volume, oil exports, oil exporters,

The analysis in this paper suggests that import and export volume elasticities are markedly lower in oil-exporting Middle East and Central Asian countries than in non-oil countries in the region. A key implication...

The GCC Monetary Union - Choice of Exchange Rate Regime

The GCC Monetary Union - Choice of Exchange Rate Regime »

Volume/Issue: 2008/051

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2008

DOI: http://dx.doi.org/10.5089/9781498334280.007

ISBN: 9781498334280

Keywords: Cooperation Council for the Arab States of the Gulf, Currency pegs, Exchange rate policy surveillance, Exchange rate regimes, Financial stability, Floating exchange rates, Monetary policy, Monetary unions, Oil exports, Economic integration

One of the critical decisions in the formation of a monetary union is the choice of an appropriate exchange rate regime for the single currency. The member countries of the Gulf Cooperation Council (GCC) agreed in...