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

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

Journal Issue

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...

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

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

Article

Source: 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

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 »

Journal Issue

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...

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 »

Article

Source: 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

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...

Chapter 5. A Way Forward

Chapter 5. A Way Forward »

Chapter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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

Rising Challenges The pursuit of multiple goals with public payrolls—often with limited success—has left several countries in the region with high wage bills at a time of heightened...

Chapter 2. Benchmarking and Trends

Chapter 2. Benchmarking and Trends »

Chapter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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

Comparison with Global Peers Public wage bills in the MENAP region are higher than in other emerging market and developing economies (Figure 2.1). 1...

Chapter 6. Conclusion

Chapter 6. Conclusion »

Chapter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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

Management of public sector wage bills has emerged as an important policy challenge for the region. Reflecting legacies from the past—including the large role of the state—as well as considerable oil wealth...

Chapter 3. Drivers

Chapter 3. Drivers »

Chapter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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

Policy Objectives Employment In many areas of the MENAP region, high wage bills reflect the traditional role of the state as the employer of first reso...

Chapter 1. Introduction

Chapter 1. Introduction »

Chapter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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

Economic and social challenges have intensified across the Middle East and Central Asia. Despite a stronger global economy, the growth outlook for the region remains subdued (IMF 2017). Weak economic growth...

Chapter 4. Outcomes and Economic Effects

Chapter 4. Outcomes and Economic Effects »

Chapter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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

Public Service Delivery Higher wage bills have on average not produced better service delivery, though public services are also affected by other considerations (Figures 4.1 and 4.2)...

Public Wage Bills in the Middle East and Central Asia

Public Wage Bills in the Middle East and Central Asia »

Journal Issue

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,...

Public Wage Bills in the Middle East and Central Asia

Public Wage Bills in the Middle East and Central Asia »

Article

Source: 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

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,...

Back Matter

Back Matter »

Back Matter

Source: Public Wage Bills in the Middle East and Central Asia

Series: Departmental Papers / Policy Papers

Author(s): Natalia Tamirisa , and Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2018

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,...

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 »

Journal Issue

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...

Multi-Country Report

Multi-Country Report »

Article

Source: 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

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...

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

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

Journal Issue

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...

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

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

Article

Source: 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

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...

Macroprudential Policy and Financial Stability in the Arab Region

Macroprudential Policy and Financial Stability in the Arab Region »

Journal Issue

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...

Macroprudential Policy and Financial Stability in the Arab Region

Macroprudential Policy and Financial Stability in the Arab Region »

Article

Source: 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

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...

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) »

Journal Issue

Volume/Issue: 2016/42

Series: IMF Working Papers

Author(s): Nadim Kyriakos-Saad , Manuel Vasquez , Chady El Khoury , and Arz El Murr

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513516158.001

ISBN: 9781513516158

Keywords: Risk, AML/CFT, finance, financial institutions, transactions, islamic financial institutions, Illegal Behavior and the Enforcement of Law, All Countries,, Islamic finance

The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common unde...

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) »

Article

Source: Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Volume/Issue: 2016/42

Series: IMF Working Papers

Author(s): Nadim Kyriakos-Saad , Manuel Vasquez , Chady El Khoury , and Arz El Murr

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

ISBN: 9781513516158

Keywords: Risk, AML/CFT, finance, financial institutions, transactions, islamic financial institutions, Illegal Behavior and the Enforcement of Law, All Countries,, Islamic finance

The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common unde...

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

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

Journal Issue

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...

Monetary Operations and Islamic Banking in the GCC

Monetary Operations and Islamic Banking in the GCC »

Article

Source: 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

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...

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 »

Article

Source: 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

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...

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 »

Journal Issue

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...

Oman : Report on Observance of Standards and Codes (ROSC)-Data Module Volume I

Oman : Report on Observance of Standards and Codes (ROSC)-Data Module Volume I »

Journal Issue

Volume/Issue: 2015/159

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2015

DOI: http://dx.doi.org/10.5089/9781513550985.002

ISBN: 9781513550985

Keywords: data, price, information, users, metadata

This paper discusses the findings and recommendations of the Report on Observance of Standards and Codes (ROSC)-Data Module for Oman. It is observed that Oman has made significant progress in the compilation and di...

Oman: Report on Observance of Standards and Codes (ROSC)—Data Module Volume I

Oman: Report on Observance of Standards and Codes (ROSC)—Data Module Volume I »

Article

Source: Oman : Report on Observance of Standards and Codes (ROSC)-Data Module Volume I

Volume/Issue: 2015/159

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2015

ISBN: 9781513550985

Keywords: data, price, information, users, metadata

This paper discusses the findings and recommendations of the Report on Observance of Standards and Codes (ROSC)-Data Module for Oman. It is observed that Oman has made significant progress in the compilation and di...

Oman: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume II

Oman: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume II »

Article

Source: Oman : Report on Observance of Standards and Codes (ROSC)-Data Module Volume I

Volume/Issue: 2015/159

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2015

ISBN: 9781513550985

Keywords: data, price, information, users, metadata

This paper discusses the findings and recommendations of the Report on Observance of Standards and Codes (ROSC)-Data Module for Oman. It is observed that Oman has made significant progress in the compilation and di...

Oman: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume III

Oman: Report on the Observance of Standards and Codes (ROSC)—Data Module Volume III »

Article

Source: Oman : Report on Observance of Standards and Codes (ROSC)-Data Module Volume I

Volume/Issue: 2015/159

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2015

ISBN: 9781513550985

Keywords: data, price, information, users, metadata

This paper discusses the findings and recommendations of the Report on Observance of Standards and Codes (ROSC)-Data Module for Oman. It is observed that Oman has made significant progress in the compilation and di...

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 »

Journal Issue

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...

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 »

Article

Source: 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

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...

Monetary Policy Transmission in the GCC Countries

Monetary Policy Transmission in the GCC Countries »

Journal Issue

Volume/Issue: 2012/132

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , and Raphael Espinoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503685.001

ISBN: 9781475503685

Keywords: Transmission mechanism, Fixed exchange rate regime, interest rate pass-through, panel VAR, inflation, central bank, monetary fund, monetary shocks,

The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the...

Monetary Policy Transmission in the GCC Countries

Monetary Policy Transmission in the GCC Countries »

Article

Source: Monetary Policy Transmission in the GCC Countries

Volume/Issue: 2012/132

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , and Raphael Espinoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

ISBN: 9781475503685

Keywords: Transmission mechanism, Fixed exchange rate regime, interest rate pass-through, panel VAR, inflation, central bank, monetary fund, monetary shocks,

The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the...

Oil Exporters' Dilemma : How Much to Save and How Much to Invest

Oil Exporters' Dilemma : How Much to Save and How Much to Invest »

Journal Issue

Volume/Issue: 2012/4

Series: IMF Working Papers

Author(s): Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781475502459.001

ISBN: 9781475502459

Keywords: volatility, precautionary, saving, buffer-stock, investment, oil exporters, fiscal policy, exporters, exporting countries, domestic investment

Policymakers in oil-exporting countries confront the question of how to allocate oil revenues among consumption, saving, and investment in the face of high income volatility. We study this allocation problem in a p...

Oil Exporters' Dilemma

Oil Exporters' Dilemma »

Article

Source: Oil Exporters' Dilemma : How Much to Save and How Much to Invest

Volume/Issue: 2012/4

Series: IMF Working Papers

Author(s): Reda Cherif , and Fuad Hasanov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781475502459

Keywords: volatility, precautionary, saving, buffer-stock, investment, oil exporters, fiscal policy, exporters, exporting countries, domestic investment

Policymakers in oil-exporting countries confront the question of how to allocate oil revenues among consumption, saving, and investment in the face of high income volatility. We study this allocation problem in a p...

Chapter 5. Credit Default Swaps and Distress Dependence in the GCC1

Chapter 5. Credit Default Swaps and Distress Dependence in the GCC1 »

Chapter

Source: 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

ISBN: 9781484383315

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

Credit default swaps (CDS) have become a key instrument in analyzing financial risks. The evolution of sovereign CDS spreads in the GCC and other Middle Eastern countries is examined and a measu...

Chapter 6. Economic Policy Spillovers: Saudi Arabia in the Global Economy1

Chapter 6. Economic Policy Spillovers: Saudi Arabia in the Global Economy1 »

Chapter

Source: 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

ISBN: 9781484383315

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

Spillovers from Saudi fiscal decisions and a slowdown in emerging Asia are simulated using an augmented three-region version of the IMF’s Global Integrated Monetary and Fiscal model (GIMF). Saud...

Chapter 3. Fiscal Policy Issues in GCC Countries1

Chapter 3. Fiscal Policy Issues in GCC Countries1 »

Chapter

Source: 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

ISBN: 9781484383315

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

Fiscal policy plays a key role in the GCC in converting revenues from exploitation of the region’s natural resource wealth into expenditure decisions that shape social and economic outcomes for...

Chapter 7. GCC Corporate Vulnerabilities1 Impact of the Global Financial Crisis and Post-Crisis Performance

Chapter 7. GCC Corporate Vulnerabilities1 Impact of the Global Financial Crisis and Post-Crisis Performance »

Chapter

Source: 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

ISBN: 9781484383315

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

GCC stock markets fell sharply in 2008/09 as spillovers from the global financial crisis—lower oil prices and falling real estate markets—affected the region. While stock markets have yet to rec...

Chapter 2. GDP and Welfare in the GCC1

Chapter 2. GDP and Welfare in the GCC1 »

Chapter

Source: 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

ISBN: 9781484383315

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

In the oil-dependent economies of the GCC, both GDP—the standard measure of the size of an economy—and non-oil GDP are shown to provide only limited information on movements in economic well-bei...

Chapter 1. Growth Strategies1

Chapter 1. Growth Strategies1 »

Chapter

Source: 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

ISBN: 9781484383315

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

Each GCC country has articulated a development strategy based on economic diversification and the creation of employment for nationals. As measured by real GDP, all GCC countries have over the p...

Chapter 4. Monetary Policy and the Transmission Mechanism in the GCC Countries1

Chapter 4. Monetary Policy and the Transmission Mechanism in the GCC Countries1 »

Chapter

Source: 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

ISBN: 9781484383315

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

In light of the dollar peg and the openness of GCC capital accounts, it would be reasonable to expect GCC countries to have limited monetary policy independence. This chapter confirms that GCC p...

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. »

Journal Issue

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....

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 »

Article

Source: 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

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....

Oman : Banking Sector Resilience

Oman : Banking Sector Resilience »

Journal Issue

Volume/Issue: 2010/61

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , and Pierluigi Bologna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

DOI: http://dx.doi.org/10.5089/9781451982060.001

ISBN: 9781451982060

Keywords: Banking System, Risks, Stress Test, Gulf Cooperation Council Countries, banking, capital adequacy, capital adequacy ratio,

This note assesses the impact of the global financial risks on Oman's banking system and highlights the remaining risks. It concludes that the liquidity and prudential measures introduced by the authorities mitigat...

Oman

Oman »

Article

Source: Oman : Banking Sector Resilience

Volume/Issue: 2010/61

Series: IMF Working Papers

Author(s): Ananthakrishnan Prasad , and Pierluigi Bologna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2010

ISBN: 9781451982060

Keywords: Banking System, Risks, Stress Test, Gulf Cooperation Council Countries, banking, capital adequacy, capital adequacy ratio,

This note assesses the impact of the global financial risks on Oman's banking system and highlights the remaining risks. It concludes that the liquidity and prudential measures introduced by the authorities mitigat...

Determinants of Inflation in GCC

Determinants of Inflation in GCC »

Article

Source: 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

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...

Determinants of Inflation in GCC

Determinants of Inflation in GCC »

Journal Issue

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...

GCC Monetary Union and the Degree of Macroeconomic Policy Coordination

GCC Monetary Union and the Degree of Macroeconomic Policy Coordination »

Article

Source: GCC Monetary Union and the Degree of Macroeconomic Policy Coordination

Volume/Issue: 2007/249

Series: IMF Working Papers

Author(s): Bassem Kamar , and Samy Ben Naceur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2007

ISBN: 9781451868128

Keywords: Models with panel data, central banks and their policies, analysis of fiscal and monetary policy, economic integration, policy coordination and transmission, exchange rate, real exchange rate, correlation, exchange rates, cointegration,

Coordinating macroeconomic policies is a pre-requisite to a successful launch of the common currency in the GCC countries. Relying on the Behavioral Equilibrium Exchange Rate approach as a theoretical framework, we...

GCC Monetary Union and the Degree of Macroeconomic Policy Coordination

GCC Monetary Union and the Degree of Macroeconomic Policy Coordination »

Journal Issue

Volume/Issue: 2007/249

Series: IMF Working Papers

Author(s): Bassem Kamar , and Samy Ben Naceur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2007

DOI: http://dx.doi.org/10.5089/9781451868128.001

ISBN: 9781451868128

Keywords: Models with panel data, central banks and their policies, analysis of fiscal and monetary policy, economic integration, policy coordination and transmission, exchange rate, real exchange rate, correlation, exchange rates, cointegration,

Coordinating macroeconomic policies is a pre-requisite to a successful launch of the common currency in the GCC countries. Relying on the Behavioral Equilibrium Exchange Rate approach as a theoretical framework, we...

Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union

Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union »

Journal Issue

Volume/Issue: 2006/141

Series: IMF Working Papers

Author(s): Russell Krueger , and Ettore Kovarich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

DOI: http://dx.doi.org/10.5089/9781451864014.001

ISBN: 9781451864014

Keywords: Gulf Cooperation Council, GCC, Currency Union, Monetary Union, EMU, monetary policy, statisticians, central bank, Methodology for Collecting, Estimating

Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure...

Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union

Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union »

Article

Source: Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union

Volume/Issue: 2006/141

Series: IMF Working Papers

Author(s): Russell Krueger , and Ettore Kovarich

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864014

Keywords: Gulf Cooperation Council, GCC, Currency Union, Monetary Union, EMU, monetary policy, statisticians, central bank, Methodology for Collecting, Estimating

Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure...

Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries : A Case for "Gulfstat"

Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries : A Case for "Gulfstat" »

Journal Issue

Volume/Issue: 2006/38

Series: IMF Working Papers

Author(s): Abdulrahman Al-Mansouri , and Claudia Dziobek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

DOI: http://dx.doi.org/10.5089/9781451862980.001

ISBN: 9781451862980

Keywords: Data Quality, Gulf Cooperation Council, eurostat, surveys, statistical system, statistician, Structure, Scope, and Performance of Government, General Regional Economics (includes Regional Data)

The six member states of the Gulf Cooperation Council (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE)-have laid out a path to a common market by 2007 and monetary union by 2010, bas...

Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries

Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries »

Article

Source: Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries : A Case for "Gulfstat"

Volume/Issue: 2006/38

Series: IMF Working Papers

Author(s): Abdulrahman Al-Mansouri , and Claudia Dziobek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451862980

Keywords: Data Quality, Gulf Cooperation Council, eurostat, surveys, statistical system, statistician, Structure, Scope, and Performance of Government, General Regional Economics (includes Regional Data)

The six member states of the Gulf Cooperation Council (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE)-have laid out a path to a common market by 2007 and monetary union by 2010, bas...

OMAN Report on the Observance of Standards and Codes (ROSC)-Data Module

OMAN Report on the Observance of Standards and Codes (ROSC)-Data Module »

Journal Issue

Volume/Issue: 2005/429

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2005

DOI: http://dx.doi.org/10.5089/9781451830392.002

ISBN: 9781451830392

Keywords: balance of payments, debt, government finance, government debt

This report on Oman's Observance of Standards and Codes examines Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Omani authorities have strongly commi...

Oman: Detailed Assessments Using the Data Quality Assessment Framework (DQAF July 2003)

Oman: Detailed Assessments Using the Data Quality Assessment Framework (DQAF July 2003) »

Article

Source: OMAN Report on the Observance of Standards and Codes (ROSC)-Data Module

Volume/Issue: 2005/429

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2005

ISBN: 9781451830392

Keywords: balance of payments, debt, government finance, government debt

This report on Oman's Observance of Standards and Codes examines Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Omani authorities have strongly commi...

OMAN Report on the Observance of Standards and Codes (ROSC)—Data Module

OMAN Report on the Observance of Standards and Codes (ROSC)—Data Module »

Article

Source: OMAN Report on the Observance of Standards and Codes (ROSC)-Data Module

Volume/Issue: 2005/429

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2005

ISBN: 9781451830392

Keywords: balance of payments, debt, government finance, government debt

This report on Oman's Observance of Standards and Codes examines Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Omani authorities have strongly commi...

OMAN Report on the Observance of Standards and Codes (ROSC)—Data Module

OMAN Report on the Observance of Standards and Codes (ROSC)—Data Module »

Article

Source: OMAN Report on the Observance of Standards and Codes (ROSC)-Data Module

Volume/Issue: 2005/429

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2005

ISBN: 9781451830392

Keywords: balance of payments, debt, government finance, government debt

This report on Oman's Observance of Standards and Codes examines Data Module, response by the authorities, and detailed assessments using the data quality assessment framework. Omani authorities have strongly commi...

Testing the Relationship Between Government Spending and Revenue : Evidence From GCC Countries

Testing the Relationship Between Government Spending and Revenue : Evidence From GCC Countries »

Journal Issue

Volume/Issue: 2002/201

Series: IMF Working Papers

Author(s): Qing Wang , and Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

DOI: http://dx.doi.org/10.5089/9781451874365.001

ISBN: 9781451874365

Keywords: GCC countries, expenditure, government expenditure, expenditures, government revenue, central government fiscal, National Government Expenditures and Related Policies: General,

The paper examines the direction of causality between total government expenditure and revenue in oil-dependent GCC countries by utilizing a cointegration and error-correction modeling framework, and by calculating...

Testing the Relationship Between Government Spending and Revenue

Testing the Relationship Between Government Spending and Revenue »

Article

Source: Testing the Relationship Between Government Spending and Revenue : Evidence From GCC Countries

Volume/Issue: 2002/201

Series: IMF Working Papers

Author(s): Qing Wang , and Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451874365

Keywords: GCC countries, expenditure, government expenditure, expenditures, government revenue, central government fiscal, National Government Expenditures and Related Policies: General,

The paper examines the direction of causality between total government expenditure and revenue in oil-dependent GCC countries by utilizing a cointegration and error-correction modeling framework, and by calculating...

Fiscal Expenditure Policy and Non-Oil Economic Growth

Fiscal Expenditure Policy and Non-Oil Economic Growth »

Article

Source: Fiscal Expenditure Policy and Non-Oil Economic Growth : Evidence from GCC Countries

Volume/Issue: 2001/195

Series: IMF Working Papers

Author(s): Qing Wang , and Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

ISBN: 9781451859911

Keywords: non-oil real growth, GCC countries, expenditure, government expenditure, government spending, capital expenditure, expenditures, National Government Expenditures and Related Policies: General,

Through the use of a multivariate cointegration and error-correction model, this study investigates the short- and long-run relationship over the past two decades between fiscal expenditure policy and non?oil real...

Fiscal Expenditure Policy and Non-Oil Economic Growth : Evidence from GCC Countries

Fiscal Expenditure Policy and Non-Oil Economic Growth : Evidence from GCC Countries »

Journal Issue

Volume/Issue: 2001/195

Series: IMF Working Papers

Author(s): Qing Wang , and Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451859911.001

ISBN: 9781451859911

Keywords: non-oil real growth, GCC countries, expenditure, government expenditure, government spending, capital expenditure, expenditures, National Government Expenditures and Related Policies: General,

Through the use of a multivariate cointegration and error-correction model, this study investigates the short- and long-run relationship over the past two decades between fiscal expenditure policy and non?oil real...

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries »

Journal Issue

Volume/Issue: 2000/112

Series: IMF Working Papers

Author(s): Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

DOI: http://dx.doi.org/10.5089/9781451853599.001

ISBN: 9781451853599

Keywords: oil stabilization fund, oil savings fund, oil exporting countries, Chile&;amp;#x2019;s copper fund, fiscal indicators, oil prices, central government fiscal, oil revenues, fiscal policy

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some...

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries12

Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries12 »

Article

Source: Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries

Volume/Issue: 2000/112

Series: IMF Working Papers

Author(s): Ugo Fasano-Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

ISBN: 9781451853599

Keywords: oil stabilization fund, oil savings fund, oil exporting countries, Chile&;amp;#x2019;s copper fund, fiscal indicators, oil prices, central government fiscal, oil revenues, fiscal policy

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some...

I Overview

I Overview »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

Overview With the steady increase in crude oil production and exports and the surge in oil prices in the mid-and late 1970s, Oman embarked upon an economic developmen...

II Growth and the Saving-Investment Balance: Past Performance and Future Challenges

II Growth and the Saving-Investment Balance: Past Performance and Future Challenges »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

Growth and the Saving-Investment Balance: Past Performance and Future Challenges The economy of Oman experienced substantial growth and domestic price stability over the period 1980–...

III Oman in Regional Perspective

III Oman in Regional Perspective »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

Oman in Regional Perspective Oman, a member of the Cooperation Council of the Arab States of the Gulf (the Gulf Cooperation Council, or GCC), 1 has...

IV Stance of Fiscal Policy and Non-Oil Economic Growth

IV Stance of Fiscal Policy and Non-Oil Economic Growth »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

Stance of Fiscal Policy and Non-Oil Economic Growth Oman’s economy is dominated by the oil sector and a large central government. Oil accounts for about 40 percent of...

Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth »

Book

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

DOI: http://dx.doi.org/10.5089/9781557758330.084

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

With the steady increase of crude oil production and the surge in oil prices in the mid- and late 1970s, Oman embarked upon an economic development path that transformed it into a prosperous country. Today Oman boa...

Back Matter

Back Matter »

Back Matter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

With the steady increase of crude oil production and the surge in oil prices in the mid- and late 1970s, Oman embarked upon an economic development path that transformed it into a prosperous country. Today Oman boa...

Front Matter

Front Matter »

Front Matter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

With the steady increase of crude oil production and the surge in oil prices in the mid- and late 1970s, Oman embarked upon an economic development path that transformed it into a prosperous country. Today Oman boa...

V Financial Intermediation and the Evolving Role of the Central Bank

V Financial Intermediation and the Evolving Role of the Central Bank »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

Financial Intermediation and the Evolving Role of the Central Bank Emmanuel K. Martey The macroeconomic challenge facing Oman requires an eff...

VI Scope for Monetary Policy Independence in Oman

VI Scope for Monetary Policy Independence in Oman »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

Scope for Monetary Policy Independence in Oman As part of its effort to facilitate diversification and enhance resource allocation, the government of Oman has been reforming the fina...

VII External Shocks, Policy Responses, and Domestic Adjustment

VII External Shocks, Policy Responses, and Domestic Adjustment »

Chapter

Source: Oman Beyond the Oil Horizon : Policies Toward Sustainable Growth

Series: Occasional Papers

Author(s): Volker Treichel , and Ahsan Mansur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 1999

ISBN: 9781557758330

Keywords: fiscal policy, expenditure, capital expenditure, fiscal adjustment, fiscal impulse

External Shocks, Policy Responses, and Domestic Adjustment Oman’s economy is extremely vulnerable to terms-of-trade shocks because of its heavy reliance on oil export proceeds, which...

Appendix. Illustrative Labor Market Scenarios in GCC Countries, 1995-2010

Appendix. Illustrative Labor Market Scenarios in GCC Countries, 1995-2010 »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

Supply of Labor The supply for labor is projected on the basis of the World Bank estimates of working age population (World Development Indicators CD-ROM, 1997) and staff estimates o...

Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Financial Systems and Labor Markets in the Gulf Cooperation Council Countries »

Book

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

DOI: http://dx.doi.org/10.5089/9781557757128.071

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

This volume comprises two separate papers on key structural aspects of the reform process in the Gulf Cooperation Council countries. The first paper addresses issues related to financial intermediation and reform i...

Front Matter

Front Matter »

Front Matter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

This volume comprises two separate papers on key structural aspects of the reform process in the Gulf Cooperation Council countries. The first paper addresses issues related to financial intermediation and reform i...

Financial Systems and Reform in the Gulf Cooperation Council Countries

Financial Systems and Reform in the Gulf Cooperation Council Countries »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

Executive Summary • Since the end of the regional crisis in 1990-91, the Gulf Cooperation Council (GCC) 1 financial systems have witnessed a rapid d...

I. Introduction

I. Introduction »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

A distinguishing feature of the GCC countries is the significant proportion of expatriate workers in the labor force and the segmentation of their labor markets. Better educated nationals traditionally have...

I. Introduction

I. Introduction »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

During the 1970s and the early 1980s, the GCC countries made significant progress in financial deepening and in building a modern financial infrastructure. Abundant oil revenue led to the accumulation of siz...

II. Economic Structure and Linkages in the GCC Countries

II. Economic Structure and Linkages in the GCC Countries »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

Employment is largely influenced by the pace of economic activity and the labor-intensity and efficiency of production processes. The endowment and the price of labor relative to other inputs (capital, natur...

II. Structure of the GCC Financial Sectors

II. Structure of the GCC Financial Sectors »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

A. Banking Intermediation The GCC countries have a fairly large number of banks with extensive networks of branches. Banks are also, with few exceptions, financially strong and well...

III. Labor Market Structure

III. Labor Market Structure »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

A. Growth and Structure of Population and Labor Force Over the past three decades, the GCC countries as a group have recorded one of the highest rates of population growth in the wor...

III. Main Challenges Facing the GCC Financial Markets

III. Main Challenges Facing the GCC Financial Markets »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

A key challenge facing the financial sector in the GCC countries is to respond to the new demands arising from the strengthening of the role of the private sector and the governments’ gradual disengagement f...

IV. Labor Market Challenges and Policies

IV. Labor Market Challenges and Policies »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

A. Current Policy Approach The prospects of tighter labor market conditions have already prompted a policy response in several GCC countries to facilitate the absorption of a large n...

IV. Remaining Reform Issues

IV. Remaining Reform Issues »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

As highlighted above, the GCC countries have already completed most of the crucial stages in their gradual process of liberalization and reform of their financial sectors. Nevertheless, there are some outsta...

Labor Market Challenges and Policies in the Gulf Cooperation Council Countries

Labor Market Challenges and Policies in the Gulf Cooperation Council Countries »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

Executive Summary • The rapid growth of the GCC economies over the past three decades required large inflows of foreign labor. Expatriate workers currently comprise over one-half of...

V. Concluding Remarks

V. Concluding Remarks »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

The GCC countries face important challenges of improving economic efficiency; diversifying their economic base, given their excessive reliance on depletable natural resources; and more important, providing i...

V. Labor Market Policies of the GCC Countries in a Regional Context

V. Labor Market Policies of the GCC Countries in a Regional Context »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

The labor market provides the strongest economic link between the GCC and the other countries in the MENA region; in contrast to sizable flow of workers’ remittances (Chart 2), interregional trade and invest...

VI. Concluding Remarks

VI. Concluding Remarks »

Chapter

Source: Financial Systems and Labor Markets in the Gulf Cooperation Council Countries

Series: Books

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 1997

ISBN: 9781557757128

Keywords: labor market, employment, labor force, financial institutions, financial systems

Policymakers in the GCC countries have correctly identified labor market issues as one of the key policy challenges—not only in those countries where unemployment is more of an immediate economic and social...

Intra-Industry Trade of Arab Countries : An Indicator of Potential Competitiveness

Intra-Industry Trade of Arab Countries : An Indicator of Potential Competitiveness »

Journal Issue

Volume/Issue: 1997/47

Series: IMF Working Papers

Author(s): Peter Kunzel , and Oleh Havrylyshyn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1997

DOI: http://dx.doi.org/10.5089/9781451973167.001

ISBN: 9781451973167

Keywords: Middle East, Trade liberalization, industry trade, oil exporting countries, oil exporting, trade data, open trade

Recent and ongoing agreements to liberalize trade between the European Union (EU) and Arab countries raises the question as to how the latter will fare in a more competitive environment. This paper uses the Grubel-...

Intra-Industry Trade of Arab Countries

Intra-Industry Trade of Arab Countries »

Article

Source: Intra-Industry Trade of Arab Countries : An Indicator of Potential Competitiveness

Volume/Issue: 1997/47

Series: IMF Working Papers

Author(s): Peter Kunzel , and Oleh Havrylyshyn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1997

ISBN: 9781451973167

Keywords: Middle East, Trade liberalization, industry trade, oil exporting countries, oil exporting, trade data, open trade

Recent and ongoing agreements to liberalize trade between the European Union (EU) and Arab countries raises the question as to how the latter will fare in a more competitive environment. This paper uses the Grubel-...

Policy Challenges in the GCC Countries

Policy Challenges in the GCC Countries »

Chapter

Source: Policy Challenges in the Gulf Cooperation Council Countries

Series: Other Statistical Electronic Products

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 1996

ISBN: 9781557755827

Keywords: oil prices, oil market, oil sector, oil and gas, opec

I. Introduction The GCC countries face important policy challenges and opportunities in view of an uncertain oil market outlook and the evolving trends in the regional and internatio...

Policy Challenges in the Gulf Cooperation Council Countries

Policy Challenges in the Gulf Cooperation Council Countries »

Book

Series: Other Statistical Electronic Products

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 1996

DOI: http://dx.doi.org/10.5089/9781557755827.038

ISBN: 9781557755827

Keywords: oil prices, oil market, oil sector, oil and gas, opec

The Gulf Cooperation Council (GCC) countries face important policy challenges and opportunities. This paper covers the economic developments and policies since 1980; the impact of the GCC's external environment; th...

Front Matter

Front Matter »

Front Matter

Source: Policy Challenges in the Gulf Cooperation Council Countries

Series: Other Statistical Electronic Products

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 1996

ISBN: 9781557755827

Keywords: oil prices, oil market, oil sector, oil and gas, opec

The Gulf Cooperation Council (GCC) countries face important policy challenges and opportunities. This paper covers the economic developments and policies since 1980; the impact of the GCC's external environment; th...

The Use of Foreign Exchange Swaps by Central Banks : A Survey

The Use of Foreign Exchange Swaps by Central Banks : A Survey »

Journal Issue

Volume/Issue: 1993/64

Series: IMF Working Papers

Author(s): Catharina Hooyman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1993

DOI: http://dx.doi.org/10.5089/9781451848489.001

ISBN: 9781451848489

Keywords: foreign exchange, exchange swaps, foreign exchange swaps, exchange rate, foreign exchange reserves

The paper discussed the use of foreign exchange swaps by central banks. Such use has aimed at affecting domestic liquidity, managing foreign exchange reserves, and stimulating domestic financial markets. It discuss...

The Use of Foreign Exchange Swaps by Central Banks: A Survey

The Use of Foreign Exchange Swaps by Central Banks: A Survey »

Article

Source: The Use of Foreign Exchange Swaps by Central Banks : A Survey

Volume/Issue: 1993/64

Series: IMF Working Papers

Author(s): Catharina Hooyman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1993

ISBN: 9781451848489

Keywords: foreign exchange, exchange swaps, foreign exchange swaps, exchange rate, foreign exchange reserves

The paper discussed the use of foreign exchange swaps by central banks. Such use has aimed at affecting domestic liquidity, managing foreign exchange reserves, and stimulating domestic financial markets. It discuss...