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Regional Financial Integration in the GCC
Author:
Mr. Raphael A Espinoza
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Mr. Oral Williams null

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Mr. Ananthakrishnan Prasad
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Series:
IMF Working Papers
Volume/Issue:
Volume 2010: Issue 090
Language:
English
Publication Date:
01 Apr 2010
DOI:
https://doi.org/10.5089/9781451982589.001
ISBN:
9781451982589
ISSN:
1018-5941
Pages:
33
Keywords:
WP; GCC; Total GCC; price
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development of stock markets in the region will also improve the extent of financial integration. Interest rate data shows that convergence exists and that interest rate differentials are relatively short-lived-especially compared to the ECCU, another emerging market region sharing a common currency. Equities data using cross-listed stocks confirms that stock markets are fairly integrated compared to other emerging market regions, although financial integration is hampered by market illiquidity.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund