Regional Financial Integration in the GCC / Raphael Espinoza, Oral Williams, Ananthakrishnan Prasad.

Format:

Book

Government document

Author/Creator:

Espinoza, Raphael.

Contributor:

Prasad, Ananthakrishnan.

Williams, Oral.

International Monetary Fund. Middle East and Central Asia Dept.

Series:

IMF Working Papers; Working Paper ; No. 2010/090

IMF Working Papers

Language:

English

Subjects (All):

Gulf Cooperation Council.

Petroleum industry and trade--Persian Gulf Region.

Petroleum industry and trade.

Persian Gulf Region--Economic conditions.

Persian Gulf Region.

Physical Description:

1 online resource (43 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2010.

Summary:

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.

Contents:

Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. GCC Financial System; A. Macroeconomic and Monetary Environment; 1. Credit Default Swaps on Five-Year Senior; 2. Nominal Exchange Rates and Interbank Interest Rates; B. Structure of the Financial Sector; 3. Banking System Assets and Capital; 1. Structure of the Banking Sector; 2. Loans, Deposits and Foreign Assets and Liabilities; 3. Restrictions on Resident and Nonresident Deposit Accounts; C. Available Volume Data; 4. Mergers and Acquisitions; 5. Portfolio Investment Asset in GCC Partner - Equity

6. Portfolio Investment Asset in GCC Partner - Long-Term Debt Securities4. GCC Stock Market Indices; III. Price Data: Interest Rate and Cross-Listings; 5. GCC Interbank Rates; 6. Sigma Convergence; IV. Interest Rates Convergence; A. Beta Convergence and Sigma Convergence; B. Results; 7. Prudential Measures, Latest Available Data; 8. Tests of Beta Convergence; 9. ECCU: T-Bill Rates Tests of Beta Convergence; 10. ECCU: Deposit Rates Tests of Beta Convergence; 11. ECCU: Lending Rates Tests of Beta Convergence; 12. Selected Sources and Destination of Cross-Listings

13. Cross-Listed Stocks in the GCC14. Arbitrage Opportunities Summary Statistics; V. Cross-Listed Stocks; A. Theory; B. Method; 7. Selected Cross-Listed Stocks in the GCC; 8. Gulf Finance House Cross-Listings; C. Results; 15. ARCH Results; 16. Threshold AR Results; VI. Conclusion; References; Footnotes

Notes:

"April 2010."

Includes bibliographical references (p. 22-23).

Description based on print version record.

ISBN:

9786612845758

9781462330522

1462330525

9781452778297

1452778299

9781282845756

1282845756

9781451982589

1451982585

OCLC:

867926844