GCC Financial Markets: The World's New Money Centers

doi:10.1017/9783940924087

Bond markets in the GCC countries are underdeveloped, and the capital mix is heavily skewed towards banks, while ambitious development plans in fields like petrochemicals and infrastructure, as well as a rapidly growing population, create an increased need for finance. This study outlines the structure of various segments of GCC financial markets and points to regulatory challenges and future developments, ranging from capital market structures to the planned GCC Monetary Union, Islamic banking, and sovereign wealth funds. The work brings together state-of-the-art analysis by international scholars who participated in a major joint initiative by the EU and the GCC, the al-Jisr Gulf-Europe Research Program.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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Acknowledgements
pp ix-xii
- By Giacomo Luciani
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Introduction
pp 1-6
- By Eckart Woertz
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1 - Future Direction of the GCC Financial Sector – A Specific Look at Banking and Asset Management
pp 7-30
- By Mandagolathur Raghu
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2 - Do GCC Stock Markets Support Their Domestic Economies? An Analytical Overview
pp 31-66
- By Randa Alami
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3 - GCC Bond Markets
pp 67-86
- By Michael P. Grifferty
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4 - Prospects of the Banking and Finance Sector and the Development of Financial Centers
pp 87-110
- By Eckart Woertz
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5 - The Determinants of Capital Structure Choice: Case of GCC Listed Companies
pp 111-136
- By Lamia A. Obay
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6 - Repercussions of Dubai’s Debt Crisis
pp 137-164
- By Eckart Woertz
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7 - The Impact of Monetary Policy and Financial Sector Development on Economic Growth in GCC Countries
pp 165-184
- By Elias El-Achkar, Wassim Shahin
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8 - The Establishment of a Monetary Union among the Member States of the GCC
pp 185-210
- By Erwin Nierop, Gabriela Lippe-Holst
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9 - Approaches to Islamic Banking in the Gulf
pp 211-228
- By Rodney Wilson
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10 - Gulf Sovereign Wealth Funds in International Comparison
pp 229-254
- By Eckart Woertz
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11 - How Competitive are Gulf Economies?
pp 255-288
- By Kenneth Wilson
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About the Contributors
pp 289-291
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GCC Financial Markets

The World's New Money Centers

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Contents

Frontmatter
pp i-vi

Contents
pp vii-viii

Acknowledgements
pp ix-xii

Introduction
pp 1-6

1 - Future Direction of the GCC Financial Sector – A Specific Look at Banking and Asset Management
pp 7-30

2 - Do GCC Stock Markets Support Their Domestic Economies? An Analytical Overview
pp 31-66

3 - GCC Bond Markets
pp 67-86

4 - Prospects of the Banking and Finance Sector and the Development of Financial Centers
pp 87-110

5 - The Determinants of Capital Structure Choice: Case of GCC Listed Companies
pp 111-136

6 - Repercussions of Dubai’s Debt Crisis
pp 137-164

7 - The Impact of Monetary Policy and Financial Sector Development on Economic Growth in GCC Countries
pp 165-184

8 - The Establishment of a Monetary Union among the Member States of the GCC
pp 185-210

9 - Approaches to Islamic Banking in the Gulf
pp 211-228

10 - Gulf Sovereign Wealth Funds in International Comparison
pp 229-254

11 - How Competitive are Gulf Economies?
pp 255-288

About the Contributors
pp 289-291

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GCC Financial Markets

The World's New Money Centers

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