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The Macroeconomics of the Arab States of the Gulf$
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Raphael Espinoza, Ghada Fayad, and Ananthakrishnan Prasad

Print publication date: 2013

Print ISBN-13: 9780199683796

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199683796.001.0001

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The Importance of the GCC for the Wider Region

The Importance of the GCC for the Wider Region

(p.168) 9 The Importance of the GCC for the Wider Region
The Macroeconomics of the Arab States of the Gulf

Raphael Espinoza

Ghada Fayad

Ananthakrishnan Prasad

Oxford University Press

The book concludes with a discussion of the increasing importance of the GCC for the wider MENA region and for South Asia, through several external channels. The data shows the increasing importance of the remittances, trade, FDI, foreign aid and spillover channels. In addition, a panel model identifies the determinants of international linkages between the GCC countries and the MENA region, and shows that growth in the GCC is indeed a very important explanatory variable for growth in MENA.

Keywords:   gulf cooperation council, spillovers, MENA, growth, remittances, FDI, AID, trade

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