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International Portfolio Inflows to GCC Markets: Are There Any General Patterns?

Faruk Balli (), Louis Rosmy J and Osman Mohamed A
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Louis Rosmy J: Vancouver Island University
Osman Mohamed A: University of Dubai

Review of Middle East Economics and Finance, 2009, vol. 5, issue 2, 45-65

Abstract: In this paper, we document the main factors underlying foreign portfolio inflows to Gulf Corporation Council countries (hereafter GCC). We find that bilateral factors, in particular, export volumes from GCC (host) countries to source countries, play a truly significant role in determining the volume of cross border portfolio inflows to GCC markets. This connection becomes even stronger over time. Moreover, GCC members' stable fiscal position is practically one of the important determinants of the volume of portfolio inflows to GCC markets. We have also found that the extent of openness in capital account transactions and the income levels of source countries are additional factors that can help explain the volume of foreign portfolio inflows to GCC members. Last but not least there exists to some extent a "GCC bias;" a large share of the portfolio inflows to GCC markets comes from other GCC countries.

Date: 2009
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DOI: 10.2202/1475-3693.1156

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