A tale of six states: How similar are the Gulf Cooperation Council countries?

Ken Imanak Sagynbekov

The Journal of International Trade & Economic Development, 2014, vol. 23, issue 4, 476-490

Abstract: This paper reports the convergence rates for the Gulf Cooperation Council (GCC) countries using a Bayesian shrinkage estimator. The estimated convergence rates using a panel dataset covering period from 1972 to 2008 across six countries vary from 9% to 22% per year. The results of a Bayesian change point calculations indicate that following a dramatic change in the crude oil prices in 1985, the pattern of σ-convergence reversed. Based on the estimated steady states for each country, the rank order is hypothesized to be a function of the percentage of foreign workers in the labor force.

Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jitecd:v:23:y:2014:i:4:p:476-490

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DOI: 10.1080/09638199.2012.762587

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