## Global and Regional Spillovers to GCC Equity Markets

_IMF Working Papers, June 1, 2011_

## Source details

**Canonical URL:** [Global and Regional Spillovers to GCC Equity Markets](https://www.imf.org/en/publications/wp/issues/2016/12/31/global-and-regional-spillovers-to-gcc-equity-markets-24971)

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## Bibliographic details
- Authors: Tahsin Saadi Sedik, Oral Williams
- Published: June 1, 2011
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781455265435.001

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### Main findings
- GCC equity markets were impacted by spillovers from U.S. equity markets despite varying degrees of foreign participation.
- Spillovers from regional equity markets were also important, but the magnitude of the effects were on average smaller than that from mature markets.
- The results illustrated episodes of contagion, in particular during the recent global financial crisis.
- Given the degree of openness, and open capital accounts, the financial channel is an important source through which volatility is transmitted.
- GCC equity markets are not immune from global and regional financial shocks.
- These findings refute the notion of decoupling between the GCC equity and global equity markets.

### Subject areas and keywords
- Subject: Emerging and frontier financial markets, Financial markets, Financial sector policy and analysis, Market capitalization, Oil prices, Prices, Spillovers, Stock markets
- Keywords: contagion, country j equity market, country stock exchanges, Emerging and frontier financial markets, financial integration, GCC, GCC economy, GCC equity markets, GCC Index, GCC market, Global, Market capitalization, Oil prices, response to a rise, spillovers, Stock markets, WP

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## Content in this bundle

- **1.   Listed Companies**
  - [1.   Listed Companies (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2011/_wp11138.pdf.md){rel="alternate" type="text/markdown"}
  - [1.   Listed Companies (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2011/_wp11138.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/global-and-regional-spillovers-to-gcc-equity-markets-24971_