cam a22 2 b4500 530143577 CHVBK 20201027044555.0 m d cr |n |||||||| 141017e20140319dcu s|||| 0 2|eng|d 978-1-4843-3443-0 1-4843-3443-4 (Trade Paper) : USD 10.00 Retail Price (Publisher) 9781484334430 (SERSOL)ssj0002048238 (WaSeSS)ssj0002048238 BIP US WaSeSS Ms. Arvai Zsofia Author Macroprudential Policy in the GCC Countries [Elektronische Daten] Washington International Monetary Fund March 2014 1 online resource IMF Staff Discussion Notes Ser. Staff Discussion Notes No. 14/1 Free full text available for some or all content. Article availability is subject to change without notice, according to publisher decision. Die Verfügbarkeit der Online-Ressourcen ist Entscheidung des Verlags oder des Urhebers und kann ohne vorherige Ankündigung geändert werden. Annotation As undiversified commodity exporters, GCC economies are prone to pro-cyclical systemic risk in the financial system. During periods of high hydrocarbon prices, favorable economic prospects make the financial sector keen to lend, leading to higher domestic credit growth and easier access to external financing. Fiscal policy is a very important tool for macroeconomic management, but due to the significant time lags and expenditure rigidities, it has not been a flexible enough tool to prevent credit booms and the build-up of systemic risk in the GCC. This, together with limited monetary policy independence because of the pegged exchange rate, means that macro-prudential policy has a particularly important role in limiting systemic risk in the financial system. This importance is reinforced by the underdeveloped financial markets in the region that provide limited risk management tools and shortcomings in crisis resolution frameworks. This paper will discuss the importance of macro-prudential policy in the GCC countries, look at the experience with macro-prudential policies in the boom/bust cycle in the second half of the 2000s, and use the broad frameworks being developed in the Fund and elsewhere to discuss ways existing frameworks and policy toolkits in the region can be strengthened given the characteristics of the GCC economies. u Arab Countries Economic Conditions u Financial Risk Management u Fiscal Policy Prasad Ananthakrishnan Author Katayama Kentaro Author http://elibrary.imf.org/view/IMF006/20672-9781484334430/20672-9781484334430/20672-9781484334430.xml Volltext frei zugänglich BK020053 XK020053 XK020000 IMF E-Library E-Books von 360MarcUpdates IDSBB FREE FREE OL NELFREE2004 IDSBB 100 1- Ms. Arvai Zsofia Author IDSBB 490 1- IMF Staff Discussion Notes Ser Staff Discussion Notes No. 14/1 IDSBB 700 1- Prasad Ananthakrishnan Author IDSBB 700 1- Katayama Kentaro Author IDSBB 856 40 http://elibrary.imf.org/view/IMF006/20672-9781484334430/20672-9781484334430/20672-9781484334430.xml Volltext frei zugänglich