Gulf oil producers need to expand coordination among their equity markets as part of a strategy to limit the impact of external shocks on their bourses after they were seriously impacted by recent crises, according to the IMF.
The measures should also include diversification of financing sources to increase the reliance of the balance sheets of local banks by limiting their exposure to risks following the 2008 global fiscal distress and regional debt defaults, the Washington-based IMF said in a working paper this week.
The paper noted that the economies of the six-nation Gulf Cooperation Council (GCC) demonstrate a high degree of openness, operate open capital accounts, and have very flexible labor markets, dominated by expatriates.
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