01986cas a2200253 a 4500 AALejournalIMF005182 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451870251 1018-5941 BD-DhAAL BD-DhAAL Ilahi, Nadeem. Do the Gulf Oil-Producing Countries Influence Regional Growth? : The Impact of Financial and Remittance Flows / Nadeem Ilahi, Riham Shendy. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (17 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper tests the association between the Gulf Cooperation Council (GCC) countries' financial and remittance outflows and regional growth in the Middle East. The findings, based on 35-year panel data, indicate that growth rates of real GDP, private consumption and private investment in regional countries are strongly associated with remittance outflows from and the accumulation of financial surpluses in the GCC. Unlike in other developing and emerging market countries, growth in regional countries is not influenced by growth in the North, and is not export led. Linkages with the GCC could help sustain output growth in the regional countries in the face of the global economic slowdown and oil price shocks and could provide diversification gains to international capital seeking markets uncorrelated with Northern and emerging market countries. Mode of access: Internet Shendy, Riham. IMF Working Papers; Working Paper ; No. 2008/167 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/167/001.2008.issue-167-en.xml IMF e-Library