Arvai, Zsofia; Prasad, Ananthakrishnan; Katayama, Kentaro - International Monetary Fund (IMF) - 2014
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...