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Gulf Cooperation Council or GCC is an economic and Political union of Arab States
Finance & Accounting
Pages 15 (3765 words)
Introduction Gulf Cooperation Council or GCC is an economic and Political union of Arab States which border with each other in the Persian Gulf. Major countries of this region include Bahrain, Kuwait, Saudi Arabia, Oman, Qatar and UAE . It has its own common market and a monetary council and is also moving towards a shared currency in some countries of the Region.
Due to its peculiar characteristics, this region also holds large number of expatriates and is also the center of large remittances being sent to expat countries. Such large amount of remittances sent through both the formal as well as informal channels has been a regular feature of the economies of these countries. The literature on the role of remittances and the financial market development clearly establish a link between the two. It has been suggested that financial market development results into lower transaction costs for sending remittances besides can also improve the competition between the institutions involved in international money transfer and other related services. It also improves the process of financial market development within any country or region. This research will focus upon exploring and understanding the link between remittances and financial market development in GCC region. Aims of the Study Developed and well balanced economies tend to have better integrated and developed financial markets. It is often difficult to assume that any country will be able to achieve economic growth without having significant improvements in the development process of its financial markets. ...
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