Theoretical and Applied Economics
No. 3 / 2026 (648), Autumn
Comparing regional and global spillovers to the GCC equity markets
University of Salford, United Kingdom
Abstract. This paper explores the global and regional financial connectedness for equity markets in the Gulf Cooperation Council (GCC) countries. Our empirical research benefits from two econometric approaches; the Diebold and Yilmaz (2012) connectedness approach and the DCC-GARCH model. These are applied to an extensive dataset of relevant MSCI indexes that consist of daily frequency data. For empirical analysis, the MSCI country level indexes are used to construct regional indexes separately for each country within the selected region. Our results indicate that the GCC equity markets are more strongly integrated intra-regionally, when compared against their level of integration with global markets.
Keywords: Regional equity markets; international finance; equity market spillovers; financial connectedness; globalization.
Download the full article: 
Contents
- Comparing portfolios built from intrinsic-value-based stock picks versus market-cap-weighted indices
Jack James VADUVA
Dumitru Alexandru BODISLAV
- The impact of shifting elasticity of substitution on international firm location: global macroeconomic implications
Wataru JOHDO
- Social security contributions and growth constraints in Greece: breaking the fiscal rigidity trap
Panagiotis ASIMAKOPOULOS
- Predicting customer churn using Machine Learning: models and core approaches
Mohammad Sadegh SALEM
- Have we truly transitioned from industrial to service-based economies? An analysis of the economic sectoral distribution
Nora Luz QUIROZ SANTIAGO
- Monetary-fiscal policy regimes and economic growth in Algeria: a Markov-switching analysis (1990Q2–2025Q4)
Moussa AYACHI
Abdeldjalil CHELLIG
- Does foreign aid reach the poorest? A multidimensional poverty analysis for Pakistan
Noel ALTER
Arslan KHALID
- Analyzing the impact of agricultural growth on inclusive growth in Côte d'Ivoire: key challenges and opportunities
Konan Jules KOUADIO
Koffi Célestin N'GORAN
Wei CHANG
- Credibility erosion and exchange rate pass-through in Türkiye
Umit BULUT
Okan DADALI
Azra Asel BAYRAK
- The relationship between exchange rates, trade and economic growth in the Philippine context
Jason C. PATALINGHUG
- Social sector expenditure, economic growth, and multidimensional poverty in India: evidence from panel data analysis
Balaram ROULA
Dr. N. KUBENDRAN
- Capitalization of Romanian companies and macroeconomic variables: friends or foes?
Bogdan-Octavian COZMÂNCĂ
Leonard-Dan UZUM
- The role of investment and trade in promoting economic growth in Ghana
Adel Shakeeb MOHSEN
- Beyond generational decay: a psychosocial account of Generation Z’s changing relationship with achievement, education and work
Raluca Iuliana GEORGESCU
Dumitru Alexandru BODISLAV
- Financial inclusion and sustainable development in Algeria: an empirical analysis using the ARDL Model (2004-2022)
Djamila BEKHTI
Mehdi BOUCHETARA
Mohammed Redha BOUCHIKHI
Leila Ismahane BAKBAK
- The Impact of Fiscal Policy on Inflation in Romania
Andreea CRACIUN
- Tax pressure and governance in a spatially interdependent world: international evidence and Morocco’s positioning
Mounir ATLASSI
Mohamed KARIM
Ilham DKHISSI
