This Selected Issues paper analyzes scope for further de-dollarization policies in Armenia. High financial dollarization makes Armenia more vulnerable to external shocks and limits its capacity to respond. The de-dollarization strategy is broad and comprehensive, and has achieved a reduction of...

The economies of the Arab states of the Gulf have gone through considerable changes in the last decade, spurred by high oil prices and ambitious diversification plans. Large-scale immigration provided the labor force while capital inflows and financial development leveraged oil wealth to finance...

The determinants of long-term growth in the GCC countries -- The macroeconomic impact of migration -- Government spending, subsidies, and economic efficiency -- Fiscal policy form macroeconomic stability -- Monetary policy with a fixed exchange rate regime -- Nonperforming loans and financial...