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This paper examines the links between global oil price movements and macroeconomic and financial developments in the GCC. Using a range of multivariate panel approaches, including a panel vector autoregression approach, it finds strong empirical evidence of feedback loops between oil price movements, bank balance sheets, and asset prices. Empirical evidence also suggests that bank capital and provisioning have behaved countercyclically through the cycle.

Banks and banking --- Petroleum products --- Econometric models. --- Prices --- Asset requirements --- Banking --- Banks and Banking --- Banks --- Business cycles --- Business Fluctuations --- Capital adequacy requirements --- Computational Techniques --- Credit --- Cycles --- Depository Institutions --- Energy: Demand and Supply --- Finance --- Financial cycles --- Financial Institutions and Services: Government Policy and Regulation --- Financial institutions --- Financial Markets and the Macroeconomy --- Financial regulation and supervision --- Financial sector policy and analysis --- Financial services law & regulation --- Industries: Financial Services --- Loans --- Macroeconomics --- Micro Finance Institutions --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Mortgages --- Nonperforming loans --- Oil prices --- United Arab Emirates