Although the GCC countries enjoy strong fundamentals, we have not been immune to the credit crisis. One consequence of the financial market disruption in the wake of the Lehman collapse was a substantial outflow of dollar liquidity from all of the emerging markets, including the GCC.
However, I believe that the issue is not limited to questions of the technical effectiveness of various macroprudential policies, but highlights the very fact of the “procyclicality” of institutional changes in laws and regulations induced by demographic change.