Download or read book Monetary Union Among Member Countries of the Gulf Cooperation Council written by Mr.Ugo Fasano-Filho and published by International Monetary Fund. This book was released on 2003-08-29 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.
Download or read book Currency Union and Exchange Rate Issues written by Ronald MacDonald and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book written by leading academics and practitioners in the field brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States. The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary union for the Gulf countries and also the rigid pegging of member states currencies to the US dollar. The proposed monetary union raises clear issues in terms of the appropriateness of such a regime for these countries and whether, for example, the necessary institutional mechanisms are in place ahead of the proposed union. Currency Union and Exchange Rate Issues brings together the perspectives of a group of experts who focus on these important issues, and provide analysis of the policy options. Academics, policymakers and postgraduates in international finance will find much to consider and learn from in this informative book.
Download or read book Monetary Union in the Gulf written by Emilie Rutledge and published by Routledge. This book was released on 2008-07-30 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the proposed currency union of the Gulf Co-operation Council (GCC) Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates which is due to come into effect in 2010.
Download or read book The GCC Monetary Union written by Mr.S. Nuri Erbas and published by International Monetary Fund. This book was released on 2003-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the dollar peg to a dollar-euro basket peg as alternative exchange rate regimes for the incipient Gulf Cooperation Council (GCC) currency union. Quantitative evidence suggests basket peg does not dominate dollar peg for improving external stability. However, as GCC exports and external financial assets become more diversified, a more flexible exchange policy may be necessary for competitiveness and stability. Pegging the prospective common GCC currency to a basket, like the dollar-euro basket, may provide a conservative transitional strategy toward a more flexible exchange rate policy.
Download or read book The Road Towards Gulf Monetary Union written by Gabriela Lippe-Holst and published by . This book was released on 2011 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council GCC Countries written by Abdulrahman K. L. Al-Mansouri and published by International Monetary Fund. This book was released on 2006-02-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The six member states of the Gulf Cooperation Council (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE)-have laid out a path to a common market by 2007 and monetary union by 2010, based on economic convergence. To monitor convergence and support economic and monetary policy, comparable economic data for member countries and data for the region as a whole will be essential. What is the most efficient way to produce these data? The authors survey the statistical institutions in the GCC countries and present the case for creating "Gulfstat"-a regional statistical agency to operate within a "Gulf States System of Statistics." Valuable lessons can be learned from regional statistical organization in Africa and the European Union-Afristat and Eurostat.
Download or read book GCC Monetary Union and the Degree of Macroeconomic Policy Coordination written by Bassem Kamar and published by International Monetary Fund. This book was released on 2007-10 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coordinating macroeconomic policies is a pre-requisite to a successful launch of the common currency in the GCC countries. Relying on the Behavioral Equilibrium Exchange Rate approach as a theoretical framework, we apply the Pooled Mean Group methodology to determine the similarity of the impact of a selected set of macroeconomic indicators on the real exchange rate in each country. Our empirical evidence points to a clear coordination of monetary policy, fiscal policy, government consumption, and openness across the member countries. While RER misalignments also show a substantial convergence building over time, differences in the misalignments of the two polar cases remain rather substantial, calling for further coordination and policy harmonization.
Download or read book Advances in Monetary Policy Design written by Ryadh M. Alkhareif and published by Cambridge Scholars Publishing. This book was released on 2013-10-03 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the recent financial crisis, many countries have initiated monetary stimulus packages. Maintaining proper measures of monetary aggregates is of particular importance for such economic policies. However, many central banks worldwide use the simple-sum monetary indexes, which ignore the liquidity characteristics of financial assets. Using the simple-sum indexes can produce misleading information, especially for broad monetary aggregates within which financial assets are not likely to be perfect substitutes. This book focuses on alternative economic stability indicators, and outlines the methods for constructing proper monetary and financial indicators – known as Divisia indexes. The Divisia monetary indexes are designed to measure accurately the liquidity in the economy by assigning different weights to different financial assets according to their usefulness in transactions. This book is highly relevant to economists interested in monetary policy and the construction of core inflation indicators and proper monetary indexes, in accordance with aggregation and index number theory. This book is the first to publish Divisia-based money supply indexes and core inflation indicators for the Gulf Cooperation Council (GCC) countries and for the Gulf Monetary Union. Researchers who use the financial data published by GCC central banks can use our indexes and findings to examine the interactions among the relevant macro-economic variables.
Download or read book On a Common Currency for the GCC Countries written by Mr.Esteban Jadresic and published by International Monetary Fund. This book was released on 2002-12-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the eventual replacement of the currencies of the GCC countries with a common currency. It concludes that a properly implemented currency union may contribute to enhance economic efficiency in the region, deepen regional integration, and develop its non-oil economy. However, it cautions that a currency union should be seen as only one component of a much broader integration effort. This should include the removal of the distortions that inhibit intraregional trade and investment, agreements on policy frameworks to ensure macroeconomic stability, and further political integration. The paper also addresses the choice of exchange rate arrangement for the unified currency.
Download or read book GCC Monetary Union written by Emilie Rutledge and published by Emirates Center for Strategic Studies and Research. This book was released on 2009-08-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: It remains open to question whether or not the unfolding global economic slowdown will aid or abet the Gulf Cooperation Council’s (GCC) monetary union plans. In fact there are cogent arguments to suppose it could do either. On the one hand, the fate of the Icelandic Krona and the sharp fall of Sterling suggest that staying outside of a monetary union (MU) can be costly and by default Eurozone membership has thus far acted as a safety net. Yet the uncertainty brought about by the credit crunch and ensuing liquidity crisis has resulted in a precipitous fall in both the demand for and price of oil. So, on the other hand, it is now increasingly hard for GCC governments to determine their own revenue streams let alone those of their neighbors. Therefore, their ability to meet and monitor MU convergence targets between now and 2010 will now be that much harder to achieve. The following country by country cost-benefit analysis provides some initial guidance on the country-specific factors that may well influence decisions on whether or not a given country ultimately decides to join the MU. Despite the fact that as this paper goes to press, four of the six GCC states still officially intend to enter into a MU as scheduled next year; it is entirely possible that the launch date may be deferred. It is clear that this ambitious integration project is more than a pipe dream with concrete steps taken such as the launch of a GCC customs union in 2003 and a common market in 2008. Despite all six states signing up to the GCC Economic Agreement of 2001, which clearly set out the roadmap towards a single currency by 2010, Oman’s decision to opt out (citing ‘a lack of progress’ in 2006), the UAE’s concerns over the location of the central bank and Kuwait’s move away from the collective dollar peg (in order to tackle ‘imported inflation’ in 2007) can only be viewed as setbacks. However, these setbacks are not insurmountable, as shown by several European Union countries, notably the UK and Sweden, which decided not to go along with the European Monetary Union (EMU) process.
Download or read book Essays in Divisia monetary aggregation written by Ryadh M. Alkhareif and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The GCC Monetary Union written by George T. Abed and published by . This book was released on 2006 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the dollar peg to a dollar-euro basket peg as alternative exchange rate regimes for the incipient Gulf Cooperation Council (GCC) currency union. Quantitative evidence suggests basket peg does not dominate dollar peg for improving external stability. However, as GCC exports and external financial assets become more diversified, a more flexible exchange policy may be necessary for competitiveness and stability. Pegging the prospective common GCC currency to a basket, like the dollar-euro basket, may provide a conservative transitional strategy toward a more flexible exchange rate policy.
Download or read book The Eastern Caribbean Economic and Currency Union written by Mr.Alfred Schipke and published by International Monetary Fund. This book was released on 2013-04-10 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.
Download or read book Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union written by Russell C. Krueger and published by International Monetary Fund. This book was released on 2006-06 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure of the proposed union, the paper envisions several types of mutually reinforcing statistics-convergence criteria, statistics on the core policy variables and instruments, additional macroeconomic data, specialized statistics related to the economic and institutional conditions within the union, and public information. Major changes to national statistical programs are needed that should begin soon.
Download or read book Regional Monetary Integration written by Peter B. Kenen and published by Cambridge University Press. This book was released on 2007-11-26 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.
Download or read book Establishing Conversion Values for New Currency Unions written by Bassem Kamar and published by International Monetary Fund. This book was released on 2009-08 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a tractable Sudden Stop model to explain the main patterns in firm level data in a sample of Southeast Asian firms during the Asian crisis. The model, which features trend shocks and financial frictions, is able to generate the main patterns observed in the sample during and following the Asian crisis, including the ensuing credit-less recovery, which are also patterns broadly shared by most Sudden Stop episodes as documented in Calvo et al. (2006). The model also proposes a novel explanation as to why small firms experience steeper declines than their larger peers as documented in this paper. This size effect is generated under the assumption that small firms are growth firms, to which there is support in the data. Trend shocks when combined with financial frictions in this model also generate strong leverage effects in line with what is observed in the sample, and with other observations from the literature.
Download or read book Economic Co Operation in the Gulf written by A. Ibrahim Badr-el-din and published by Routledge. This book was released on 2007 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: With global concerns over rising oil prices, this book examines the major issues facing the economies of the Arab Gulf today, covering all six of the Arab Gulf Cooperation Council (AGCC) states: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Providing a detailed account of the central features of the economies of the Arab Gulf, this book draws out the critical trends that will shape the region in future years. It includes an in-depth analysis of topical issues such as the AGCC monetary union, intra-AGCC national labour movement, Islamic banking and programme.
