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I Overview

I Overview »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

The Heads of States of the Cooperation Council for the Arab States of the Gulf (GCC) decided at the end of 2001 to deepen economic integration by establishing a common currency—pegged to the U.S. dollar—by 2...

II Progress Toward Economic Integration and Convergence Among GCC Countries

II Progress Toward Economic Integration and Convergence Among GCC Countries »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

Over the past two decades, the GCC countries have taken important steps to achieve economic and financial integration among them. They have lifted formal impediments to the free movement of national goods, l...

III Main Lessons from the Experience of Monetary Unions

III Main Lessons from the Experience of Monetary Unions »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

In a “full” monetary union, independent nation states adopt a single monetary policy and a common currency. This is characterized by a single external exchange rate policy, as well as the permanent absence o...

IV Potential Benefits and Costs of a Common Currency for GCC Countries

IV Potential Benefits and Costs of a Common Currency for GCC Countries »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

Why do countries decide to join or form a monetary union? The literature on optimum currency areas, initiated by Mundell’s seminal paper (1961), has extensively discussed the potential benefits and costs of...

Monetary Union Among Member Countries of the Gulf Cooperation Council

Monetary Union Among Member Countries of the Gulf Cooperation Council »

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

DOI: http://dx.doi.org/10.5089/9781589062191.084

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

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...

Back Matter

Back Matter »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

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...

Front Matter

Front Matter »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

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...

V Options for Implementing a Monetary Union Among GCC Countries

V Options for Implementing a Monetary Union Among GCC Countries »

Source: Monetary Union Among Member Countries of the Gulf Cooperation Council

Series: Occasional Papers

Author(s): Ugo Fasano-Filho , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2003

ISBN: 9781589062191

Keywords: monetary union, central bank, monetary policy, monetary unions, oil prices

As discussed earlier, the GCC countries already have in place important elements to become a successful monetary union. These include labor flexibility owing to unhindered access to expatriate workers at mar...