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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...

The Macroeconomics of the Arab States of the Gulf

The Macroeconomics of the Arab States of the Gulf »

Series: Books

Author(s): Raphael Espinoza , Ghada Fayad , and Ananthakrishnan Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2013

DOI: http://dx.doi.org/10.5089/9780199683796.071

ISBN: 9780199683796

Keywords: oil, monetary policy, fiscal policy, expenditure, oil prices

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 for...

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...

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...

Determinants of Inflation in GCC

Determinants of Inflation in GCC »

Source: Determinants of Inflation in GCC

Volume/Issue: 2009/82

Series: IMF Working Papers

Author(s): Magda Kandil , and Hanan Morsy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

ISBN: 9781451872293

Keywords: domestic policies, inflationary pressures, price inflation, money supply, monetary growth,

Inflationary pressures have heightened in the oil-rich Gulf Cooperation Council (GCC) since 2003. This paper studies determinants of inflation in GCC, using an empirical model that includes domestic and external fa...

Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?1

Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?1 »

Source: Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?

Volume/Issue: 1999/42

Series: IMF Working Papers

Author(s): Ilan Goldfajn , and Poonam Gupta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1999

ISBN: 9781451846195

Keywords: interest rates, tight monetary policy, real interest rate

This paper provides evidence on the relationship between monetary policy and the exchange rate in the aftermath of currency crises. It analyzes a large data set of currency crises in 80 countries for the period 198...

Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries

Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries »

Source: Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries

Volume/Issue: 2012/191

Series: IMF Working Papers

Author(s): Serhan Cevik , and Katerina Teksoz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505399

Keywords: Monetary policy transmission, credit channel, structural VAR, monetary transmission, aggregate demand, monetary shocks, Model Construction and Estimation, Monetary Policy, Central Banking, and the Supply of Money and Credit: General

This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the in...