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Middle East and Central Asia > Oman

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Cover IMF Working Papers
GCC Monetary Union and the Degree of Macroeconomic Policy Coordination
Mr. Bassem M Kamar
and
Samy Ben Naceur
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.
Keywords:
WP; monetary policy; common currency