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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 6 of 6 items for :

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Cover IMF Working Papers
Desynchronized: The Comovement of Non-Hydrocarbon Business Cycles in the GCC
Mr. Serhan Cevik
This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of synchronization for non-hydrocarbon GDP and constituents of aggregate demand during the period 1990-2010. By applying the Christiano-Fitzgerald asymmetric band-pass filter and a mean corrected concordance index, the paper identifies the degree of non-hydrocarbon business cycle synchronization?one of the main prerequisites for countries considering to establish a monetary union. The empirical results show low and heterogeneous synchronization in non-hydrocarbon business cycles across the GCC economies, and a decline in the degree of synchronicity in the 2000s, if Kuwait is excluded from the sample, partly because of divergent fiscal policies.
Keywords:
WP; GCC country; aggregate demand; Business cycles; business cycle synchronization; band-pass filter; concordance; GCC economy; Non-hydrocarbon business cycle frequency; business cycle analysis; pairwise correlation coefficients; business cycle desynchronization; Monetary unions; Private consumption; Government consumption; Public investment spending; Asia and Pacific; Global
Cover IMF Working Papers
Beauty Queens and Wallflowers: Currency Unions in the Middle East and Central Asia
Ms. Katrin Elborgh-Woytek
and
Mr. Julian Berengaut
Against the background of the theory of optimum currency areas, the paper analyzes possible sequences for establishing a currency union (CU) in the Middle East and Central Asia region. Between the corner solutions of independent currencies for all countries in the region and a CU comprising all countries, a large number of combinations of member countries in the CU is possible. The analysis aims to determine the composition of potential CUs as a function of the country initiating the CU, an exogenously determined number of currencies in the region, and the weight attached to the particular selection criteria. Within this framework, the study seeks to establish whether some countries are consistently selected at early stages of the process, while others join only at later stages.
Keywords:
WP; Algeria; Pakistan; Currency Union; Optimum Currency Areas; Middle East; Central Asia; common currency; inflation rate; small country; currency map; country ranking; nominal exchange rate; Currencies; Monetary unions; Inflation; Exchange rates; Exports; Middle East and Central Asia
Cover IMF Working Papers
Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries: A Case for "Gulfstat"
Abdulrahman K Al-Mansouri
and
Ms. Claudia H Dziobek
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.
Keywords:
WP; Eurostat; GCC country; country; process; authority; Data Quality; Regional Economic Integration; Gulf Cooperation Council; governance structure; common market; ROSC country report; GCC authorities; GCC member states; EU information requirement; Government finance statistics; Monetary unions; Data dissemination; Data collection; Sub-Saharan Africa; Europe; Global
Cover Monetary Union Among Member Countries of the Gulf Cooperation Council
Monetary Union Among Member Countries of the Gulf Cooperation Council
Mr. Ugo Fasano-Filho
and
Ms. Andrea Schaechter

Abstract

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.

Keywords:
OP; GCC country; GCC; country; monetary union; common currency; GCC authorities; GCC monetary union; GCC area; GCC national; Monetary unions; Currencies; Oil prices; Credit; Stock markets; Global; Africa; Caribbean; Europe; Asia and Pacific
Cover IMF Policy Discussion Papers
On a Common Currency for the GCC Countries
Mr. Esteban Jadresic
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.
Keywords:
PDP; GCC country; currency; single currency; common currency; cost; GCC countries; GCC heads of state; GCC currency; GCC member states; GCC economy; Currencies; Monetary unions; Exchange rate arrangements; Exchange rates; Exports; Europe; Asia and Pacific
Cover International Financial Policy
International Financial Policy
Essays in honor of Jacques J. Polak

Abstract

During his distinguished career at the IMF, Jacques J. Polak served as both Director of Research and, subsequently as a member of the IMF Executive Board. His distinct contribution to the discipline of international financial policy is highlighted in this book edited by Jacob A. Frenkel and Morris Goldstein. The papers included were prepared for a conference, cosponsored by the Netherlands Bank and the IMF, held in Polak's honor in Washington, D.C., in January 1991.

Keywords:
BOOK; Fund; common currency; price level; consumer goods production; natural resource energy; energy type; Currencies; Exchange rates; International monetary system; Current account; Monetary unions; Global; Eastern Europe; Europe; Western Europe; Middle East; South America