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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.
Book Synopsis GCC Monetary Union and the Degree of Macroeconomic Policy Coordination by : Bassem Kamar
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.
The first and introductory chapter will describe the Gulf Cooperation Council (G CC) and the objectives of the research. The second chapter of this research will be an overview of monetary policies in the six countries that are members of GC C. It will describe the institutions that conduct the policies; and the instrume nts, targets, goals of each country's policy. It will also present a comparison of those policies. The third chapter will tackle exchange rate regimes in relati on with monetary policy. It will focus on each policy's target with respect to exchange rate and whether this target is achieved or not. Then it will analyze w hether each country's exchange rate regime is the optimal one or whether further coordination between members of the council will lead to an even better exchang e rate system for the countries concerned. The fourth and concluding chapter wil l study the implications of monetary policy and exchange rate on the sustainabil ity of fiscal policies, financial growth, balance of payment, and macroeconomic stability. Finally, the fifth and concluding chapter will review the main findin gs of this research. These conclusions state that there is a strong degree of mo netary integration to support the currency union that is expected to take place in 2010. However GCC countries need to work on fiscal convergence. Also, there i s a strong need for the diversification of certain GCC economies from oil produc tion since their reserves are being depleted.
Book Synopsis Monetary Policy and Macroeconomic Stability in GCC Countries by : Rana Sami El Helou
Download or read book Monetary Policy and Macroeconomic Stability in GCC Countries written by Rana Sami El Helou and published by . This book was released on 2006 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first and introductory chapter will describe the Gulf Cooperation Council (G CC) and the objectives of the research. The second chapter of this research will be an overview of monetary policies in the six countries that are members of GC C. It will describe the institutions that conduct the policies; and the instrume nts, targets, goals of each country's policy. It will also present a comparison of those policies. The third chapter will tackle exchange rate regimes in relati on with monetary policy. It will focus on each policy's target with respect to exchange rate and whether this target is achieved or not. Then it will analyze w hether each country's exchange rate regime is the optimal one or whether further coordination between members of the council will lead to an even better exchang e rate system for the countries concerned. The fourth and concluding chapter wil l study the implications of monetary policy and exchange rate on the sustainabil ity of fiscal policies, financial growth, balance of payment, and macroeconomic stability. Finally, the fifth and concluding chapter will review the main findin gs of this research. These conclusions state that there is a strong degree of mo netary integration to support the currency union that is expected to take place in 2010. However GCC countries need to work on fiscal convergence. Also, there i s a strong need for the diversification of certain GCC economies from oil produc tion since their reserves are being depleted.
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.
Book Synopsis Monetary Union Among Member Countries of the Gulf Cooperation Council by : Ugo Fasano-Filho
Download or read book Monetary Union Among Member Countries of the Gulf Cooperation Council written by Ugo Fasano-Filho and published by International Monetary Fund. This book was released on 2003-08-29 with total page 76 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.
Given the low level of economic integration within the ESCWA region, this study examines the case for increased policy coordination and, ultimately, the adoption of a common single currency. Such adoption is likely to succeed if optimum currency area (OCA) conditions are fulfilled. One of the key OCA theory positions is that business cycle symmetry among currency union members is necessary in order to carry out a common monetary policy. On the other hand, asymmetric cycles imply that different areas of the currency union would require different monetary policy responses. In order to achieve this objective, this report assesses the degree of business cycle synchronization in the ESCWA region. This is relevant for the purpose of providing a better understanding of the influence of important trading partners on business cycle fluctuations in the domestic economy. Moreover, it has an important implication in terms of evaluating costs and benefits of macroeconomic coordination. Following an evaluation and calculation of measures of intraregional trade (trade intensity) and economic structure differences, this report quantifies the relationship between trade intensity, economic structure and business cycle synchronization; and discusses how trade integration within ESCWA member countries is likely to shape future business cycle patterns within the region.--Publisher's description.
Book Synopsis Macroeconomic Policy Analysis for Regional Coordination in the ESCWA Region by :
Download or read book Macroeconomic Policy Analysis for Regional Coordination in the ESCWA Region written by and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the low level of economic integration within the ESCWA region, this study examines the case for increased policy coordination and, ultimately, the adoption of a common single currency. Such adoption is likely to succeed if optimum currency area (OCA) conditions are fulfilled. One of the key OCA theory positions is that business cycle symmetry among currency union members is necessary in order to carry out a common monetary policy. On the other hand, asymmetric cycles imply that different areas of the currency union would require different monetary policy responses. In order to achieve this objective, this report assesses the degree of business cycle synchronization in the ESCWA region. This is relevant for the purpose of providing a better understanding of the influence of important trading partners on business cycle fluctuations in the domestic economy. Moreover, it has an important implication in terms of evaluating costs and benefits of macroeconomic coordination. Following an evaluation and calculation of measures of intraregional trade (trade intensity) and economic structure differences, this report quantifies the relationship between trade intensity, economic structure and business cycle synchronization; and discusses how trade integration within ESCWA member countries is likely to shape future business cycle patterns within the region.--Publisher's description.
Book Synopsis Policy Coordination in a Monetary Union by : Michael Carlberg
Download or read book Policy Coordination in a Monetary Union written by Michael Carlberg and published by . This book was released on 2014-01-15 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt:
At a time of momentous shifts in the balance of world economic forces epitomized by the current oil price boom, the weakening US dollar and the global credit crunch; the meteoric rise of the Arabian peninsula cannot be understated. Neither, therefore, can their planned monetary union. As key suppliers of the worlds oil and gas the Gulf states have
Book Synopsis Monetary Union in the Gulf by : Emilie Rutledge
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 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: At a time of momentous shifts in the balance of world economic forces epitomized by the current oil price boom, the weakening US dollar and the global credit crunch; the meteoric rise of the Arabian peninsula cannot be understated. Neither, therefore, can their planned monetary union. As key suppliers of the worlds oil and gas the Gulf states have
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.
Book Synopsis Currency Union and Exchange Rate Issues by : Ronald MacDonald
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.
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.
Book Synopsis Monetary Union Among Member Countries of the Gulf Cooperation Council by : Mr.Ugo Fasano-Filho
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.
The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.
Book Synopsis The GCC Economies by : Mohamed A. Ramady
Download or read book The GCC Economies written by Mohamed A. Ramady and published by Springer Science & Business Media. This book was released on 2012-04-23 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ‘Arab Spring’ of 2011 has affected the countries of the region to varying degrees, including the Gulf Cooperation Council (GCC) members, comprising Saudi Arabia, Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain. The GCC has become a significant regional bloc playing a vital economic and political role far beyond its shores, given its geopolitical strategic location, a preponderance of global energy reserves and a major international player through the use of accumulated financial reserves. A new Gulf is rising, one that is more self assertive, looking to expand its membership to other Arab countries such as Jordan and Morocco, while at the same time strengthening the bloc’s relationship with current and emerging trading and strategic partners in Europe, USA and Asia. Regional and international realities, especially the uncertainties unleashed by the ‘Arab Spring’, are forcing Gulf leadership to initiate new policies involving closer cooperation amongst GCC countries to address emerging challenges. This volume brings together thirty renowned academics and specialists to examine a range of multifaceted social, political and economic issues facing the GCC in key areas such as: · Diversification from a high dependency on a narrow hydrocarbon base · Social transformation, youth employment and effective gender participation · Outward and inward foreign direct investment flows · Prospects for education reforms and e-learning. · Sustainable security in oil, renewable energy (including nuclear) and food · Corporate governance, transparency and enhancing the private sector's operating environment · The role and governance of Gulf Sovereign Wealth Funds in investing their surpluses. The volume also offers insights for challenges facing the GCC in monetary union, expanding the regional debt market and Sukuk issuance, GCC intellectual property rights application, detailed assessments of individual GCC country risk analysis, as well as the sustainability of long term government fiscal stimulus programs at the expense of private sector involvement.
The Arab upheaval and the world's biggest financial crisis after the Great Depression were almost simultaneous in their occurrence. The Mediterranean economies now face a dual challenge of a political and financial restructuring in the light of a shaky economic pedestal on which they stand. In light of this socio-political and economic shift in both inland and in world markets, this book offers a thorough analysis on problems, prospects and the way ahead for the financial integration of the South-Mediterranean region. Several perspectives on financial integration and policy recommendations are put forward from a leading group of researchers specializing on the Mediterranean region.
Book Synopsis Financial Integration by : Marga Peeters
Download or read book Financial Integration written by Marga Peeters and published by Springer Science & Business Media. This book was released on 2013-09-21 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Arab upheaval and the world's biggest financial crisis after the Great Depression were almost simultaneous in their occurrence. The Mediterranean economies now face a dual challenge of a political and financial restructuring in the light of a shaky economic pedestal on which they stand. In light of this socio-political and economic shift in both inland and in world markets, this book offers a thorough analysis on problems, prospects and the way ahead for the financial integration of the South-Mediterranean region. Several perspectives on financial integration and policy recommendations are put forward from a leading group of researchers specializing on the Mediterranean region.
