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Monetary Union Among Member Countries Of The Gulf Cooperation Council
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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.
Author :Abdulrahman K. L. Al-Mansouri Publisher :International Monetary Fund ISBN 13 :1451862989 Total Pages :33 pages Book Rating :4.4/5 (518 download)
Book Synopsis Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries by : Abdulrahman K. L. Al-Mansouri
Download or read book Providing official Statistics for the Common Market and Monetary Union in the Gulf Cooperation Council (GCC) Countries written by Abdulrahman K. L. Al-Mansouri and published by International Monetary Fund. This book was released on 2006-02-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
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.
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.
Book Synopsis The GCC Monetary Union by : Mr.S. Nuri Erbas
Download or read book The GCC Monetary Union written by Mr.S. Nuri Erbas and published by International Monetary Fund. This book was released on 2003-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the dollar peg to a dollar-euro basket peg as alternative exchange rate regimes for the incipient Gulf Cooperation Council (GCC) currency union. Quantitative evidence suggests basket peg does not dominate dollar peg for improving external stability. However, as GCC exports and external financial assets become more diversified, a more flexible exchange policy may be necessary for competitiveness and stability. Pegging the prospective common GCC currency to a basket, like the dollar-euro basket, may provide a conservative transitional strategy toward a more flexible exchange rate policy.
Book Synopsis The Gulf Cooperation Council by : Linda Low
Download or read book The Gulf Cooperation Council written by Linda Low and published by Institute of Southeast Asian Studies. This book was released on 2011 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Gulf Cooperation Council (GCC) is comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Possessing a significant share of the world's oil and gas reserves and including some of the world's fastest growing economies, the GCC is a significant regional grouping. As with the Association of Southeast Asian Nations (ASEAN), the Council has made significant progress towards economic integration. Seeking to draw out lessons applicable to ASEAN, this report looks at the structure and evolution of the GCC. This includes the context within which the Council was established, its rationale, and economic importance. It then follows the organization's development over time, paying particular importance to its progress from Customs Union and Common Market towards Monetary Union. The report then sets out the key challenges ahead for the Council, and concludes by highlighting the structural, organizational, and political lessons that resonate with ASEAN and its membership.
Book Synopsis Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union by : Russell C. Krueger
Download or read book Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union written by Russell C. Krueger and published by International Monetary Fund. This book was released on 2006-06 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking ahead to the creation of a Gulf Cooperation Council (GCC) Currency Union in 2010, the paper covers some implications for the statistical programs of the GCC countries. Despite uncertainty over the structure of the proposed union, the paper envisions several types of mutually reinforcing statistics-convergence criteria, statistics on the core policy variables and instruments, additional macroeconomic data, specialized statistics related to the economic and institutional conditions within the union, and public information. Major changes to national statistical programs are needed that should begin soon.
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 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the proposed currency union of the Gulf Co-operation Council (GCC) Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates which is due to come into effect in 2010.
Book Synopsis On a Common Currency for the GCC Countries by : Mr.Esteban Jadresic
Download or read book On a Common Currency for the GCC Countries written by Mr.Esteban Jadresic and published by International Monetary Fund. This book was released on 2002-12-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Advances in Monetary Policy Design by : Ryadh M. Alkhareif
Download or read book Advances in Monetary Policy Design written by Ryadh M. Alkhareif and published by Cambridge Scholars Publishing. This book was released on 2013-10-03 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to the recent financial crisis, many countries have initiated monetary stimulus packages. Maintaining proper measures of monetary aggregates is of particular importance for such economic policies. However, many central banks worldwide use the simple-sum monetary indexes, which ignore the liquidity characteristics of financial assets. Using the simple-sum indexes can produce misleading information, especially for broad monetary aggregates within which financial assets are not likely to be perfect substitutes. This book focuses on alternative economic stability indicators, and outlines the methods for constructing proper monetary and financial indicators – known as Divisia indexes. The Divisia monetary indexes are designed to measure accurately the liquidity in the economy by assigning different weights to different financial assets according to their usefulness in transactions. This book is highly relevant to economists interested in monetary policy and the construction of core inflation indicators and proper monetary indexes, in accordance with aggregation and index number theory. This book is the first to publish Divisia-based money supply indexes and core inflation indicators for the Gulf Cooperation Council (GCC) countries and for the Gulf Monetary Union. Researchers who use the financial data published by GCC central banks can use our indexes and findings to examine the interactions among the relevant macro-economic variables.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :53 pages Book Rating :4.4/5 (2 download)
Book Synopsis Gulf Cooperation Council by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Gulf Cooperation Council written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2022-11-29 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: GCC policymakers have managed to quickly mitigate the economic impact of the twin COVID-19 and oil price shock. Commodity prices have surged, and the outlook is more positive for GCC countries, with new challenges linked to Russia’s invasion of Ukraine and tighter global financial conditions expected to have a limited impact on GCC economies. While GCC countries have overall benefited from higher, albeit volatile hydrocarbon prices, numerous risks still cloud the outlook—notably a slowdown in the global economy. In this context, the reform momentum established during the low oil price years should be maintained—irrespective of the level of hydrocarbon prices.
Author :Emilie Rutledge Publisher :Emirates Center for Strategic Studies and Research ISBN 13 :9948140974 Total Pages :12 pages Book Rating :4.9/5 (481 download)
Book Synopsis GCC Monetary Union by : Emilie Rutledge
Download or read book GCC Monetary Union written by Emilie Rutledge and published by Emirates Center for Strategic Studies and Research. This book was released on 2009-08-20 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: It remains open to question whether or not the unfolding global economic slowdown will aid or abet the Gulf Cooperation Council’s (GCC) monetary union plans. In fact there are cogent arguments to suppose it could do either. On the one hand, the fate of the Icelandic Krona and the sharp fall of Sterling suggest that staying outside of a monetary union (MU) can be costly and by default Eurozone membership has thus far acted as a safety net. Yet the uncertainty brought about by the credit crunch and ensuing liquidity crisis has resulted in a precipitous fall in both the demand for and price of oil. So, on the other hand, it is now increasingly hard for GCC governments to determine their own revenue streams let alone those of their neighbors. Therefore, their ability to meet and monitor MU convergence targets between now and 2010 will now be that much harder to achieve. The following country by country cost-benefit analysis provides some initial guidance on the country-specific factors that may well influence decisions on whether or not a given country ultimately decides to join the MU. Despite the fact that as this paper goes to press, four of the six GCC states still officially intend to enter into a MU as scheduled next year; it is entirely possible that the launch date may be deferred. It is clear that this ambitious integration project is more than a pipe dream with concrete steps taken such as the launch of a GCC customs union in 2003 and a common market in 2008. Despite all six states signing up to the GCC Economic Agreement of 2001, which clearly set out the roadmap towards a single currency by 2010, Oman’s decision to opt out (citing ‘a lack of progress’ in 2006), the UAE’s concerns over the location of the central bank and Kuwait’s move away from the collective dollar peg (in order to tackle ‘imported inflation’ in 2007) can only be viewed as setbacks. However, these setbacks are not insurmountable, as shown by several European Union countries, notably the UK and Sweden, which decided not to go along with the European Monetary Union (EMU) process.
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.
Book Synopsis Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries by : International Monetary Fund
Download or read book Gulf Cooperation Council (GCC) - Economic Prospects and Policy Challenges for the GCC Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-11-13 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global and regional economic environment remains challenging. Global growth remains tepid, and although some pick-up is expected, risks are tilted to the downside. Recent volatility in financial markets is having a significant impact on some large emerging markets, highlighting the challenges that will be faced in unwinding the Federal Reserve’s quantitative easing policy. Geopolitical uncertainties in the Middle East are also high.
Book Synopsis Gulf Cooperation Council by : International Monetary Fund
Download or read book Gulf Cooperation Council written by International Monetary Fund and published by International Monetary Fund. This book was released on 2017-12-14 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. The more positive global growth environment should support somewhat stronger oil demand. With inflation in advanced countries remaining subdued, monetary policy is expected to remain accommodative. GCC countries are continuing to adjust to lower oil prices. Substantial fiscal consolidation has taken place in most countries, mainly focused on expenditure reduction. This is necessary, but it has weakened non-oil growth. With the pace of fiscal consolidation set to slow, non-oil growth is expected to increase to 2.6 percent this year, from 1.8 percent last year. However, because of lower oil output, overall real GDP growth is projected to slow to 0.5 percent in 2017 from 2.2 percent in 2016. Growth prospects in the medium-term remain subdued amid relatively low oil prices and geopolitical risks. Policymakers have made a strong start in adjusting fiscal policy. While the needed pace of fiscal adjustment varies across countries depending on the fiscal space available, in general countries should continue to focus on recurrent expenditure rationalization, further energy price reforms, increased non-oil revenues, and improved efficiency of capital spending. Fiscal consolidation should be accompanied by a further improvement in fiscal frameworks and institutions. The direction of fiscal policy in the GCC is broadly consistent with these recommendations. Policies should continue to be geared toward managing evolving liquidity situations in the banking system and supporting the private sector’s access to funding. While countries have made progress in enhancing their financial policy frameworks, strengthening liquidity forecasting and developing liquidity management instruments will help banks adjust to a tighter liquidity environment. Banks generally remain profitable, well capitalized, and liquid, but with growth expected to remain relatively weak, the monitoring of financial sector vulnerabilities should continue to be enhanced. Diversification and private sector development will be needed to offset lower government spending and ensure stronger, sustainable, and inclusive growth. This will require stepped-up reforms to improve the business climate and reduce the role of the public sector in the economy through privatization and PPPs. Reforms are needed to increase the incentives for nationals to work in the private sector and for private sector firms to hire them. Increasing female participation in the labor market and employment would benefit productivity and growth across the region. Where fiscal space is available, fiscal policy can be used to support the structural reforms needed to boost private sector growth and employment.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 : Total Pages :74 pages Book Rating :4.4/5 (2 download)
Book Synopsis Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Gulf Cooperation Council: Economic Prospects and Policy Challenges for the GCC Countries written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-14 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation. Oil production – which depends on OPEC+ decisions – will be subdued in the near term. Inflation is contained and current account surpluses are high. Fiscal balances remain healthy, supported by fiscal reforms and high oil prices. The primary non-oil deficits are expected to decrease to 24 percent of GDP by 2028, with higher non-oil revenue reflecting sustained fiscal and structural reforms and contained expenditures. High global uncertainty is weighing on the outlook.
Book Synopsis Gulf Cooperation Council Countries (GCC) by : Samya Beidas-Strom
Download or read book Gulf Cooperation Council Countries (GCC) written by Samya Beidas-Strom and published by . This book was released on 2011-10-02 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Departmental papers are usually focused on a specific economic topic, country, or region. They are prepared in a timely way to support the outreach needs of the IMF’s area and functional departments.
