Economic Policies and the Possibilities of Unified GCC Currency
Abstract
The aim of this study is to identify the extent to which the GCC countries can adopt similar economic policies by the time the GCC unified currency is formed in 2010. Among other convergence standards, we examined the economic structure of the GCC countries to identify similarities and differences. The study finds significant differences between the economic policies of GCC countries. Moreover, the results suggest that the GCC countries need more policy coordination to smooth out their differences thus designing more unified economic policies which would contribute to the establishment of a monetary union.
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Keywords
GCC Currency
References
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• Kormendi, R. et, al. (1985), “Macroeconomics Determinants of Growth: Cross Country Evidence,” Journal of Monetary Economics, Vol. 16, Pp. 141-163.
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• Putkuri, H. (2003), “Cross-Countries Asymmetries in Euro Area Monetary Policy Transmission: The Role of National Financial System,” Bank of Finland Discussion Papers 2003-15.
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• Abdulrazag, B. Shotar, M. and Al-Quran, A. (2003) “Money Supply in Qatar: An Empirical Investigation.” Journal of Economics and Administrative Sciences. Vol. 19. No. 2. Pp. 118-126
• Aleisa, E, and Shotar, M. (2002), “Sources of Macroeconomic Fluctuations in the GCC Area: Implications for an Optimum Currency Area.” In the Proceedings of the International Conference on Practical Measures to Establish a Common Market Between Muslim Countries. University of Qatar. 13-15 May 2002.
• Awad, T, and Alsowaidi, S (2005), “Effectiveness of Monetary and Fiscal Policies: the Case of Qatar.” Journal of Business and Economics. Vol. 11. No. 1. Pp. 112-129.
• Barghothi, I, and Shotar, M. (1998), “Monetary Policies in Selected Arab Countries,” Abhath Al-Yarmouk, Vol. 14. No. 4, Pp. 12-13.
• Bynoe, A.J. (1994) “Monetary and Fiscal Influences on Economic Activity in African Countries”, African Review of Money, Finance and Banking, No. 10, Pp. 97-107.
• Canzoneri M.B., R.E. Cumby and B.T. Diba(2004) «Macroeconomic Policy in the European Monetary Union», NBER’s ISOM in Reykjavik, Iceland.
• Cecchetti, S. (2001), “The Future of the Financial System,” In the Proceedings of the International Conference on Structure, Performance, and Future of Financial Institutions in Member States of the Gulf Co-operation Council (GCC). University of Qatar. 7-9 April 2001.
• Fasano, U. and A. Schaechter (2003), “Monetary Union among the Member Countries of the Gulf Cooperation Council”, IMF Occasional Paper (forthcoming), International Monetary Fund, Washington, D.C.
• Gupta, k. (1985), “Money and the Basis of Technical Progress,” Applied Economics, Vol. 17, Pp. 87-93.
• Jaderesic, E. (2002), “On a Common Currency for the GCC Countries”, IMF Policy Discussion Paper (PDP/02/12), International Monetary fund, Washington, D.C.
• Jayaraman, T. (2000), “Efficacy of Fiscal and Monetary Policies in the South Pacific Island Countries”, Indian Economic Journal, Vol. 49 N0.1 Pp. 63-72.
• Kormendi, R. et, al. (1985), “Macroeconomics Determinants of Growth: Cross Country Evidence,” Journal of Monetary Economics, Vol. 16, Pp. 141-163.
• Laabas, B. and I. Limam (2002), “Are GCC Countries Ready for Currency Union?” Arab Planning Institute Working Paper 0203, Kuwait City.
• Penot, A, and J. Pollin (2003), “Heterogeneity of Transmission Mechanisms and Monetary Rules in EMU,” Working Paper, University of Orleans, France.
• Putkuri, H. (2003), “Cross-Countries Asymmetries in Euro Area Monetary Policy Transmission: The Role of National Financial System,” Bank of Finland Discussion Papers 2003-15.
• Pollak, R. et, al. (1987), “Pooling International Consumption Data,” The Review of Economics and Statistics, Vol. 69, Pp. 90-99.
• Prozecanski, A (1979), “Pattern of Monetary Policy in Latin America,” Journal of Money Credit and Banking, Vol. 11, No. 4. Pp. 427-437.
• Robert, W. et, al. (1990), “Growth: Some Combined Cross Sectional & Time Series Evidence from OECD Countries,” Applied Economics, Vol. 22, Pp. 1197-1204.
• Shotar, M, and Barghothi, I, (2000), “Monetary Policy in Jordan 1967-1997:Co-integration Analysis, Abhath Al-Yarmouk, Vol. 16. No. 1, Pp. 1-10.
How to Cite
Abdul Qader, Khalid Shams, and Manhal M. Shotar. 2006. “Economic Policies and the Possibilities of Unified GCC Currency”. Studies in Business and Economics 12 (2). https://doi.org/10.29117/sbe.2006.0024.
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Articles