Currency Union and Exchange Rate Issues: Lessons for the by Ronald MacDonald, Abdulrazak Al Faris

By Ronald MacDonald, Abdulrazak Al Faris

This e-book - written by means of major teachers and practitioners within the box - brings jointly innovative study on trade expense regime and financial union concerns. there's a specific specialise in the results for member states of the Gulf Cooperation Council (GCC) that's itself training forming a financial union for the Gulf States. The rather dramatic routine within the US buck within the contemporary prior, and in addition within the early Nineteen Nineties, have known as the perform of pegging to the U.S. greenback into query for a bunch of nations that predominantly depend on hydrocarbons as their fundamental export. The publication considers the foremost concerns which needs to be addressed through the GCC in attempting to shape a financial union for the Gulf nations and in addition the inflexible pegging of member states' currencies to the united states greenback. The proposed financial union increases transparent matters by way of the appropriateness of one of these regime for those international locations and no matter if, for instance, the required institutional mechanisms are in position prior to the proposed union. forex Union and trade fee concerns brings jointly the views of a gaggle of specialists who concentrate on those vital matters, and supply research of the coverage concepts. lecturers, policymakers and postgraduates in foreign finance will locate a lot to think about and research from during this informative booklet.

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On that front, the GCC members are making tremendous efforts toward achieving sound macroeconomic policy, and convergence in several areas. Among others, the GCC countries have done well in curtailing budget deficit and reducing public debt, but performed poorly in the area of inflation. High economic growth in the past few years has been associated with high inflation rates that affected the competitiveness of these economies, delayed their diversification programs and reduced their ability to retain a skilled and talented workforce.

The unique structural economic characteristics of the GCC as a region dominated by oil and natural gas production but with a strong drive towards diversification into Economic, political and institutional prerequisites 31 tradable services, make for a number of unique challenges for fiscal, financial, monetary and exchange rate management. The exchange rate regime must be capable of accommodating both cross-sectional heterogeneity and profound structural change over time. The political and economic prerequisites for the sustainability of a currency union for the GCC are demanding.

Html (accessed 16 November 2009). 2. html (accessed 9 December, 2009). BIBLIOGRAPHY Abed, T. George, S. Nuri Erbas and Behrouz Guerami (2003), ‘The GCC monetary union: some consideration for the exchange rate regimes’, Working Paper No. WP/03/66, Washington DC: IMF. Abu-Qarn, Aamer S. and Suleiman Abu-Bader (2008), ‘On the optimality of a GCC monetary union: structural VAR, common trends, and common cycles evidence’, The World Economy, 31(5), 612–30. Aleisa, Eisa and Shawkat Hammoudeh (2004), ‘A common currency peg in the GCC area: the optimal choice of exchange rate regime’, MEEA Proceedings, 9.

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