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Monetary Policy and Performance of the Oil-Exporting Gulf Cooperation Council Countries

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  • Ashraf Nakibullah

    (Department of Economics and Finance, University of Bahrain, Bahrain)

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    Abstract

    Price stability is the goal of the monetary policy of the oil-exporting Gulf Cooperation Council (GCC) countries. Estimation results for the period 1992:1 to 2009:3 indicate that the GCC countries, with the exception of Qatar and UAE during a few quarters of 2007 and 2008, heavily sterilize the impact of the changes in foreign reserves on the domestic base money and the goal of price stability in general is maintained.

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    Bibliographic Info

    Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

    Volume (Year): 10 (2011)
    Issue (Month): 2 (August)
    Pages: 139-157

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    Handle: RePEc:ijb:journl:v:10:y:2011:i:2:p:139-157

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    Postal: 100 Wenhwa Road, Seatwen, Taichung
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    Related research

    Keywords: GCC; sterilization and offsetting coefficients; 2SLS; 3SLS;

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    References

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    1. Ouyang, Alice Y. & Rajan, Ramkishen S. & Willett, Thomas D., 2010. "China as a reserve sink: The evidence from offset and sterilization coefficients," Journal of International Money and Finance, Elsevier, vol. 29(5), pages 951-972, September.
    2. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2004. "Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period," NBER Working Papers 10393, National Bureau of Economic Research, Inc.
    3. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2005. "The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility," The Review of Economics and Statistics, MIT Press, vol. 87(3), pages 423-438, August.
    4. E. M. Bentour & W. A. Razzak, 2010. "Real Interest Rates, Bubbles and Monetary Policy in the GCC countries," EERI Research Paper Series EERI_RP_2010_03, Economics and Econometrics Research Institute (EERI), Brussels.
    5. Herring, Richard J. & Marston, Richard C., 1977. "Sterilization policy: The trade-off between monetary autonomy and control over foreign exchange reserves," European Economic Review, Elsevier, vol. 10(3), pages 325-343.
    6. Brissimis, Sophocles N & Gibson, Heather D & Tsakalotos, Euclid, 2002. "A Unifying Framework for Analysing Offsetting Capital Flows and Sterilization: Germany and the ERM," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 7(1), pages 63-78, January.
    7. Frankel, Jeffrey & Schmukler, Sergio L. & Serven, Luis, 2004. "Global transmission of interest rates: monetary independence and currency regime," Journal of International Money and Finance, Elsevier, vol. 23(5), pages 701-733, September.
    8. Ugo Fasano-Filho & Andrea Schaechter, 2003. "Monetary Union Among Member Countries of the Gulf Cooperation Council," IMF Occasional Papers 223, International Monetary Fund.
    9. Bassem Kamar & Samy Ben Naceur, 2007. "Gcc Monetary Union and the Degree of Macroeconomic Policy Coordination," IMF Working Papers 07/249, International Monetary Fund.
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    Cited by:
    1. Dreger, Christian & Rahmani, Teymur, 2014. "The Impact of Oil Revenues on the Iranian Economy and the Gulf States," IZA Discussion Papers 8079, Institute for the Study of Labor (IZA).

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