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On the Sustainability of a Monetary Union under External Shocks: a Theoretical Result and Its Application to the Gulf Countries

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Author Info

  • Etienne Farvaque

    ()
    (Faculty of Economic and Social Sciences, University of Lille I)

  • Norimichi Matsueda

    ()
    (School of Economics, Kwansei Gakuin University)

Abstract

External shocks, be they political or economic, can pose a significant threat to the sustainability of a monetary union. This paper focuses on the openness of a monetary union, and examines how the degrees and characteristics of the sensitivities of its member nations towards external shocks affect the sustainability of the commitment which each of its members made when joining the union. Furthermore, we discuss the sustainability of the prospective monetary union among the Gulf Cooperation Council countries in the light of obtained insights.

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File URL: http://192.218.163.163/RePEc/pdf/kgdp66.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by School of Economics, Kwansei Gakuin University in its series Discussion Paper Series with number 66.

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Length: 20 pages
Date of creation: Dec 2010
Date of revision: Dec 2010
Handle: RePEc:kgu:wpaper:66

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Keywords: Monetary Union; Optimum Currency Areas; External Shocks; Gulf Cooperation Council;

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  1. Abu-Qarn, Aamer & Abu-Bader, Suleiman, 2006. "On the optimality of a GCC Monetary Union: Structural VAR, Common Trends and Common Cycles Evidence," MPRA Paper 971, University Library of Munich, Germany.
  2. Santos Silva, J.M.C & Tenreyro, Silvana, 2010. "Currency Unions in Prospect and Retrospect," CEPR Discussion Papers 7824, C.E.P.R. Discussion Papers.
  3. Corinne Aaron-Cureau & Hubert Kempf, 2004. "Bargaining over monetary policy in a monetary union and the case for appointing an independent central banker," Money Macro and Finance (MMF) Research Group Conference 2004 85, Money Macro and Finance Research Group.
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