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The implementation of Gulf Dinar among the GCC member countries and its possible impacts

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  • Abdelghani, Echchabi
  • Osman, Sayid
  • Isares, Mahamad
  • Khalid, Sorhiran
  • Zulhilmi, Zulkifli
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    Abstract

    The paper analyses the issues surrounding the planned implementation of the Gulf Dinar among the six members of the Gulf Cooperation Council (GCC) – the United Arab Emirates, the State of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the state of Kuwait. The paper will begin with laying down the foundation of attempting to draw any similarities and differences in terms of each country’s economic fundamentals. It will then assess the grand idea for a monetary union by looking at the pros and cons, intra-regional trade, labour and capital movement and the political will of all six GCC countries. Updated issues that may have hampered the introduction of the Gulf Dinar will then be analysed by looking at the economic convergence criteria and its implications. Comparison with the European Monetary Union will be made throughout the paper, where necessary. The paper ends will then come out with a number of suggestions that may improve the implementation of the Gulf Dinar. Lastly, the paper will discuss the political implications of the implementation of the Gulf Dinar as the sole currency for the Gulf countries.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28245.

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    Date of creation: 19 Jan 2011
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    Handle: RePEc:pra:mprapa:28245

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    Keywords: Gulf Dinar; GCC; Khaleej Dinar; Monetary Union; European Union;

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    1. Sabine Herrmann & Axel Jochem, 2003. "Real and nominal convergence in the central and east European accession countries," Intereconomics: Review of European Economic Policy, Springer, Springer, vol. 38(6), pages 323-327, November.
    2. Bassem Kamar & Samy Ben Naceur, 2007. "Gcc Monetary Union and the Degree of Macroeconomic Policy Coordination," IMF Working Papers, International Monetary Fund 07/249, International Monetary Fund.
    3. Giuseppe BOGNETTI & Giorgio RAGAZZI, 2009. "EU new member countries: public sector accounts and convergence criteria," Departmental Working Papers, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano 2009-20, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    4. Frankel, Jeffrey A & Rose, Andrew K, 2000. "An Estimate of the Effect of Currency Unions on Trade and Output," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2631, C.E.P.R. Discussion Papers.
    5. Behrouz Guerami & S. Nuri Erbas & George T. Abed, 2003. "The GCC Monetary Union," IMF Working Papers, International Monetary Fund 03/66, International Monetary Fund.
    6. Rubaszek, Michał, 2008. "Economic convergence and the fundamental equilibrium exchange rate in Poland," MPRA Paper, University Library of Munich, Germany 12910, University Library of Munich, Germany.
    7. Frankel, Jeffrey & Saiki, Ayako, 2002. "A Proposal to Anchor Monetary Policy by the Price of the Export Commodity," Journal of Economic Integration, Center for Economic Integration, Sejong University, Center for Economic Integration, Sejong University, vol. 17, pages 417-448.
    8. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series, European Central Bank 31, European Central Bank.
    9. Bassem Kamar & Jean-Etienne Carlotti & Russell C. Krueger, 2009. "Establishing Conversion Values for New Currency Unions," IMF Working Papers, International Monetary Fund 09/184, International Monetary Fund.
    10. Mark Holmes, 1998. "Inflation Convergence in the ERM: Evidence for Manufacturing and Services," International Economic Journal, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(3), pages 1-16.
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