Establishing Monetary Union in the Gulf Cooperation Council: What Lessons for Regional Cooperation?
AbstractThe paper reviews the experience of regional economic cooperation in the Gulf Cooperation Council (GCC). Conceived as a regional security alliance, the GCC has evolved to become a common market in the making. All six GCC countries participate in the common market project, and additional countries may join. But the timing of introducing a common currency, initially targeted for 2010, remains uncertain, especially in the light of the ongoing euro area crisis. Two countries have withdrawn from the common currency project; another has ceased to comply with a prerequisite for entering the monetary union. But the GCC is not the same as the GCC Monetary Union, nor should the success of the GCC be judged solely on the basis of how many member states end up participating in the single currency.
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Bibliographic InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 390.
Length: 24 pages
Date of creation: 22 Oct 2012
Date of revision:
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More information through EDIRC
monetary union; gulf cooperation council; regional cooperation; common market; common currency; single currency; euro area;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F55 - International Economics - - International Relations and International Political Economy - - - International Institutional Arrangements
- O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-27 (All new papers)
- NEP-ARA-2012-10-27 (MENA - Middle East & North Africa)
- NEP-MON-2012-10-27 (Monetary Economics)
- NEP-SEA-2012-10-27 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Osman Suliman, 2011. "The large country effect, contagion and spillover effects in the GCC," Applied Economics Letters, Taylor and Francis Journals, vol. 18(3), pages 285-294.
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"What are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?,"
International Economic Journal,
Taylor & Francis Journals, vol. 21(4), pages 521-548.
- Selim Elekdag & Saade Chami & Ivan Tchakarov, 2004. "What are the Potential Economic Benefits of Enlarging the Gulf Cooperation Council?," IMF Working Papers 04/152, International Monetary Fund.
- Raphael A. Espinoza & Oral Williams & Ananthakrishnan Prasad, 2010.
"Regional Financial Integration in the GCC,"
IMF Working Papers
10/90, International Monetary Fund.
- Masahiro Kawai & Shinji Takagi, 2005. "Towards regional monetary cooperation in East Asia: lessons from other parts of the world," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 10(2), pages 97-116.
- Rafiq, M.S., 2011. "The optimality of a gulf currency union: Commonalities and idiosyncrasies," Economic Modelling, Elsevier, vol. 28(1-2), pages 728-740, January.
- Rafiq, M.S., 2011. "The optimality of a gulf currency union: Commonalities and idiosyncrasies," Economic Modelling, Elsevier, vol. 28(1), pages 728-740.
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