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Current and future monetary cooperation with a focus on the possible monetary union of Gulf Cooperation Council

In: Proceedings of FIKUSZ '09

Author

Listed:
  • Magdaléna DRASTICHOVÁ

    () (Faculty of Economics, VŠB-TU Ostrava)

Abstract

There is a lot of effort to create new monetary unions in the world. This paper focuses on the cooperation in the monetary field with a view to a possible monetary union of Gulf Cooperation Council. Some existing and proposed monetary unions are discussed in the paper. The focus is especially on the proposed monetary union among states of Gulf Cooperation Council (GCC). In the context of the emerging monetary union, countries of GCC are facing many challenges. The paper presents attempts of GCC countries to cooperate in the monetary field, barriers, benefits of the single currency and a couple of criteria by which can be assessed, whether a monetary union is the right step for this area. Some criteria of the Optimum Currency Area theory are applied to these countries here as well.

Suggested Citation

  • Magdaléna DRASTICHOVÁ, 2009. "Current and future monetary cooperation with a focus on the possible monetary union of Gulf Cooperation Council," Proceedings of FIKUSZ '09,in: László Áron Kóczy (ed.), Proceedings of FIKUSZ '09, pages 57-69 Óbuda University, Keleti Faculty of Business and Management.
  • Handle: RePEc:pkk:sfyr09:57-69
    as

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    File URL: http://uni-obuda.hu/users/vecseya/RePEc/pkk/sfyr09/Drastichova_Magdalena.pdf
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    References listed on IDEAS

    as
    1. Mohsin S. Khan, 2010. "The GCC Monetary Union: Choice of Exchange Rate Regime," Chapters,in: Currency Union and Exchange Rate Issues, chapter 5 Edward Elgar Publishing.
    2. Behrouz Guerami & S. Nuri Erbas & George T. Abed, 2003. "The GCC Monetary Union; Some Considerations for the Exchange Rate Regime," IMF Working Papers 03/66, International Monetary Fund.
    3. Steven A Barnett & Rolando Ossowski, 2002. "Operational Aspects of Fiscal Policy in Oil-Producing Countries," IMF Working Papers 02/177, International Monetary Fund.
    4. Michael J. Chriszt, 2000. "Perspectives on a potential North American monetary union," Economic Review, Federal Reserve Bank of Atlanta, issue Q4, pages 29-38.
    5. Bassem M Kamar & Samy Ben Naceur, 2007. "GCC Monetary Union and the Degree of Macroeconomic Policy Coordination," IMF Working Papers 07/249, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    monetary union; Gulf Cooperation Council; Optimum Currency Area theory; single currency;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration

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