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How Close to Currency Boards Are Gulf Cooperation Council Central Banks?

Author

Listed:
  • Zou, Chris

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

We examine to what extent several Gulf Cooperation Council (GCC) countries’ monetary systems operate like currency boards. The countries are Saudi Arabia, the United Arab Emirates, Qatar, Oman and Bahrain. Kuwait, another member of the GCC, is not considered in this paper since it is officially pegged to an undisclosed basket of currencies instead of to a single anchor currency, and thus does not fulfill one of the basic requirements for an orthodox currency board. We use statistical tests based on balance sheet data and analysis of legislation. We provide the spreadsheet data series of these countries’ monetary systems as well.

Suggested Citation

  • Zou, Chris, 2016. "How Close to Currency Boards Are Gulf Cooperation Council Central Banks?," Studies in Applied Economics 58, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
  • Handle: RePEc:ris:jhisae:0058
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    File URL: https://sites.krieger.jhu.edu/iae/files/2017/04/Chris_Zou_GCC.pdf
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    More about this item

    Keywords

    Bahrain; Oman; Qatar; Saudi Arabia; United Arab Emirates; central bank; currency board.;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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