The GCC as a Common Currency Area,Used

The GCC as a Common Currency Area,Used

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SKU: DADAX3659337145
Brand: LAP Lambert Academic Publishing
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In this book, the feasibility of the Gulf countries forming a common currency area is assessed using two distinct, but complementary, approaches. The empirical results based on the size of demand and supply disturbances, their crosscountry correlations, and the speed of domestic adjustment identifies a grouping of countries (Bahrain, Oman, Saudi Arabia, and the UAE) for potential monetary unification. In addition, the empirical results show that the six member countries share common longrun and shortrun cyclical movements. Furthermore, an estimate of the output loss in relinquishing policy autonomy to join a regional currency arrangement is provided. These estimates appear to be relatively small, and are likely to be less than the efficiency gains from adopting a common currency.

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