Gcc Monetary Union and the Degree of Macroeconomic Policy Coordination

Gcc Monetary Union and the Degree of Macroeconomic Policy Coordination

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Coordinating macroeconomic policies is a pre-requisite to a successful launch of the common currency in the GCC countries. Relying on the Behavioral Equilibrium Exchange Rate approach as a theoretical framework, we apply the Pooled Mean Group methodology to determine the similarity of the impact of a selected set of macroeconomic indicators on the real exchange rate in each country. Our empirical evidence points to a clear coordination of monetary policy, fiscal policy, government consumption, and openness across the member countries. While RER misalignments also show a substantial convergence building over time, differences in the misalignments of the two polar cases remain rather substantial, calling for further coordination and policy harmonization.Available via the Internet: http:// www.luc.edu/orgs/meea/volume8/PDFS/kamar. pdf Kwiatkowski, D., Phillips, P.C.B., ... API Working Paper Series 0203 (Kuwait: Arab Planning Institute). Loayza ... 684 (Munich: Institute for Economic Research) .


Title:Gcc Monetary Union and the Degree of Macroeconomic Policy Coordination
Author: Bassem Kamar, Samy Ben Naceur
Publisher:International Monetary Fund - 2007-10-01
ISBN-13:

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