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Author: Mr.Ugo Fasano-Filho
Publisher: International Monetary Fund
ISBN: 9781589062191
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.
Author: Mr.Ugo Fasano-Filho
Publisher: International Monetary Fund
ISBN: 9781589062191
Category : Business & Economics
Languages : en
Pages : 80
Get Book Here
Book Description
The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.
Author: Emilie Rutledge
Publisher: Routledge
ISBN: 1134046316
Category : Business & Economics
Languages : en
Pages : 160
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Book Description
This book examines the proposed currency union of the Gulf Co-operation Council (GCC) Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates which is due to come into effect in 2010.
Author: Emilie Rutledge
Publisher: Routledge
ISBN: 1134046308
Category : Business & Economics
Languages : en
Pages : 198
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Book Description
At a time of momentous shifts in the balance of world economic forces epitomized by the current oil price boom, the weakening US dollar and the global credit crunch; the meteoric rise of the Arabian peninsula cannot be understated. Neither, therefore, can their planned monetary union. As key suppliers of the worlds oil and gas the Gulf states have
Author: Mr.Raphael A. Espinoza
Publisher: OUP Oxford
ISBN: 0199683794
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
Provides original insights into the functioning of the GCC macro-economy. It covers structural, long-term, issues such as the determinants of economic growth, the impact of foreign workers on labour markets, wages, and competitiveness, and the economic impact of a rich state that wants to distribute oil money.
Author: Bader Alkhaldi
Publisher: Kluwer Law International B.V.
ISBN: 9041183523
Category : Law
Languages : en
Pages : 215
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Book Description
A thriving capital market, one that not only brings investment funds into a country but also distributes profits in a transparent manner, is essential for any economy, especially a rapidly developing one such as Saudi Arabia. Already a key player on the world stage, the Kingdom is going through a major planned economic transformation and diversification. In particular, a robust and transparent capital market, with a high level of integrity and sound enforcement, is well on the way to fruition. This book is the first in English to analyse and evaluate the roles of economic planning and a capital market in Saudi Arabia’s economic modernization. In the process of examining the level of transparency and fairness in Saudi Arabia’s capital market, the author provides detailed information and analysis of such issues and topics as the following: – market disclosure rules; – insider trading laws; – gaps in enforcement; – dispute resolution; – role of securities agencies; – Saudi Arabia’s position in international organizations; and – repercussions of the 2006 Saudi stock market collapse. The author draws on a wide range of sources in both English and Arabic, and concludes with well-grounded proposals for appropriate judicial, administrative, and enforcement policies. Investors, their management and attorneys, and other advisors with an eye on trade development in the Middle East will derive great benefit from the current and detailed information in this book. Lawyers and policymakers will discover all they need to know about the Saudi capital market, its developing trends, and applicable laws.
Author: Patrick Holden
Publisher: Routledge
ISBN: 1136739491
Category : Business & Economics
Languages : en
Pages : 326
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Book Description
This new title examines international trade organizations and the agreements that govern them.
Author: Mr.Tim Callen
Publisher: International Monetary Fund
ISBN: 1498303234
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.
Author: Ryadh M. Alkhareif
Publisher: Cambridge Scholars Publishing
ISBN: 144385333X
Category : Business & Economics
Languages : en
Pages : 145
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Book Description
In response to the recent financial crisis, many countries have initiated monetary stimulus packages. Maintaining proper measures of monetary aggregates is of particular importance for such economic policies. However, many central banks worldwide use the simple-sum monetary indexes, which ignore the liquidity characteristics of financial assets. Using the simple-sum indexes can produce misleading information, especially for broad monetary aggregates within which financial assets are not likely to be perfect substitutes. This book focuses on alternative economic stability indicators, and outlines the methods for constructing proper monetary and financial indicators – known as Divisia indexes. The Divisia monetary indexes are designed to measure accurately the liquidity in the economy by assigning different weights to different financial assets according to their usefulness in transactions. This book is highly relevant to economists interested in monetary policy and the construction of core inflation indicators and proper monetary indexes, in accordance with aggregation and index number theory. This book is the first to publish Divisia-based money supply indexes and core inflation indicators for the Gulf Cooperation Council (GCC) countries and for the Gulf Monetary Union. Researchers who use the financial data published by GCC central banks can use our indexes and findings to examine the interactions among the relevant macro-economic variables.
Author: Emilie Rutledge
Publisher: Emirates Center for Strategic Studies and Research
ISBN: 9948140974
Category : Antiques & Collectibles
Languages : en
Pages : 12
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Book Description
It remains open to question whether or not the unfolding global economic slowdown will aid or abet the Gulf Cooperation Council’s (GCC) monetary union plans. In fact there are cogent arguments to suppose it could do either. On the one hand, the fate of the Icelandic Krona and the sharp fall of Sterling suggest that staying outside of a monetary union (MU) can be costly and by default Eurozone membership has thus far acted as a safety net. Yet the uncertainty brought about by the credit crunch and ensuing liquidity crisis has resulted in a precipitous fall in both the demand for and price of oil. So, on the other hand, it is now increasingly hard for GCC governments to determine their own revenue streams let alone those of their neighbors. Therefore, their ability to meet and monitor MU convergence targets between now and 2010 will now be that much harder to achieve. The following country by country cost-benefit analysis provides some initial guidance on the country-specific factors that may well influence decisions on whether or not a given country ultimately decides to join the MU. Despite the fact that as this paper goes to press, four of the six GCC states still officially intend to enter into a MU as scheduled next year; it is entirely possible that the launch date may be deferred. It is clear that this ambitious integration project is more than a pipe dream with concrete steps taken such as the launch of a GCC customs union in 2003 and a common market in 2008. Despite all six states signing up to the GCC Economic Agreement of 2001, which clearly set out the roadmap towards a single currency by 2010, Oman’s decision to opt out (citing ‘a lack of progress’ in 2006), the UAE’s concerns over the location of the central bank and Kuwait’s move away from the collective dollar peg (in order to tackle ‘imported inflation’ in 2007) can only be viewed as setbacks. However, these setbacks are not insurmountable, as shown by several European Union countries, notably the UK and Sweden, which decided not to go along with the European Monetary Union (EMU) process.
Author: L. Mühlich
Publisher: Springer
ISBN: 1137427213
Category : Business & Economics
Languages : en
Pages : 315
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Book Description
This book examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.
