By Ronald MacDonald, Abdulrazak Al Faris
This publication - written via best teachers and practitioners within the box - brings jointly innovative learn on alternate expense regime and financial union matters. there's a specific specialise in the results for member states of the Gulf Cooperation Council (GCC) that's itself practicing forming a financial union for the Gulf States. The fairly dramatic events within the US greenback within the contemporary prior, and in addition within the early Nineties, have known as the perform of pegging to the USA buck into query for a gaggle of nations that predominantly depend on hydrocarbons as their fundamental export. The publication considers the most important concerns which needs to be addressed through the GCC in attempting to shape a financial union for the Gulf international locations and in addition the inflexible pegging of member states' currencies to the united states greenback. The proposed financial union increases transparent concerns by way of the appropriateness of any such regime for those international locations and no matter if, for instance, the mandatory institutional mechanisms are in position sooner than the proposed union. foreign money Union and alternate price matters brings jointly the views of a bunch of specialists who specialize in those vital matters, and supply research of the coverage recommendations. lecturers, policymakers and postgraduates in foreign finance will locate a lot to contemplate and study from during this informative publication.
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Additional info for Currency Union and Exchange Rate Issues: Lessons for the Gulf States
Buiter, Willem H. (2008), ‘Economic, political, and institutional prerequisites for monetary union: the case of the GCC’, DEC Working Paper Series No. WP 03-08. Coury, Tarek and Chetan Dave (2008), ‘Monetary union in the GCC: a preliminary analysis’, Dubai School of Government, Working Paper Series No. 08-10. Dar, Humayon A. and John R. ’, The World Economy, 24(9), 1161–78. 28 Currency union and exchange rate issues Darrat, Ali F. and Fatima S. Al-Shamsi (2005), ‘On the path of integration in the Gulf region’, Applied Economics, 37(9), 1055–62.
Note that the theoretical underpinnings as well as the identifying assumption used to make causal interpretations of empirical correlations are dubious at best. It is a straightforward implication of the openeconomy version of Poole’s (1970) model of optimal monetary policy, that under unrestricted capital mobility, a fixed exchange rate provides the optimal adjustment to demand shocks coming from the money demand or money supply side of the economy (‘LM shocks’). Most of the empirical work does not distinguish between LM and IS (investment saving) shocks.
This would be an argument against monetary union. Even in the rarified world of these neoclassical public finance models, this argument is by no means robust, however. Money is an asset, as well as a medium of exchange (indeed, to be a medium of exchange it has to maintain some value over some period, however short, so it has to be a store of value), and there is a considerable literature suggesting that, at least in steady state, assets should not be taxed (see Chamley, 1986). Money can also be thought of as an intermediate input in the process transforming primary inputs into goods and services available for household consumption.