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Currency Union and Exchange Rate Issues

Lessons for the Gulf States Edited by Ronald MacDonald, Adam Smith Professor of Political Economy, University of Glasgow, UK and Abdulrazak Al Faris, Chief Economist and CEO of Research, Dubai Economic Council
This book – written by leading academics and practitioners in the field – brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council which is itself working towards forming a monetary union for the Gulf States.
Extent: 208 pp
Hardback Price: £75.00 Web: £67.50
Publication Date: 2010
ISBN: 978 1 84844 857 5
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  • Economics and Finance
  • Financial Economics and Regulation
  • International Economics
  • Social Policy and Sociology
  • Migration
This book – written by leading academics and practitioners in the field – brings together cutting edge research on exchange rate regime and monetary union issues. There is a particular focus on the implications for member states of the Gulf Cooperation Council (GCC) which is itself working towards forming a monetary union for the Gulf States.

The relatively dramatic movements in the US dollar in the recent past, and also in the early 1990s, have called the practice of pegging to the US dollar into question for a group of countries that predominantly rely on hydrocarbons as their primary export. The book considers the key issues which must be addressed by the GCC in trying to form a monetary union for the Gulf countries and also the rigid pegging of member states’ currencies to the US dollar. The proposed monetary union raises clear issues in terms of the appropriateness of such a regime for these countries and whether, for example, the necessary institutional mechanisms are in place ahead of the proposed union.

Currency Union and Exchange Rate Issues brings together the perspectives of a group of experts who focus on these important issues, and provide analysis of the policy options. Academics, policymakers and postgraduates in international finance will find much to consider and learn from in this informative book.
Contributors: A. Al Faris, W.H. Buiter, W. Coats, P. De Grauwe, Z. Iqbal, M.S. Kahn, R. MacDonald
Contents:

1. Introduction
Ronald MacDonald and Abdulrazak Al Faris

2. Currency Union in the GCC Countries: History, Prerequisites and Implications
Abdulrazak Al Faris

3. Economic, Political and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council
Willem H. Buiter

4. The Euro Experience and Lessons for the GCC Currency Union
Paul De Grauwe

5. The GCC Monetary Union: Choice of Exchange Rate Regime
Mohsin S. Khan

6. International Experiences in Operating Exchange Rate Regimes: Drawing Lessons from the United Arab Emirates
Ronald MacDonald

7. Operational Implications of Changing to Alternative Exchange Rate Regimes
Warren Coats

8. The United Arab Emirates: Exchange Rate Regime Options
Zubair Iqbal

Index