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Common Currency Unit for Gulf Cooperation Council: Is It Feasible?

Author

Listed:
  • Angie Abdel Zaher

    (The American University in Cairo, EGYPT)

  • Dipasri Ghosh

    (California State University, Fullerton, U.S.A.)

  • Dilip K. Ghosh

    (The Institute of Policy Analysis, Rutgers University--Brunswick, U.S.A.)

Abstract

Starting from the work of John Stuart Mill in1894, more than a century ago, the debate on the creation of a common currency continued until the debut of Euro for the European economic zone in 1999. Robert Mundell¡¯s classic work (1961) gave the final push for Euro forty years later. Since the birth of Euro, and Gulf Cooperation Council (GCC) has become a nesting place for another common currency unit ever since 2005. This work attempts to examine the feasibility of creating such a common currency unit for GCC (called as CCGCC) members. The paper analyzes furthermore some misgivings that came into being in the existing literature in the intervening period.

Suggested Citation

  • Angie Abdel Zaher & Dipasri Ghosh & Dilip K. Ghosh, 2019. "Common Currency Unit for Gulf Cooperation Council: Is It Feasible?," Review of Economics & Finance, Better Advances Press, Canada, vol. 15, pages 67-80, February.
    • Handle: RePEc:bap:journl:190107
    Note: The authors express their indebtedness to Professor Ephraim Clark, Arun Prakash, Augustine Arize, and Shekar Shetty for their constructive comments. A great appreciation is due to many participants in several seminars and conferences in England, France, and USA. The authors are the sole claimants of any errors that may remain.
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    References listed on IDEAS

    as
    1. Tamim Bayoumi, 1994. "A Formal Model of Optimum Currency Areas," IMF Staff Papers, Palgrave Macmillan, vol. 41(4), pages 537-554, December.
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    More about this item

    Keywords

    Gulf Cooperation Council (GCC); Common currency unit;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance

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