Some Principles for Development of Statistics for a Gulf Cooperation Council Currency Union
In: IMF Working Paper, S. 1-23
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In: IMF Working Paper, S. 1-23
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In: IMF Working Paper, S. 1-41
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In: IMF Working Papers, S. 1-58
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In: IMF Working Papers
In: IMF working paper WP/09/184
A key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion rates when their new currencies are created. We propose a forward-looking econometric methodology to determine conversion rates by calculating the degree of misalignment in the real exchange rate, and apply it to the GCC currency union. For each GCC currency, we identify the year at which the economy is the closest to its internal and external equilibrium, and then estimate the degree