Politiques de change et globalisation: le cas de l'Egypte
In: Comprendre le Moyen-Orient
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In: Comprendre le Moyen-Orient
In: Emerging markets, finance and trade: EMFT, Band 52, Heft 1, S. 110-122
ISSN: 1558-0938
In: Review of Middle East economics and finance, Band 3, Heft 2, S. 1-24
ISSN: 1475-3693
In: IMF Working Papers
Coordinating macroeconomic policies is a pre-requisite to a successful launch of the common currency in the GCC countries. Relying on the Behavioral Equilibrium Exchange Rate approach as a theoretical framework, we apply the Pooled Mean Group methodology to determine the similarity of the impact of a selected set of macroeconomic indicators on the real exchange rate in each country. Our empirical evidence points to a clear coordination of monetary policy, fiscal policy, government consumption, and openness across the member countries. While RER misalignments also show a substantial convergence
In: IMF Working Papers, S. 1-33
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In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 40, Heft 2, S. 223-237
In: IMF Working Papers, S. 1-30
SSRN
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