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

Angie Abdel Zaher (), Dipasri Ghosh () and Dilip K. Ghosh ()
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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.

Review of Economics & Finance, 2019, vol. 15, 67-80

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.

Keywords: Gulf Cooperation Council (GCC); Common currency unit (search for similar items in EconPapers)
JEL-codes: F15 F31 O24 P43 (search for similar items in EconPapers)
Date: 2019
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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