Monetary Policy and Performance of the Oil-Exporting Gulf Cooperation Council Countries

Ashraf Nakibullah
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Ashraf Nakibullah: Department of Economics and Finance, University of Bahrain, Bahrain

International Journal of Business and Economics, 2011, vol. 10, issue 2, 139-157

Abstract: Price stability is the goal of the monetary policy of the oil-exporting Gulf Cooperation Council (GCC) countries. Estimation results for the period 1992:1 to 2009:3 indicate that the GCC countries, with the exception of Qatar and UAE during a few quarters of 2007 and 2008, heavily sterilize the impact of the changes in foreign reserves on the domestic base money and the goal of price stability in general is maintained.

Keywords: GCC; sterilization and offsetting coefficients; 2SLS; 3SLS (search for similar items in EconPapers)
JEL-codes: E51 E52 E58 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (7)

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