How Close to Currency Boards Are Gulf Cooperation Council Central Banks?

Chris Zou
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Chris Zou: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

No 58, Studies in Applied Economics from The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

Abstract: We examine to what extent several Gulf Cooperation Council (GCC) countries’ monetary systems operate like currency boards. The countries are Saudi Arabia, the United Arab Emirates, Qatar, Oman and Bahrain. Kuwait, another member of the GCC, is not considered in this paper since it is officially pegged to an undisclosed basket of currencies instead of to a single anchor currency, and thus does not fulfill one of the basic requirements for an orthodox currency board. We use statistical tests based on balance sheet data and analysis of legislation. We provide the spreadsheet data series of these countries’ monetary systems as well.

Keywords: Bahrain; Oman; Qatar; Saudi Arabia; United Arab Emirates; central bank; currency board. (search for similar items in EconPapers)
JEL-codes: E58 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2016-07
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jhisae:0058

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