01858cas a2200253 a 4500 AALejournalIMF009644 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451868128 1018-5941 BD-DhAAL BD-DhAAL Kamar, Bassem. GCC Monetary Union and the Degree of Macroeconomic Policy Coordination / Bassem Kamar, Samy Ben Naceur. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (33 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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 building over time, differences in the misalignments of the two polar cases remain rather substantial, calling for further coordination and policy harmonization. Mode of access: Internet Ben Naceur, Samy. IMF Working Papers; Working Paper ; No. 2007/249 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/249/001.2007.issue-249-en.xml IMF e-Library