LEADER 04170nam 2200709Ia 450 001 9910463994303321 005 20170817212616.0 010 $a1-4623-8502-8 010 $a1-4527-8739-5 010 $a9786612843945 010 $a1-4518-7331-X 010 $a1-282-84394-X 035 $a(CKB)3170000000055335 035 $a(EBL)1608425 035 $a(SSID)ssj0000940743 035 $a(PQKBManifestationID)11967047 035 $a(PQKBTitleCode)TC0000940743 035 $a(PQKBWorkID)10955960 035 $a(PQKB)10380217 035 $a(OCoLC)468871737 035 $a(MiAaPQ)EBC1608425 035 $a(EXLCZ)993170000000055335 100 $a20100910d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEstablishing conversion values for new currency unions$b[electronic resource] $emethod and application to the planned Gulf Cooperation Council (GCC) currency union /$fprepared by Russell Krueger, Bassem Kamar, and Jean-Etienne Carlotti 210 $a[Washington, D.C.] $cInternational Monetary Fund,Statistics Dept.$d2009 215 $a1 online resource (60 p.) 225 1 $aIMF working paper ;$vWP/09/184 300 $a"August 2009." 311 $a1-4519-1756-2 327 $aTable of Contents; A. Introduction; B. Background; The Problem; The European Example; The Gulf Cooperation Council; African Unions; C. Methodology to Set Conversion Values; Step One - Identifying periods of equilibrium; Step Two - Measuring real exchange rate misalignments; Step Three - Adjustments to conversion rates; D. Application to the GCC Countries; Background: Approach of Kamar and Ben Naceur; Step One: The REER equilibrium approach to determine the equilibrium year; Step Two: The bilateral RER misalignment between each GCC currency and the US dollar forecasted until 2013 327 $aStep Three: Identifying the new conversion ratesE. Application to Other Currency Unions; F. Conclusions; G. Appendices; 1: Setting the Rates for Conversion into the Euro; 2: The Macro-Indicators Approach Applied to GCC Countries; 3: Overview of CGER Exchange Rate Assessment Methodologies; 4: CGER assessments of selected GCC exchange rates in recent years:; 5: RER Behavior Determinants; 6: Unit Root Tests for the Real Effective Exchange Rate (REER) Model; 7: OLS Estimations of the Short-run Determinants of the REER (Error- Correction Model) 327 $a8: Unit Root Tests for the Bilateral Real Exchange Rate (RER) Model9: OLS Estimations of the Short-run Determinants of the RER (Error- Correction Model); H. References 330 $aA key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion rates when their new currencies are created. We propose a forward-looking econometric methodology to determine conversion rates by calculating the degree of misalignment in the real exchange rate, and apply it to the GCC currency union. For each GCC currency, we identify the year at which the economy is the closest to its internal and external equilibrium, and then estimate the degree 410 0$aIMF working paper ;$vWP/09/184. 606 $aMonetary unions$zPersian Gulf States 606 $aCurrency question$zPersian Gulf States 606 $aMonetary policy$zPersian Gulf States 606 $aForeign exchange rates$zPersian Gulf States 606 $aDollar, American 608 $aElectronic books. 615 0$aMonetary unions 615 0$aCurrency question 615 0$aMonetary policy 615 0$aForeign exchange rates 615 0$aDollar, American. 676 $a336.54 700 $aKrueger$b Russell C$0873067 701 $aKamar$b Bassem$0873068 701 $aCarlotti$b Jean-Etienne$0873069 712 02$aInternational Monetary Fund.$bStatistics Dept. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463994303321 996 $aEstablishing conversion values for new currency unions$91948841 997 $aUNINA