LEADER 05713oam 22011534 450 001 9910788228303321 005 20230721045729.0 010 $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(IMF)WPIEE2009184 035 $a(EXLCZ)993170000000055335 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEstablishing Conversion Values for New Currency Unions : $eMethod and Application to the planned Gulf Cooperation Council (GCC) Currency Union /$fBassem Kamar, Jean-Etienne Carlotti, Russell Krueger 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (60 p.) 225 1 $aIMF Working Papers 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 3 $aA key issue in creating a new currency union is setting the rates to convert national currencies into the new union currency. Planned unions in the Gulf region and Africa are seeking methods to set the conversion rates when their new currencies are created. We propose a forward-looking econometric methodology to determine conversion rates by calculating the degree of misalignment in the real exchange rate, and apply it to the GCC currency union. For each GCC currency, we identify the year at which the economy is the closest to its internal and external equilibrium, and then estimate the degree of misalignment in the bilateral real exchange rate vis-à-vis the U.S. dollar based on WEO forecasts until 2013. Application of the methodology to other regions is also considered. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/184 606 $aMonetary unions$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 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aMonetary economics$2imf 606 $aInternational economics$2imf 606 $aCurrencies$2imf 606 $aMonetary unions$2imf 606 $aReal exchange rates$2imf 606 $aReal effective exchange rates$2imf 606 $aExchange rates$2imf 606 $aMoney$2imf 607 $aSaudi Arabia$2imf 615 0$aMonetary unions 615 0$aCurrency question 615 0$aMonetary policy 615 0$aForeign exchange rates 615 0$aDollar, American. 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aFinancial Aspects of Economic Integration 615 7$aCurrency 615 7$aForeign exchange 615 7$aMonetary economics 615 7$aInternational economics 615 7$aCurrencies 615 7$aMonetary unions 615 7$aReal exchange rates 615 7$aReal effective exchange rates 615 7$aExchange rates 615 7$aMoney 676 $a336.54 700 $aKamar$b Bassem$01509601 701 $aCarlotti$b Jean-Etienne$01509602 701 $aKrueger$b Russell$01509603 712 02$aInternational Monetary Fund.$bStatistics Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788228303321 996 $aEstablishing Conversion Values for New Currency Unions$93741587 997 $aUNINA