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Prospects for a GCC common currency: Implications of GCC currency union
Finance & Accounting
Pages 50 (12550 words)
Prospects for a GCC common currency: Implications of GCC currency union Abstract The agreement to establish a GCC unified currency was forged early in the 1980s, and the deadline for the realization and implementation of such a currency was set thirty years in the future, in 2010.
Studies late in the decade, however, tended to converge more towards eventual success, but after the original deadline. This dissertation sought to add to this body of knowledge, by updating the literature with a more recent documentary search and a supporting correlational study. It focused on the prospects for the successful adoption of a single GCC currency, and a determination of those factors that will likely determine its eventual success or failure. The study first establishes the benefits and disadvantages that are associated with a unified regional currency, and the issues attendant thereto. It then proceeds to determine whether the GCC monetary union as envisioned has a likelihood of success, what factors and attributes will determine this success, and whether or not the desired benefits have a chance to be realized. The dissertation found that there has been significant progress made in the integration of the GCC economies to the point that may eventually succeed in monetary unification. It was not realistic to expect to meet the 2010 deadline, however, as there are much needed reforms that must be undertaken with respect to liberalization of cross border movement of resources and persons, as well as establishment of supranational institutions to support the monetary union. ...
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