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Finance and Credit

25(409) - 2010 July

The issues of formation of the regional currency union in the Arab states of Persian Gulf

Vol. 16, Iss. 25, JULY 2010

Available online: 16 July 2010

Subject Heading: INTERNATIONAL FINANCES

JEL Classification:

Schegolevа N.G. doctor of Economics, professor, head of a chair of the Financial market and currency relations of the Moscow University of Industry and Finance
NShegoleva@mfpa.ru

Balashov D.A. The post-graduate student of chair of the Financial market and currency relations of the Moscow University of Industry and Finance
balashov2009@mail.ru

Regional economic integration has been a notable trend in the global economy in recent years. From this process-and the final establishment of the single currency itself-should flow significant economic benefits. The countries of the Gulf Cooperation Council (GCC) represent a unique case of advanced cooperation in their commitment to deepen their economic integration by moving from a free trade area in 1983 to a common market in 2008. The creation of a monetary union has been the primary objective of the GCC members since the 2001. This paper presents the research of the institutional and structural characteristics of the GCC member economies in the possibility of creation the currency union.

Keywords: GCC, economic integration, currency integration, currency union, theory of optimum currency areas

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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