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| Volume 10, No. 2,
August 2011 |
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Monetary Policy and Performance |
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of the Oil-Exporting Gulf
Cooperation Council Countries |
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| Ashraf
Nakibullah |
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Department of Economics and Finance,
University of Bahrain, Bahrain |
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| Abstract |
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Price stability is
the goal of the monetary policy of the oil-exporting Gulf
Cooperation Council (GCC) countries. Estimation results for the
period 1992:1 to 2009:3 indicate that the GCC countries, with the
exception of Qatar and UAE during a few quarters of 2007 and 2008,
heavily sterilize the impact of the changes in foreign reserves on
the domestic base money and the goal of price stability in general
is maintained. |
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Key words: GCC; sterilization
and offsetting coefficients; 2SLS; 3SLS |
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JEL
classification:
E51; E52; E58 |
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