References
- Alkhater, K. R. (2012). The monetary union of the Gulf Cooperation Council and structural changes in the global economy: Aspirations, challenges, and long-term strategic benefits. Arab Center for Research & Policy Studies, Doha, Qatar.
- Alkholifey, A., & Alreshan, A. (2010). GCC monetary union. IFC Bulletin No 32, 17–51.
- Amuzegar, J. (1983). Oil exporters’ economic development in an interdependent world. Occasional Paper No. 18. Washington, DC: International Monetary Fund.
- Babar, Z. (2011). Free mobility within the Gulf Cooperation Council. Occasional Paper No. 8. Center for International and Regional Studies, Georgetown University School of Foreign Service in Qatar.
- Basher, S. A. (2010). Has the non-oil sector decoupled from oil sector? A case study of Gulf Cooperation Council Countries. MPRA Paper No. 21059. University Library of Munich, Germany. Retrieved from https://ideas.repec.org/p/pra/mprapa/21059.html
- Basher, S. A. (2015). Regional initiative in the Gulf Arab states: The search for a common currency. International Journal of Islamic and Middle Eastern Finance and Management, 8, 185–202. doi: 10.1108/IMEFM-04-2014-0037
- Bayoumi, T., & Eichengreen, B. (1994). One money or many? Analyzing the prospects for monetary unification in various parts of the world. Princeton Studies in International Finance No. 76.
- Bernanke, B. S. (2004, February 20). The great moderation. Speech given at the meetings of the Eastern Economic Association, Washington, DC. Retrieved from http://www.federalreserve.gov/boarddocs/speeches/2004/20040220/
- Bernanke, B. S. (2008, December 1). Federal Reserve policies in the financial crisis. Speech given at the Greater Austin Chamber of Commerce, Austin, Texas. Retrieved from http://www.federalreserve.gov/newsevents/speech/bernanke20081201a.htm
- Bernanke, B. S. (2012, August 31). Monetary policy since the onset of the crisis. Speech given at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming. Retrieved from http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.htm
- Bernanke, B. S., Gertler, M., & Watson, M. W. (1997). Systematic monetary policy and the effects of oil price shocks. Brookings Papers on Economic Activity, 1, 91–157. doi: 10.2307/2534702
- Bernanke, B. S., Gertler, M., & Watson, M. W. (2004). Reply to oil shocks and aggregate economic behavior: The role of monetary policy. Journal of Money, Credit and Banking, 36, 287–291. doi: 10.1353/mcb.2004.0010
- Borio, C., & Filardo, A. (2007). Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation (BIS Working Paper No. 227). Bank of International Settlements.
- Buiter, W. H. (2007). Economic, political, and institutional prerequisites for monetary union among the members of the Gulf Cooperation Council. CEPR Discussion Paper 6639.
- Cecchetti, S. G. (2008). Monetary policy and the financial crisis of 2007–2008 (mimeo). Brandeis Interntional Business School, March 13.
- Cevik, S. (2011). Desynchronized: The comovement of non-hydrocarbon business cycles in the GCC (Working Paper No. 11/286). Washington, DC: International Monetary Fund.
- Coury, T., & Dave, C. (2008). Monetary union in the GCC: A preliminary analysis (Working Paper No. 08-10). Dubai School of Government.
- Dahl, C., & Sterner, T. (1991). Analyzing gasoline demand elasticities: A survey. Energy Economics, 13, 203–210. doi: 10.1016/0140-9883(91)90021-Q
- Deloitte. (2013a, July 8). Qatar to invest over US 200 billion in construction projects by 2022. Deloitte Corporate Finance Limited, Middle East.
- Deloitte. (2013b). Exporting the American renaissance: Global impacts of LNG exports from the United States. Deloitte Center for Energy Solutions.
- EIA. (2012). Total petroleum consumption. U.S. Energy Information Administration. Retrieved from http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm
- EIB. (2012). Mobilizing the potential of GCC sovereign wealth funds for Mediterranean partner countries. Report by European Investment Bank, Luxembourg. Retrieved from http://www.eib.org/infocentre/publications/all/femip-study-potential-ofgcc-sovereign-wealth-funds.htm
- Elsamadisy, E. M., & Hamadi, C. (2008). The QR fixed peg arrangement. Technical Report No. 04/2008. Department of Research and Monetary Policy, Qatar Central Bank.
- Espey, M. (1998). Gasoline demand revisited: An international meta-analysis of elasticities. Energy Economics, 20, 273–295. doi: 10.1016/S0140-9883(97)00013-3
- Federal Reserve. (2013, July 30–31). Minutes of the Federal Open Market Committee. Board of Governors of the Federal Reserve System.
- Federal Reserve. (2014, December 16–17). Minutes of the Federal Open Market Committee. Board of Governors of the Federal Reserve System.
- Financial Times. (2013, March 18). Middle East: Here, there and everywhere.
- Fisher, R. W. (2013, August 5). Horseshift! (With reference to Gordian Knots). Speech given at the National Association of State Retirement Administrators 59th Annual Conference. Portland, Oregon. Retrieved from http://www.dallasfed.org/news/speeches/fisher/2013/fs130805.cfm
- Frankel, J. A. (2005). Peg the export price index: A proposed monetary regime for small countries. Journal of Policy Modeling, 27, 495–508. doi: 10.1016/j.jpolmod.2005.04.013
- Frankel, J. A., & Rose, A. K. (1998). The endogeneity of the optimum currency area criteria. The Economic Journal, 108, 1009–1025. doi: 10.1111/1468-0297.00327
- Gately, D. (1992). Imperfect price-reversibility of the US gasoline demand: Asymmetric responses to the price increases and decreases. The Energy Journal, 13, 179–207. doi: 10.5547/ISSN0195-6574-EJ-Vol13-No4-10
- Gately, D., & Huntington, H. G. (2002). The asymmetric effects of changes in price and income on energy and demand. The Energy Journal, 23, 19–55. doi: 10.5547/ISSN0195-6574-EJ-Vol23-No1-2
- Genberg, H., Liu, L-G., & Jin, X. (2008). Hong Kong's business cycle synchronisation with Mainland China and the US. In H. Genberg, & D. He (Eds.), Macroeconomic linkages between Hong Kong and Mainland China (pp. 43–78). Kowloon, Hong Kong: City University of Hong Kong Press.
- Giannone, D., Lenza, M., & Reichlin, L. (2010). Business cycles in the euro area. In A. Alesina, & F. Giavazzi (Eds.), Europe and the Euro (pp. 141–167). Chicago: University of Chicago Press.
- Gregory, S. (2013, July 11). Why Qatar is spending $200 billion on soccer. Time. Retrieved from http://keepingscore.blogs.time.com/2013/07/11/why-qatar-is-spending-200-billion-on-soccer/
- Habibi, N. (2011). GCC states’ import demand: The effects of geopolitics. Crown Paper No. 6. Crown Center for Middle East Studies, Brandeis University.
- Hamilton, J. D. (2009). Understanding crude oil prices. The Energy Journal, 30, 179–206. doi: 10.5547/ISSN0195-6574-EJ-Vol30-No2-9
- Hamilton, J. D. (2013). Historical oil shocks. In Randall E. Parker, & Robert Whaples (Eds.), Routledge handbook of major events in economic history (pp. 239–265). New York, NY: Routledge Taylor and Francis Group.
- Hamilton, J. D., & Herrera, A. M. (2004). Oil shocks and aggregate economic behavior: The role of monetary policy. Journal of Money, Credit and Banking, 36, 265–286. doi: 10.1353/mcb.2004.0012
- Hodrick, R. J., & Prescott, E. C. (1997). Postwar U.S. business cycles: An empirical investigation. Journal of Money, Credit, and Banking, 29, 1–16. doi: 10.2307/2953682
- Hughes, J. E., Knittel, C. R., & Sperling, D. (2008). Evidence of a shift in the short-run price elasticity of gasoline demand. The Energy Journal, 29, 113–134. doi: 10.5547/ISSN0195-6574-EJ-Vol29-No1-9
- Imbs, J. (2006). The real effects of financial integration. Journal of International Economics, 68, 296–324. doi: 10.1016/j.jinteco.2005.05.003
- IMF. (2008, August 28). The GCC monetary union–choice of exchange rate regime. Washington, DC: International Monetary Fund.
- IMF. (2013). Qatar: 2012 Article IV Consultation. IMF Country Report No.13/14, International Monetary Fund, Washington DC.
- Jean Louis, R., Balli, F., & Osman, M. (2012). On the choice of an anchor for the GCC currency: Does the symmetry of shocks extend to both the oil and the non-oil sectors? International Economics and Economic Policy, 9, 83–110. doi: 10.1007/s10368-011-0182-3
- Kalemli-Ozcan, S., Papaioannou, E., & Peydró, J-L. (2013). Financial regulation, financial globalization, and the synchronization of economic activity. The Journal of Finance, 68, 1179–1228. doi: 10.1111/jofi.12025
- Kenen, P. (1969). The theory of optimum currency areas: An eclectic view. In R. A. Mundell, & A. K. Swoboda (Eds.), Monetary problems in the international economy (pp. 41–60). Chicago: University of Chicago Press.
- Khor, H. E., Lee, J., Robinson, E., & Supaat, S. (2007). Managed float exchange rate system: The Singapore experience. The Singapore Economic Review, 52, 7–25. doi: 10.1142/S0217590807002531
- Kilian, L., & Hicks, B. (2013). Did unexpectedly strong economic growth cause the oil price shock of 2003–2008? Journal of Forecasting, 32, 385–394. doi: 10.1002/for.2243
- Kilian, L., & Lewis, L. T. (2011). Does the Fed respond to oil price shocks? The Economic Journal, 121, 1047–1072. doi: 10.1111/j.1468-0297.2011.02437.x
- Kim, W. J., Hammoudeh, S., & Aleisa, E. A. (2012). Synchronization of economic shocks between Gulf Cooperation Council and United States, Europe, Japan, and oil market: Choice of exchange rate regime. Contemporary Economic Policy, 30, 584–602. doi: 10.1111/j.1465-7287.2011.00279.x
- Koren, M., & Tenreyro, S. (2011). Volatility, diversification and development in the Gulf Cooperation Council countries. In D. Held, & K. Ulrichsen (Eds.), The transformation of the gulf: Politics, economics and the global order (pp. 188–217). Abingdon, Oxon, UK: Routledge.
- Morgan, D. P., Rime, B., & Strahan, P. (2004). Bank integration and state business cycles. The Quarterly Journal of Economics, 119, 1555–1584. doi: 10.1162/0033553042476161
- Mundell, R. A. (1961). A theory of optimum currency areas. American Economic Review, 51, 657–665.
- Neely, C. J. (2004). The Federal Reserve responds to crises: September 11th was not the first business. Federal Reserve Bank of St. Louis. Review, 86, 27–42.
- QCB. (2013). Strategic plan for financial sector regulation. Author. Retrieved from http://www.qcb.gov.qa/English/AboutQCB/Documents/Strategic_Plan_Book_EN.PDF
- Rafiq, M. S. (2011). The optimality of a gulf currency union: Commonalities and idiosyncrasies. Economic Modelling, 28, 728–740. doi: 10.1016/j.econmod.2010.05.007
- Setser, B. (2007). The case for exchange rate flexibility in oil-exporting economies. Peterson Institute for International Economics Policy Brief 07-8.
- Small, K. A., & Van Dender, K. (2007). Fuel efficiency and motor vehicle travel: The declining rebound effect. The Energy Journal, 28, 25–51. doi: 10.5547/ISSN0195-6574-EJ-Vol28-No1-2
- Smith, J. L. (2009). World oil: Market or mayhem? Journal of Economic Perspectives, 23, 145–164. doi: 10.1257/jep.23.3.145
- Taleb, N. N. (2007). The Black Swan: The impact of the highly improbable. New York, NY: Random House.
- Taylor, J. B., & Williams, J. C. (2009). A black swan in the money market. American Economic Journal: Macroeconomics, 1, 58–83.
- United Nations Development Programme and Mohammed bin Rashid Al Maktoum Foundation. (2009). Arab knowledge report 2009: Towards productive intercommunication for knowledge. Retrieved from http://www.arab-hdr.org/akr/AKR2009/English/AKR2009-Eng-Full-Report.pdf.
- Wälti, S. (2010). No decoupling, more interdependence: Business cycle comovements between advanced and emerging economies. MPRA Paper 20869, University Library of Munich, Germany.
- Williamson, J. (1998). Crawling bands or monitoring bands: How to manage exchange rates in a world of capital mobility. International Finance, 1, 59–79. doi: 10.1111/1468-2362.00004