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1、MonetaryUnionintheGulfAtatimeofmomentousshiftsinthebalanceofworldeconomicforcesepito-mizedbythecurrentoilpriceboom,theweakeningUSdollarandtheglobalcreditcrunch,themeteoricriseoftheArabianPeninsulacannotbeunderstated.Neither,therefore,cantheirplannedmonetaryunion.Askeysuppliersofthew
2、orld’soilandgastheGulfstateshaveaccumulatedvastwealth:takentogethertheirsovereignwealthfundsarebyfartheworld’slargestandthein?uenceofthesefundsisbecomingincreasinglyapparent.Thisbookprovidesathoroughanalysisofthescheduled2010monetaryunion.Its?ndingsarebasedonbothprimaryresearchandad
3、etailedempiricalanalysisoftheregion’seconomiesspanning1980–2006.Itassessestheregionagainstoptimalcurrencyareacri-teria,theEuropeancriteria,highlightsoutstandingpreparationsandconsiderstheunderlyingeconomicandpoliticalfactorsthatmayaidorindeeddelaythelaunchdate.Criticallythisbookargu
4、esthatthepresentdollar-pegexchangerateregimesarenolongeroptimal.ThefutureGulfdinarislikelytoseekamoreindependentpath.Therami?cationsofthis–apotentialIslamicanchorcurrencyandanalternativeoil-invoicingcurrency–arealsoconsideredinsomedetail.EmilieJ.RutledgeisAssistantProfessorofEconomi
5、csattheUnitedArabEmiratesNationalUniversity.SheregularlycontributesarticlesandopinionpiecesonGCCeconomicissuestotheregionalpress.PreviouslysheworkedasaneconomistattheGulfResearchCenter,aDubai-basedthinktank.EmilieJ.Rutledge’snewbook,MonetaryUnionintheGulf:prospectsforasinglecurrency
6、intheArabianPeninsulaisthe?rstsystematic,book-lengthtreatmentofthecaseforandagainstmonetaryunionamongthemembersoftheGulfCooperationCouncil.Itrede?nesthe?eldofexchangerateeco-nomicsfortheGulfstatesandraisesthedebatetoanewandhigherlevel.Thebookisasexcellentasitistimely.EachoftheGCCmem
7、bersisengagedinanevaluationofthemeritsanddemeritsofthebilateralUSdollarpegsthathavebeenthedominantexchangerateregimeoftheregion.DrRutledgepresentstherelevanteconomictheoriesclearlyandmarshalstheempiricalevidenceconvincingly.Herfamiliaritywithanddeepunder-standingoftheregionpermither
8、toaddressnotonlythe
