Pre- versus post-crisis central banking in Qatar

Elsamadisy, Elsayed Mousa; Alkhater, Khalid Rashid; Basher, Syed Abul

doi:10.1016/j.jpolmod.2014.01.003

Cited by 4 publications

(2 citation statements)

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“…First, the fact that the Federal Reserve did not increase its targeted FFR during most of the past decade when oil prices were rising strongly suggests that the Federal Reserve was more concerned with the deteriorating domestic economic conditions rather than the potential inflationary spillover of rising oil prices into the US economy. By comparison, facing a completely different economic situation, the GCC countries wrongly imported the easy monetary policy of the Federal Reserve at a time when their domestic economies were booming on the back of soaring oil export revenues [10]. The fact that oil prices and the FFR have diverged in the past decade is a powerful validation of the economic de-coupling of the US and GCC economies, however temporary.…”

Section: Gcc Currency Union: Evaluating Exchange Rate Regimesmentioning

confidence: 99%

Regional initiative in the Gulf Arab States: the search for a common currency

Basher

2015

International Journal of Islamic and Middle Eastern Finance and Management

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While many commentators have been openly critical of China's currency policy on the basis of an undervalued renminbi, despite a similar surge in GCC's (Gulf Cooperation Council) balance of payment surpluses in the first decade of this century, the vast majority of the commentators have maintained a stony silence on the undervalued Gulf currencies. This underscores the geopolitics of currencies as a form of asymmetric warfare and the consequences of dollar, euro or renminbi diplomacy. This paper makes two main additions to the literature on Gulf monetary union. First, it emphasizes that the creation of a fiscal union is necessary for the Gulf monetary union to succeed. Second, it proposes some alternatives to pegging to the dollar, which would allow the GCC to absorb large swings in global commodity prices (oil, food) in the short to medium run. The proposed exchange rate regimes are not conditional on the formation of the Gulf monetary union, and can be implemented individually or collectively.

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Section: Gcc Currency Union: Evaluating Exchange Rate Regimesmentioning

confidence: 99%

Regional initiative in the Gulf Arab States: the search for a common currency

Basher

2015

International Journal of Islamic and Middle Eastern Finance and Management

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“…Although a considerable amount of literature has been published on interest rate pass-through channel, there has been no study which analyses the asymmetric response of the interest rate policy transmission for the case of Qatar [3]. The study by Elsamadisy et al (2014), for example, explores the role of ineffective management in weakening the interest rate channel in Qatar during the time before and after the 2008 financial crisis. Particularly, the authors address the effect of primary liquidity surplus on money market rates by examining the uncovered interest rate parity condition.…”

Section: Introductionmentioning

confidence: 99%

Evidence of customer sophistication behaviour in deposit markets: the case of Qatar

Asab

2020

JES

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PurposeThe paper investigates the interest rate policy transmission mechanism and the role of market structure of the banking industry in Qatar.Design/methodology/approachCompetitiveness indexes are used to measure the degree of market power in the banking industry in Qatar. The momentum threshold autoregressive model is applied over the monthly period from January 2005 to June 2018 to examine the magnitude of intermediation and adjustment to disequilibria in the deposit market. In addition, to model interest rate volatility and overcome the problem of heteroscedastic errors in the error correction standard models, an asymmetric EC-EGARCH-M model is applied.FindingsThe findings suggest incomplete pass-through and asymmetric response to monetary shocks. The asymmetric adjustment mechanism is found to be downward rigid which suggests a high degree of customer sophistication and an elastic supply of deposits. The results of the EC-EGARCH-M show that the impact of monetary policy shocks has a significant positive impact on deposit interest rates and that negative monetary shocks trigger more conditional interest rate volatility in the next period than positive monetary shocks for a short maturity rate.Originality/valueThe paper is the first to highlight the behaviour of the interest rate pass through channel and measures the degree of competitiveness of the banking industry for the case of a small, rich country. In addition, using recent data, the paper applies different econometric methodologies and overcomes the problem of heteroskedastic errors by modelling the interest rate volatility using the EC-EGARCH-M model.

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Macroeconomic Stabilization Policies and Sustainable Growth in Qatar

Alkhater

2016

Policy-Making in a Transformative State

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Pre- versus post-crisis central banking in Qatar

Cited by 4 publications

References 16 publications

Regional initiative in the Gulf Arab States: the search for a common currency

Regional initiative in the Gulf Arab States: the search for a common currency

Evidence of customer sophistication behaviour in deposit markets: the case of Qatar

Macroeconomic Stabilization Policies and Sustainable Growth in Qatar

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