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MONETARY INTEGRATION AMONG OIL EXPORTER COUNTRIES: TESTING KENEN'S PRODUCT DIVERSIFICATION HYPOTHESIS IN THE ORGANIZATION OF ISLAMIC COOPERATION
International Journal of Energy Economics and Policy
Kenen (1969) hypothesizes that countries that are largely dependent on one export commodity could experience weaker monetary integration and synchronize the business cycle among them. This paper aims to retest Kenen's hypothesis, which is applied to the seven largest oil-producing countries in the Islamic world. This study employs the optimum currency area index and the Pearson correlation matrix to determine the degree of integration and synchronization of the business cycle. This studydoi:10.32479/ijeep.8970 fatcat:5uxgoz2vdza5lfuwysbdpnwhnq