Gulf cooperation council (GCC) countries are witnessing an exponential growth in new foreign higher education institutions on account of government policies which promote setting up of local campuses of renowned foreign universities. But GCC countries have not been able to adequately address key...

Two seemingly unconnected empirical results suggest an intriguing mechanism. First, economic integration helps harmonize prices internationally, with trade being the primary channel (Rogoff 1996, Goldberg and Knetter 1997). Second, monetary union may greatly increase the amount of trade among...