Real Interest Rates, Bubbles and Monetary Policy in the GCC countries Elmostafa Bentour Weshah Razzak API/WPS 0912 Correspondence Dr.Elmostafa Bentour, The Arab Planning Institute, P.O. Box: 5834 Safat. 13059 Kuwait, Tel: (965) 4843130, Fax: (965) 4842935, E-mail: mostafa@api.org.kw. Dr.Weshah Razzak, The Arab Planning Institute, P.O. Box: 5834 Safat. 13059 Kuwait, Tel: (965) 4843130, Fax: (965) 4842935, E-mail: weshah@api.org.kw.