The economics of Scottish independence in an interdependent world

Andrew Hughes Hallett,

Date Published

Fri, 06/20/2014

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Europe's nations and regions Monetary policy

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Tags
monetary independence, currency union, Scotland, Scottish independence

Scottish independence in an interdependent world: New evidence

Andrew Hughes Hallett 20 June 2014

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Any economy must have a policy framework designed to manage the three basic macroeconomic imbalances:

  • The private financing (savings-investment) gap;
  • The public spending-revenues (fiscal) gap; and
  • The foreign financing (trade) gap.

These imbalances imply a need for financial regulation, fiscal rules, and a currency/monetary policy choice, respectively. A newly independent Scotland would be no exception.

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Topics:  Europe's nations and regions Monetary policy

Tags:  monetary independence, currency union, Scotland, Scottish independence

Scotland would not be better off as an independent nation: results from the Centre for Macroeconomics June Survey

Angus Armstrong, Francesco Caselli, Jagjit Chadha, Wouter den Haan 07 June 2014

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The Centre for Macroeconomics (CFM) - an ESRC-funded research centre including the University of Cambridge, the London School of Economics (LSE), University College London (UCL) and the National Institute of Economic and Social Research (NIESR) - is today publishing the results of its third monthly survey. The surveys are designed to inform the public about the views held by leading UK-based macroeconomists on important questions about macroeconomics and public policy.

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Topics:  Politics and economics

Tags:  devolution, Scotland, Scottish independence

A well-designed sterling union will be needed if Scotland votes for independence

Oliver Harvey, George Saravelos 28 May 2014

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The currency options of an independent Scotland have become a crucial point of contention for both sides ahead of the September 2014 referendum. However, the debate has so far focused on the suitability of different regimes based on the optimal currency area framework or fiscal implications (Armstrong 2013). There has been little focus on the practical issues involved. This is problematic because a breakup of the sterling area would be historically unprecedented and uniquely complex.

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Topics:  Europe's nations and regions Monetary policy

Tags:  monetary independence, currency union, Bank of England, Currency unions, Scotland, sterling, Scottish independence