The economics of Scottish independence in an interdependent world

Andrew Hughes Hallett, 20 June 2014

Vox readers can download CEPR Policy Insight 73 for free here.

URL: http://www.cepr.org/active/publications/policy_insights/viewpi.php?pino=73
Topics: Europe's nations and regions, Monetary policy
Tags: currency union, monetary independence, Scotland, Scottish independence

Scottish independence in an interdependent world: New evidence

Andrew Hughes Hallett, 20 June 2014

a

A

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

Topics: Europe's nations and regions, Monetary policy
Tags: currency union, monetary independence, Scotland, Scottish independence

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

Oliver Harvey, George Saravelos, 28 May 2014

a

A

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.

Topics: Europe's nations and regions, Monetary policy
Tags: Bank of England, currency union, Currency unions, monetary independence, Scotland, Scottish independence, sterling

Moving closer? Changing patterns of labour mobility in Europe and the US

Mai Dao, Davide Furceri, Prakash Loungani, 1 December 2013

a

A

On 21 September 1992, four famous professors – Olivier Blanchard, Rudi Dornbusch, Stan Fischer, and Paul Krugman – took part in a panel discussion at MIT on the merits of the proposed European currency union.

Topics: Labour markets
Tags: currency union, euro, eurozone, labour mobility

Why a collapse of the Eurozone must be avoided

Anders Åslund, 21 August 2012

a

A

Articles on a possible breakup of Eurozone either see it as a mere devaluation (Lachman 2010, Roubini 2011) or reckon that its collapse would amount to a major economic disaster (Buiter 2011, Cliffe et al. 2010, Normand and Sandilya 2011). It seems the latter is more likely. Large imbalances have accumulated between southern debtor countries and northern creditor countries.

Topics: EU policies, Europe's nations and regions
Tags: currency union, Eurozone crisis, Habsburg Empire, Soviet Union, Yugoslavia

Managing a fragile Eurozone

Paul De Grauwe, 10 May 2011

a

A

A monetary union is more than just a single currency and a single central bank. Countries that join a monetary union lose more than one instrument of economic policy. They lose their capacity to issue debt in a currency over which they have full control.

Topics: EU policies, International finance
Tags: currency union, Eurozone crisis

The macroeconomic costs and benefits of the Economic and Monetary Union

Roel Beetsma, Massimo Giuliodori, 27 November 2009

a

A

More than ten years since its start, the costs and benefits of the Economic and Monetary Union (EMU) in Europe continue to be debated. “Technically”, the EMU has been a success. There have been no disruptions in the financial markets as a result of the monetary unification, nor has there been economic chaos otherwise.

Topics: EU institutions
Tags: currency union, EMU, fiscal policy

Why have currency unions dissolved? A test of optimum currency area theory

Andrew K Rose, 6 February 2008

a

A

The euro’s success has piqued the world’s interest in currency unions. The Gulf Cooperation Council is planning to establish one by 2010, the South African Development Community by 2018 and plans for an Asian currency union have circulated for years.

Topics: Global economy, Monetary policy
Tags: currency union, EMU, euro, membership, monetary independence

Vox eBooks

Events