THE CURRENCY CONUNDRUM FOR AN INDEPENDENT SCOTLAND

IF 1.2 Q3 ECONOMICS

National Institute Economic Review Pub Date : 2022-01-01 DOI:10.1017/nie.2022.22

R. MacDonald

引用次数: 1

Abstract

Abstract In this paper we revisit the issue of currency regime choice for an independent Scotland using an international macroeconomic/ finance framework. Specifically, we consider the main competing proposals for currency choice with an emphasis on the SNP’s official policy of the informal use of sterling post-independence. We conclude that from a macroeconomic perspective this option is unlikley to be credible to international capital markets. The option that would be credible, and avoids the austerity associated with the choice of a fixed exchange rate option, would be a free float at least during the transition period of independence.

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苏格兰独立后的货币难题

在本文中，我们使用国际宏观经济/金融框架重新审视独立苏格兰的货币制度选择问题。具体来说，我们考虑了货币选择的主要竞争建议，重点是苏格兰民族党在独立后非正式使用英镑的官方政策。我们的结论是，从宏观经济的角度来看，这种选择不太可能是可信的国际资本市场。至少在独立的过渡期内，自由浮动汇率将是一种可信的选择，并避免与选择固定汇率相关的紧缩。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

National Institute Economic Review ECONOMICS-

CiteScore

3.70

自引率

9.50%

发文量

期刊介绍： The National Institute Economic Review is the quarterly publication of the National Institute of Economic and Social Research, one of Britain"s oldest and most prestigious independent research organisations. The Institutes objective is to promote, through quantitative research, a deeper understanding of the interaction of economic and social forces that affect peoples" lives so that they may be improved. It has no political affiliation, and receives no core funding from government. Its research programme is organised under the headings of Economic Modelling and Analysis; Productivity; Education and Training and the International Economy.