MacDonald, R. (2022) The currency conundrum for an independent Scotland. National Institute Economic Review, 260, pp. 7-25. (doi: 10.1017/nie.2022.22)
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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.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | MacDonald, Professor Ronald |
| Authors: | MacDonald, R. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | National Institute Economic Review |
| Publisher: | Cambridge University Press |
| ISSN: | 0027-9501 |
| ISSN (Online): | 1741-3036 |
| Published Online: | 11 January 2023 |
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