Category Archives: Currency

The economics of Scotland’s currency choices, by Ronald MacDonald

The recent decision by all of the major unionist parties to rule out an independent Scotland participating in a sterling monetary union has created much political heat. So much so, that there is a danger that the light of the … Continue reading

Posted in Currency, Uncategorized

International Conference on the Economics of Constitutional Change

The International Conference on the Economics of Constitutional Change, held in Edinburgh on the 19th and 20th of September 2013, brought together leading academics and policy makers to review the Scottish independence debate within the context of wider international experiences. … Continue reading

Posted in Currency, Debates, Debt, Energy, Migration, Monetary Policy, Population, Risk

Ronald MacDonald – Own currency needed if yes

The issue of the appropriate currency for an independent Scotland seems to have become the defining issue in the independence debate. In my paper published today (, I review the critical issues concerning the currency choice for an independent Scotland. … Continue reading

Posted in Currency

The unbalanced Sterling Zone

Suppose that Scotland and the rest of the UK (rUK) form an Optimal Currency Area (OCA). This means that there are net benefits associated with the formation of a currency union. The fact that net benefits arise from the OCA … Continue reading

Posted in Currency

Scotland’s currency options: a ‘hard’ currency? (speech)

Dr Angus Armstrong, NIESR and ESRC Fellow[1] SCOTLAND’S CURRENCY OPTIONS: A ‘HARD’ CURRENCY? “In a world of sovereign states, nothing can be regarded as truly irreversible”[2]  Professor Benjamin Cohen Introduction Good morning ladies and gentlemen. It is a great pleasure … Continue reading

Posted in Currency, Debates, Debt, Monetary Policy, Risk

David Bell’s speech at Scotsman Conference 4th June 2013

[SLIDE 1] Thank you for this invitation to speak at the Scotsman conference on the Economics of Independence. Like Angus, I am one of the research fellows appointed by the ESRC to study issues relating to the constitutional future of … Continue reading

Posted in Currency, Debt, Monetary Policy | Tagged | 2 Comments

Debate – Scotland reneges on its share of the UK national debt

One possible independence bargaining strategy: Scotland refuses to take on any of UK national debt unless rUK accepts Scotland within the sterling area. Is this credible? What would be the no-agreement outcome for both parties? Views? Reactions?

Posted in Currency, Debates, Debt

Scotland’s currency options: a currency union? (speech)

by Angus Armstrong This is an abridged version of a speech given at an ESRC conference in Edinburgh ‘The Future of the UK and Scotland’ on 2nd May 2013. The full speech is available here. “International monetary regimes have been … Continue reading

Posted in Currency, Debt, Monetary Policy, Risk