Monetary and fiscal policy in a newly independent Scotland: lessons from the dissolution of Czechoslovakia?

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Abstract

Abstract: This paper looks at the creation of the Czech Republic and Slovakia and its transitionary monetary union to illustrate the challenges - and opportunities - that a newly independent Scotland might face. The paper provides a background to the economic consequences of the dissolution on both the Czech Republic and Slovakia, their divergent paths in terms of economic policy and growth and the reasons why their monetary union was short-lived. The lessons from this experience are then drawn with regard to the issues that might face a newly independent Scotland, were policy to follow the recommendations of the recent Sustainable Growth Commission report. Though not strict parallels, the economic experience of the dissolution of Czechoslovakia does have some lessons for a newly independent Scotland to consider.
Original languageEnglish
Number of pages12
JournalFraser of Allander Economic Commentary
Volume42
Issue number3
Publication statusPublished - 26 Sep 2018

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Czechoslovakia
Monetary and fiscal policy
Dissolution
Scotland
Czech Republic
Monetary union
Slovak Republic
Economics
Economic growth
Sustainable growth
Economic consequences
Economic policy

Keywords

  • Fraser of Allander
  • independant Scotland
  • fiscal policies
  • Czech Republic
  • Slovakia

Cite this

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title = "Monetary and fiscal policy in a newly independent Scotland: lessons from the dissolution of Czechoslovakia?",
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AB - Abstract: This paper looks at the creation of the Czech Republic and Slovakia and its transitionary monetary union to illustrate the challenges - and opportunities - that a newly independent Scotland might face. The paper provides a background to the economic consequences of the dissolution on both the Czech Republic and Slovakia, their divergent paths in terms of economic policy and growth and the reasons why their monetary union was short-lived. The lessons from this experience are then drawn with regard to the issues that might face a newly independent Scotland, were policy to follow the recommendations of the recent Sustainable Growth Commission report. Though not strict parallels, the economic experience of the dissolution of Czechoslovakia does have some lessons for a newly independent Scotland to consider.

KW - Fraser of Allander

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KW - Slovakia

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