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Competitive adjustment and recovery: the British experience following the depreciation of sterling

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  • Teresa Sastre

Abstract

The experience of the United Kingdom following the depreciation of sterling illustrates how an adjustment in the nominal exchange rate can allow price competitiveness to recover rapidly and increase the surplus of the tradable sectors, potentially helping to limit the adverse effects of the recession. However, this process seems to have had a limited impact, since there has been no real improvement in productivity and unit costs to consolidate the competitiveness gains.

Suggested Citation

  • Teresa Sastre, 2016. "Competitive adjustment and recovery: the British experience following the depreciation of sterling," Economic Bulletin, Banco de España, issue JUN, pages 41-49, June.
    • Handle: RePEc:bde:journl:y:2016:i:6:n:4
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    File URL: http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/InformesBoletinesRevistas/BoletinEconomico/descargar/16/jun/Files/be1606-art4e.pdf
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    Cited by:

    1. Gobbi, Lucio & Lucarelli, Stefano, 2022. "Pound Sterling depreciation and the UK's trade balance versus the USA's: Industry-level estimates," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 206-220.

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