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Fiscal policy: Its role in an independent Scotland


  • Anthony J Laramie
  • Douglas Mair


In this paper we consider the implications for macroeconomic fiscal policy in Scotland if the Scottish electorate votes in favour of independence in the referendum on 18 September, 2014. We offer the paper in the spirit of the new thinking that the Scottish government's Fiscal Commission has argued will be required if the potential benefits from the exercise of independently determined macroeconomic policy instruments are to be achieved.

Suggested Citation

  • Anthony J Laramie & Douglas Mair, 2013. "Fiscal policy: Its role in an independent Scotland," Working Papers PKWP1307, Post Keynesian Economics Study Group (PKSG).
  • Handle: RePEc:pke:wpaper:pkwp1307

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    References listed on IDEAS

    1. Engelbert Stockhammer & Ozlem Onaran, 2013. "Wage-led growth: theory, evidence, policy," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(1), pages 61-78, January.
    2. Anthony Laramie & Douglas Mair, 2003. "The Effects of Taxation in a Kaleckian Growth Model," Metroeconomica, Wiley Blackwell, vol. 54(2-3), pages 326-345, May.
    3. Judd, Kenneth L., 1999. "Optimal taxation and spending in general competitive growth models," Journal of Public Economics, Elsevier, vol. 71(1), pages 1-26, January.
    4. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, vol. 54(3), pages 607-622, May.
    5. Eckhard Hein, 2015. "Finance-dominated capitalism and re-distribution of income: a Kaleckian perspective," Cambridge Journal of Economics, Oxford University Press, vol. 39(3), pages 907-934.
    6. Peter Hans Matthews & David Colander, 2004. "Integrating Sound Finance with Functional Finance," Middlebury College Working Paper Series 0413, Middlebury College, Department of Economics.
    7. Fine, Ben, 2000. "Endogenous Growth Theory: A Critical Assessment," Cambridge Journal of Economics, Oxford University Press, vol. 24(2), pages 245-265, March.
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    More about this item


    Scotland; fiscal policy; secession;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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