The economics of Brexit : revisited / Philip B. Whyman, Alina I. Petrescu.
Whyman, Philip, author.; Petrescu, Alina Ileana, author.
2020
HC256.7 .W49 2020
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Title The economics of Brexit : revisited / Philip B. Whyman, Alina I. Petrescu.
Author Whyman, Philip, author.
ISBN 3030559483 electronic book
9783030559489 (electronic bk.)
3030559475
9783030559472
DOI https://doi.org/10.1007/978-3-030-55948-9
Published Cham, Switzerland : Palgrave Macmillan, [2020]
Language English
Description 1 online resource (xxxv, 390 pages)
Other Standard Identifiers 10.1007/978-3-030-55948-9 doi
Call Number HC256.7 .W49 2020
Dewey Decimal Classification 330.941001/12
Summary The Economics of Brexit - Revisited builds upon and extends the analysis contained within the authors' previous book, The Economics of Brexit: A Cost-Benefit Analysis of the UK's Economic Relationship with the EU, which arguably represented the most comprehensive and systematic evaluation of the UK's economic relationship with the EU. The Economics of Brexit - Revisited continues where the previous volume left off, given that the UK has now formally withdrawn from the EU, and therefore the focus of the evidence presented concerns the potential economic implications arising from Brexit and considering the options available to those negotiating the UK's future economic relationship both regionally and globally. The Economics of Brexit - Revisited seeks to provide greater clarity to a range of issues that have been hotly debated over the past few years, ranging from the trade and fiscal implications of Brexit, to the economic impact of regulation and migration. The significance of different Brexit options are discussed in detail, including the significance of demands for regulatory harmonisation (the 'level playing field'), along with their implications for UK trade with the EU and the rest of the world. A wide range of economic analyses are evaluated to determine their relative methodological strengths and weaknesses, and ultimately whether their conclusions are sufficiently robust to engender confidence. Finally, noting that a key determinant of the effectiveness of any post-Brexit economic strategy depends upon the degree of flexibility created for economic policy, the book provides an extended examination of the potential relating to different economic policy options available to the UK government, depending upon the form of final trade settlement that is agreed with the EU. These policy options include more active forms of macroeconomic management, combined with industrial and procurement policy. The Economics of Brexit - Revisited therefore seeks to combine evaluation of the available evidence indicating the economic impact of Brexit, together with consideration of policy trade-offs that lie at the heart of the choices surrounding Brexit, and how these might be resolved. The Economics of Brexit - Revisited therefore maintains its position as the most comprehensive analysis of the economics of Brexit in the market today.
Bibliography, etc. Note Includes bibliographical references and indexes.
Access Note Access limited to authorized users.
Digital File Characteristics text file PDF
Source of Description Description based on online resource; title from digital title page (viewed on February 15, 2021).
Added Author Petrescu, Alina Ileana, author.
Available in Other Form Print version: 9783030559472
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Intro
Preface
Acknowledgements
Contents
Abbreviations
List of Figures
List of Tables
Introduction
Chapter 1: The Elusive Economic Consensus over Brexit
Different Methodologies, Different Conclusions
Historical and Counterfactual Analysis
Macroeconomic Models
CGE Simulations
Reduced-Form Evidence Using Gravity Modelling
Influential 'Consensus' Studies
Choice of Models and Their Micro-Foundations Influences Results
The Crucial Role of Assumptions in Economic Models
Drivers of Brexit Impact
Dissenting Studies

The Need for More Comprehensive Analysis
References
Chapter 2: The Fiscal Impact of Brexit
Composition and Size of the EU Budget
Financial Management and Fraud
UK Contributions to the EU Budget
The UK Rebate
Gross Versus Net Contributions
Misuse of Statistics
The Uncertainty of Future Budgetary Developments
References
Chapter 3: Brexit and Trade
The Economic Theory of Trade
Theoretical Effects of Trade Integration
Trends in Trade Development
UK Trade Development
Deficit
The EU-A Declining Market for UK Trade
European Trade Integration

Empirical Studies-Initial Impact of EU Membership
Empirical Studies-Medium-Term Impact of EU Membership
The Predicted Trade-Related Impact from Brexit
Tariffs Under the 'WTO Option'
Economic Models-Trade Predictions
The Loss of Future Trade Benefits from EU Membership
Conclusions
References
Chapter 4: Foreign Direct Investment (FDI) After Brexit
Definition-What Is FDI?
Theoretical Impact-Why Is FDI Important?
Determinants of FDI
FDI and the UK Economy
Magnitude of FDI
Origin of FDI
Composition of FDI
FDI and the UK Economy

The Potential Impact of Brexit upon FDI
Limitations of Economic Estimates
Attitude Surveys-International Investors
Policy Response
Case Study: Brexit and the Car Industry
Conclusion
References
Chapter 5: Regulation
Regulation-Benefit or Burden?
What Proportion of UK Laws Derive from the EU?
Can Brexit Deliver a Regulatory Benefit?
Most UK Businesses Do Not Export into the SIM
The Estimated Costs and Benefits of EU Regulations
Are National Regulations More Beneficial to the UK Economy?
Regulation After Brexit
'Singapore on Thames'

Modest but Significant Potential Regulatory Gain
Regulatory Divergence or Level Playing Field
Conclusion
References
Chapter 6: Migration
Insights into Understanding Migration, Its Motivations and Impact
What Is Migration, How Is It Analysed and Why This Matters
Neo-classical Theory to Understand the Labour Market and Migration
Extensions of Neo-classical Theories Make Predictions More Real
The Importance of Migration-Creating Efficiency and a Wage Leveller?
Explaining the (Mis)match Between Migration Model Predictions and Reality

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