Referendums and economic volatility: Scotland 2014


Julia Darby & Graeme Roy

Fraser of Allander Institute and Department of Economics, University of Strathclyde


One of the interesting features of referendums is that they are often motivated by the desire to resolve big debates or settle issues of strong divergent views.

Unlike countries such as Switzerland where referendums are commonplace, in the UK they are much less frequent (although like buses, you wait ages for one to come along and then three – the Alternative Vote referendum in 2011, the Scottish independence referendum in 2014 and the EU referendum in 2016 – come along in close order!)

One consequence can be a rise in economic uncertainty.

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