The Currency Systems of the United Kingdom Periphery

Brandon Dixon
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Brandon Dixon: The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

No 23, Studies in Applied Economics from The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise

Abstract: In and around the United Kingdom, local monetary issuers separate from those of the Bank of England exist in Scotland, Northern Ireland, the Isle of Man, Guernsey, and Jersey. I briefly summarize the history of these arrangements and examine whether they are currency boards. To test whether they are, I use three measures—the reserve ratio, the annual change correlation, and reserve pass-through—as well as an analysis of institutional arrangements.

Keywords: United Kingdom; Great Britain; Scotland; Northern Ireland; Isle of Man; Guernsey; Jersey; note issue; coins; currency board (search for similar items in EconPapers)
JEL-codes: E59 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2015-01
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