MONETARY COMPONENT OF BREXIT IMPACT ON EU AND THE UK ECONOMY
Keywords:
Brexit, United Kingdom, European Union, economic growth, inflation, monetary policyAbstract
The aim of the paper is to study Brexit impact on economic growth of the UK and EU focusing on its monetary component. The results show, that Brexit will hurt the UK economy much more than economy of European Union. The UK monetary authorities keep monetary policy unchanged waiting for the decision on the Brexit final scenario, while European Central Bank continues its quantitative easing programme, that has already brought gains for European economy.References
Tetlow G.,Stojanovic A. Understanding the economic impact of Brexit. Institute for Government. October 2019. URL: https://www.instituteforgovernment.org.uk/sites/default/files/publications/2018%20IfG%20%20Brexit%20impact%20%5Bfinal%20for%20web%5D.pdf
Mourmouras J. Post-Brexit effects on global monetary policy and capital markets. Speech at an event organised by the Hellenic American Association for Professionals in Finance (HABA), New York City. 5 October 2016. URL: https://www.bis.org/review/r161216g.pdf
Brexit. European Union official web-site. URL: https://europa.eu/european-union/about-eu/countries/member-countries/unitedkingdom_en#brexit (retrieving data – 08.06.2019)
Вендик Ю. «Брексит» отложен до 31 октября: ЕС дал Британии длинную отсрочку. Русская служба Би-би-си. 11 апреля 2019. URL: https://www.bbc.com/russian/news-47887922
Chaplain C. What do ‘hard Brexit’ and ‘soft Brexit’ mean and what is the difference between them? I-News. November 26, 2018. URL:
https://inews.co.uk/news/brexit/hard-brexit-vs-soft-brexit-difference-meaning-what-consequences/
Mueller B. What Is Brexit? A Simple Guide to Why It Matters and What Happens Next. The New York Times. May 24, 2019. URL: https://www.nytimes.com/interactive/2019/world/europe/what-is-brexit.html
Yearly Average Rates. OFX. URL: https://www.ofx.com/en-au/forex-news/historical-exchange-rates/yearly-average-rates/ (retrieving data – 08.06.2019)
Inflation. OECD official web-site. URL: https://data.oecd.org/price/inflation-cpi.htm (retrieving data – 08.06.2019)
Mustoe H. How does Brexit affect the pound? BBC News. 15 January 2019. URL: https://www.bbc.com/news/business-46862790
Papadia F. The shadow of Brexit: Guessing the economic damage to the UK. Money matters? Perspectives on Monetary Policy. March 27, 2019. URL: http://moneymatters-monetarypolicy.eu/the-shadow-of-brexit-guessing-the-economic-damage-to-the-uk/
Interest rates of European Central Bank. Global Rates. URL: https://www.global-rates.com/interest-rates/central-banks/european-central-bank/ecb-interest-rate.aspx (retrieving data – 08.06.2019)
Interest rates of Bank of England. Global Rates. URL: https://www.global-rates.com/interest-rates/central-banks/central-bank-england/boe-interest-rate.aspx (retrieving data – 08.06.2019)
Singleton L. Bank of England to adopt wait and see approach as Brexit unfolds. Imperial College News. March 11. 2019. URL: https://www.imperial.ac.uk/news/190515/bank-england-adopt-wait-approach-brexit/
Carvalho R., Ranasinghe D., Wilkes T. The life and times of ECB quantitative easing, 2015-18. Reuters. December 12, 2018. URL:
Economic growth, % annual. World Data Atlas, Knoema. World development indicators (2018). URL: https://knoema.com/WBWDI2019Jan/world-development-indicators-wdi (retrieving data – 08.06.2019)
Consumer Trends Report 2018-2019. European Banking Authority. 2019. URL: https://eba.europa.eu/documents/10180/2551996/Consumer+Trends+Report+2018-19.pdf
EIB Investment Report 2018/2019: retooling Europe’s economy - Key findings. European Investment Bank. 2019. URL: https://www.eib.org/attachments/efs/economic_investment_report_2018_key_findings_en.pdf
Bilan O. Brexit: Shall Ukrainians Worry. Wox Ukraine. June 21, 2016. URL: https://voxukraine.org/en/brexit-shall-ukrainians-worry-en/
