You are currently browsing the category archive for the ‘Hallwood’ category.
Professor Paul Hallwood has four chapters in the above titled book just published by Cambridge University Press in England. The chapters are “Crash! Expectational Aspects of the Departures of the United Kingdom and United States from the Inter-War Gold Standard”; “Realignment Expectations and the US Dollar, 1890–1897: Was There a ‘Peso’ Problem?”; “Credibility and Fundamentals: Were the Classical and Inter-War Gold Standards Well-Behaved Target Zones?”; and “Did Impending War in Europe Help Destroy the Gold Bloc in 1936? An Internal Inconsistency Hypothesis?” All four chapters were written with Ronald MacDonald and Ian Marsh, and the book is edited by Michael D. Bordo and Ronald MacDonald.
Hallwood’s chapters demonstrate that adherence to a fixed exchange regime imposes severe monetary and fiscal discipline on member countries – not unlike the Euro-zone today; that at some point this discipline can become unbearable, though the USA did ride out the free-silver movement in the 1890s; that the gold standard was heavily implicated in the generation of the Great Depression: and that it was also implicated in the French defeat by Germany in 1940 as France for too long accepted the fiscal constraint of gold, restraining its military spending, even while Germany remilitarized.
Faculty member Professor Paul Hallwood‘s work on fiscal federalism is recognized in a retrospecitive article as attracting “intensive political scutiny” in the on going debate on fiscal devolution in the UK, downward from the Westminster Parliament to the Scottish Parliament. His original work appeared in the book New Wealth for Old Nations (Diane Coyle et al. eds, Princeton University Press, 2005) alongside papers by Paul Krugman, William Baumol, Edward Glaeser, James Heckman and others. Whether to include a question on fiscal autonomy in the upcoming referendum on Scottish independence is still being discussed by British politicians.
Read more here.
Professor Hallwood‘s article “The Case for Fiscal Autonomy for Scotland with or without Independence,” was recently quoted by a reader in the Scotsman. Read more here.
Professor Paul Hallwood will publish his eighth book in July this year: The Political Economy of Financing Scottish Government: Considering a New Constitutional Settlement for Scotland (with Ronald MacDonald), Edward Elgar Publishers, Cheltenham, 2009. Series editor Wallace Oates writes of the book “Hallwood and MacDonald make a compelling case for the devolution of fiscal authority to Scotland to increase fiscal autonomy and improve fiscal performance. They suggest not only the need for such devolution but provide a careful analysis and blueprint of how to do it.” Additionally, the book is motivated to find a fiscal settlement for Scotland that is most likely to hold the United Kingdom together at a time when the separatist Scottish National Party forms the Scottish administration. The topic is creating quite a stir already, see this article in the Scotsman.
The book is also available on Amazon
