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BREXIT: EKONOMİK ÇÖZÜLME VEYA YENİDEN DİRİLİŞİN İLK ADIMI

Year 2021, , 209 - 243, 13.08.2021
https://doi.org/10.32450/aacd.979221

Abstract

Brexit’in Birleşik Krallık ekonomisine etkisini inceleyen bu çalışma, genel olarak ekonomistlerin yaptığı hesaplamalara baktıktan sonra, Birleşik Krallık hükümetinin “AB’den Ayrılmanın Uzun Dönemli Ekonomik Analizi” adı altında AB ile gelecekteki ilişkilerinin ekonomik etkilerinin değerlendirildiği raporun sonuçlarına yoğunlaşmaktadır. Raporda yapılan analizde dört temel senaryo değerlendirilmiştir. Ilk senaryo olan Beyaz Sayfa (White Paper) modeline göre, Birleşik Krallık, Avrupa Birliği ile gümrüksüz ticaret sürdürebilir; mal ticaretinde mevzuat uyumu bugünkü düzenlemelere büyük ölçüde benzer. Ortalama Serbest Ticaret Anlaşması (Free Trade) Modeli değerlendirmesinde ise, sıfır-gümrük, fakat AB Gümrük Birliğinin dışında olmanın getirdiği tarife dışı engellerin yaratacağı maliyetler hesaba katılmıştır. Avrupa Ekonomik Alanı- AEA (European Economic Area- EEA) Modeline dayanan üçüncü senaryoda, Birleşik Krallık Gümrük Birliği dışında olup Avrupa Ekonomik Alanı (AEA) ve EFTA’ya dahil olacaktır. Anlaşmanın olmadığı (No Deal) Modeline göre, ki bu sert Brexit olur, Birleşik Krallık-AB ticaretinde mallar için ortalama AB’de uygulanan “En Çok Tercih Edilen Ülke (MFN)” tarife oranları kabul edilmektedir.
Makale, Brexit’in Avrupa Birliği ülkeleri ve bölgeleri uzerindeki etkilerine de değinmektedir. Sonuçta Brexit tüm Avrupa’da ekonomik büyümeyi ve refahı etkileyecektir.

References

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  • Browne, J., P.Johnson and D. Phillips, “The Budget of the European Union: a Guide, Institute for Fiscal Studies”, IFS Briefing Note BN181, April 2016.
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  • Crowley, M., O. Exton and Lu Han, Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence from the Impact of Brexit on UK Exports, Cambridge-INET Working Paper Series No: 2018/10, Cambridge Working Papers in Economics: 1839, University of Cambridge, 3 July 2018.
  • Crowley, M. and Song, Tariff Scares: Trade Policy Uncertainty and Foreign Market, 2016, papers.ssrn.com/sol3/papers.cfm?abstract.id=2893075
  • Dhingra, S., G. Ottaviano and T. Sampson, “Should We Stay or Should We Go? The Economic Consequences of Leaving the EU”, LSE EconPapers, 2015, cep.lse.ac.uk/pubs/download/EA022.pdf
  • Dhingra, S., G. Ottaviano and T. Sampson and J.V. Reenen, “The Impact of Brexit on Foreign Investment in the UK”, LSE CEP Brexit Analysis No:3, 2016, www.scirp.org/reference/ReferencesPapers.aspx?ReferenceID=1985514
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  • Head, K. & T. Mayer, Brands in Motion: How Frictions Shape Multinational Production, Working Paper 2015-26, CEPii Research Centre
  • HMRC. “Income Tax, National Insurance contributions, tax credits and Child Benefit statistics for EEA nationals”, August 2018.
  • HM Government, “EU Exit Long-term economic analysis”, November 2018, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/760484/28_November_EU_Exit_-_Longterm_economic_analysis__1_.pdf
  • House of Commons Library, “Brexit: Impact across Policy Areas”, Briefing Paper Number 07213, 2016.
  • Hutter R. and J. Grab, “Market Review”, ECB, 23 November 2016. IMF, “Technical Note on Financial Integration and Fragmentation in the European Union”, March 2013.
  • IMF, World Economic Outlook, “Subdued Demand, Symptoms and Remedies”, World Economic and Financial Surveys, October 2016.
  • Jackson, J.K, S.I Akhtar and D.E Mix, “Economic Implications of a United Kingdom Exit from the European Union”, CRS Report, July 14, 2016.
  • J.P Morgan, “Corporate Finance Post-Brexit Financial Policies for a Lower Growth, More Uncertain Environment”, July 2016.
  • Kılcı, Esra, N., BREXİT; Birleşik Krallık ve EURO-Bölgesi Açısından Sonuçlarının Değerlendirilmesi, Sakarya İktisat Dergisi, Cilt 7, ss.1-26, 2018.
  • Kleveland, K. “Actually Mr. Cameron, We Norwegians are Happy, Rich and Free Outside the EU”, The Telegraph, 29 October 2015.
  • Lisenkova, K. & M. Sanchez-Martinez, “The Long-term Macroeconomic Effects of Lower Migration To the UK”, NIESR Discussion Paper No. 460, 24 May 2016.
  • LSE Centre for Economic Performance, CEP Discussion Paper No 1425, Centre for Economic Performance, 2015, cep.lse.ac.uk/pubs/download/dp1425.pdf
  • Magnus, M., A. Margerit and B. Mesnard, “Brexit: The United-Kingdom and EU Financial Services”, Briefing, European Parliament Directorate-General For Internal Policies Economic Governance Support Unit, 2016.
  • Mansfield, I., ”A Blueprint for Britain: Openness not Isolation”, 2014, iea.org.uk/sites/default/files/publications/files/Brexit Entry170_final_bio_web.pdf
  • Meredith Crowley Oliver Exton Lu Han, “Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence From the Impact of Brexit on UK Exports”, Cambridge-INET Working Paper Series No: 2018/10,Cambridge Working Papers in Economics: 1839, University of Cambridge, 3 July 2018.
  • Mion, G. & D.Ponattu, “Estimating the Impact of Brexit on European Countries and Regions”, Policy Paper, Bertelsmann Stiftung, 2019
  • OECD, “Economic Policy Reforms 2013: Going for Growth, Country Notes: United Kingdom”, 2013.
  • OECD, “The Economic Consequences of Brexit: A Taxing Decision”, OECD Economic Policy Paper 16, April 2016.
  • Ottaviano, G., J. Pessoa, T. Sampson and J. Van Reenen, “The Costs and Benefits of Leaving the EU”, CEP Papers, 2014.
  • Pain, G. ve N. Young, “The Macroeconomic Impact of UK Withdrawal from the EU”, Economic Modelling, 2004.
  • Pierce, J.R. and Schott, P.K., “Trade Liberalization and Mortality Evidence from US Counties”, Finance and Economics Discussion Series, 94, ss. 1-68, 2016, www.scirp.org/reference/ReferencesPapers.aspx?ReferenceID=2231639
  • Pompova, I., “European Migrants: Burden or Benefit for the British Economy? The Depiction of EU Migrants in the UK and Its Consequences”, Migrants & Society 814F8.
  • Portes, J. & Forte G., The economic impact of Brexit-induced reductions in migration, Oxford Review of Economic Policy, Volume 33, Issue suppl_1, 1 March 2017, ss.31-44, https://doi.org/10.1093/oxrep/grx008
  • PricewaterhouseCoopers (PwC), Trade and FDI-related impacts of Brexit, 2016, ec.europa.eu/jrc/sites/jrcsh/files/s02._latorre.pdf
  • Rodrik D., The Globalization Paradox: Democracy and the Future of the World Economy, W. W. Norton Company, 2011.
  • Sander, O., Siyasi Tarih 1914-1994, İmge Kitabevi Yayınları, Ankara, 1994.
  • Schumacher, D. “The Global Economic Outlook After Brexit’, Goldman Sachs, July 2016.
  • Springford J., S. Tiford and P. Whyte, (2014). “The Economic Consequences of Leaving the EU”, The Final Report of the CER Commission on the UK and the EU Single Market, Centre for European Reform Reports, June 2014.
  • Tilford, S., “Five Brexit Economic Mhyths”, CER Bulletin, Issue 108, June/July 2016.
  • Ward, M., “Statistics on UK-EU Trade”, House of Common Library, Briefing Paper, Number 7851, August 2017.
  • Webb, D. and M. Ward, “Foreign Direct Investment into the UK”, 2016/17, House of Commons Library, Debate Pack, Number CDP 2017/0159, 8 September 2017.
  • Whyte, P., “Britain, Europe and the City of London: Can the Triangle be Managed?”, CER Essay, July 2012.
  • World Bank, Deep Integration and UK-EU Trade Relations, Policy Research Working Paper 7947, 2017
  • Wright, W. “The Potential Impact of Brexit on European Capital Markets”, A Qualitative Survey of Market Participants, New Financial, April 2016.
  • http://ukandeu.ac.uk/public-wrong-on-key-facts-around-brexit-and-impact-of-eumembership-new-study-finds/ https://www.prospectmagazine.co.uk/economics-and-finance/britains-choice-on-theeconomy-mays-80s-rerun-versus-corbyns-bold-rethink https://ukandeu.ac.uk/so-boris-johnson-is-going-to-do-brexit-but-what-are-theactual-options/ https://voxeu.org/article/consequences-brexit-and-trumpit-multinational-car-industry

Brexit: Economic Disintegration or First Step towards New Beginning

Year 2021, , 209 - 243, 13.08.2021
https://doi.org/10.32450/aacd.979221

Abstract

This paper looks at the possible scenarios of Brexit on UK economy based on the studies by known economists in general and then focuses on the UK Government,
EU Exit Long-term economic analysis November 2018. The paper considers four analytical scenarios of this study. The first scenario is based on the policy position set out in the 2018 White Paper,“modelled White Paper”; a hypothetical FTA, with zero tariffs, reflecting average NTB costs such as standard customs arrangements with the EU, regulatory and other costs, namely “modelled average FTA”; a “Modelled EEAtype” scenario, which reflects the UK being outside of the Customs Union, reflecting the average NTB costs, such as of standard customs arrangements with the EU, and a “Modelled No deal “ scenario, based on an assessment of average NTB costs between countries trading on non-preferential World Trade Organization (WTO) terms and applying EU Most Favoured Nation (MFN) tariffs. The paper also briefly looks at the impact of Brexit on the European countries and different regions and concludes that Brexit will have impact on the economic growth and welfare both in UK and in Europe.

References

  • AFME (Association For Financial Markets in Europe), (2016). “The UK ReferendumChallenges for Europe’s Capital Markets: A Legal and Regulatory Assessment”, March 2016.
  • Begg, I. Who pays for the EU and how much does it cost the UK? Disentangling fact from fiction in the EU Budget, LSE, 2016.
  • Begg, I and F. Mushövel, “The Economic Impact of Brexit: Jobs, Growth and the Public Finances”, European Institute, LSE, 2016.
  • Bell, D., “Brexit, EU Area-based Policies, and the Devolved Governments”, Stirling Management School, University of Stirling and Centre for Constitutional Change, 2017.
  • Berthold B. and J. Matthes, “Brexit-the Economic Impact: A Meta-Analysis”, Cologne Institute for Economic Research, IW Report 10/2016, April 8, 2016.
  • Blackrock Investment Institute, “Brexit: Big Risk, Little Reward the UK Referendum On Europe”, February 2016.
  • BIS Quarterly Review, “International Banking and Financial Market Developments”, September 2016.
  • Booth, S., C. Howarth, M. Persson, R. Ruparel and P. Swidlicki, (2015). “What if...? The Consequences, Challenges & Opportunities Facing Britain Outside EU”, Open Europe, London, 2015.
  • Browne, J., P.Johnson and D. Phillips, “The Budget of the European Union: a Guide, Institute for Fiscal Studies”, IFS Briefing Note BN181, April 2016.
  • Bruno, R. , Campos, N., Estrin, S., Tian, M., Technical Appendix to ‘The Impact of Brexit on Foreign Investment in the UK’ Gravitating Towards Europe: An Econometric Analysis of the FDI Effects of EU Membership, 2016.
  • Cadman, E., “Carney Prepares for ‘Economic Post-Traumatic Stress”, Financial Times, June 30, 2016.
  • Cangiano, A., “The Impact of Migration on UK Population Growth”, Migration Observatory, February 2014.
  • Capital Views, “Brexit&The European Property Investment Market”, July 2016.
  • Campos, N.F., Coricelli, F. and Moretti, L., “Economic Growth and Political Integration: Estimating the Benefits from Membership in the European Union Using the Synthetic Counterfactuals Method.” IZA DP No. 8162, 2014, www.sciepub.com/reference/221065.
  • Crowley, M., O. Exton and Lu Han, Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence from the Impact of Brexit on UK Exports, Cambridge-INET Working Paper Series No: 2018/10, Cambridge Working Papers in Economics: 1839, University of Cambridge, 3 July 2018.
  • Crowley, M. and Song, Tariff Scares: Trade Policy Uncertainty and Foreign Market, 2016, papers.ssrn.com/sol3/papers.cfm?abstract.id=2893075
  • Dhingra, S., G. Ottaviano and T. Sampson, “Should We Stay or Should We Go? The Economic Consequences of Leaving the EU”, LSE EconPapers, 2015, cep.lse.ac.uk/pubs/download/EA022.pdf
  • Dhingra, S., G. Ottaviano and T. Sampson and J.V. Reenen, “The Impact of Brexit on Foreign Investment in the UK”, LSE CEP Brexit Analysis No:3, 2016, www.scirp.org/reference/ReferencesPapers.aspx?ReferenceID=1985514
  • Dhingra, S., G. Ottaviano and T. Sampson, V.Rappoport ve C.Thomas, “UK trade and FDI: A post‐Brexit perspective”, ECB, Economic Bulletin, Issue 1/2017, 2017.
  • Djankov, S. “The City of London after Brexit”, Policy Brief, PIIE, February 2017 https://www.piie.com/publications/policy-briefs/city-london-after-brexit
  • Emerson M., M. Busse, M. Di Salvo, D.Gros and J. Pelkmans, “An Assessment of the Economic Impact of Brexit on the EU27”, European Parliament, March 2017.
  • European Investment Fund, News Centre Publications, Country Fact Sheets, EIF in United Kingdom.
  • Bank of England, Financial Stability Report, July 2016.
  • ECB, Financial Stability Review, November 2016.
  • ECB, “The ECB's Asset Purchase Programme: An Early Assessment”, Working Paper Series, No:1956, September 2016.
  • ECB, ECB Staff Macroeconomic Projections for the Euro Area, September 2016.
  • EuroStat, Statistics-Explained, International Trade in Goods, September 2017.
  • Global Counsel, “Brexit: The Impact on the UK and the EU”, June 2015.
  • Handley, K. and N. Lim~ao, Renegotiation of Trade Agreements and Firm Exporting, 2015 & 2017, meredithcrowley.weebly.com/uploads/2/1/7/6/21768054/ renegotiation trade.
  • Head, K. & T. Mayer, Brands in Motion: How Frictions Shape Multinational Production, Working Paper 2015-26, CEPii Research Centre
  • HMRC. “Income Tax, National Insurance contributions, tax credits and Child Benefit statistics for EEA nationals”, August 2018.
  • HM Government, “EU Exit Long-term economic analysis”, November 2018, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/760484/28_November_EU_Exit_-_Longterm_economic_analysis__1_.pdf
  • House of Commons Library, “Brexit: Impact across Policy Areas”, Briefing Paper Number 07213, 2016.
  • Hutter R. and J. Grab, “Market Review”, ECB, 23 November 2016. IMF, “Technical Note on Financial Integration and Fragmentation in the European Union”, March 2013.
  • IMF, World Economic Outlook, “Subdued Demand, Symptoms and Remedies”, World Economic and Financial Surveys, October 2016.
  • Jackson, J.K, S.I Akhtar and D.E Mix, “Economic Implications of a United Kingdom Exit from the European Union”, CRS Report, July 14, 2016.
  • J.P Morgan, “Corporate Finance Post-Brexit Financial Policies for a Lower Growth, More Uncertain Environment”, July 2016.
  • Kılcı, Esra, N., BREXİT; Birleşik Krallık ve EURO-Bölgesi Açısından Sonuçlarının Değerlendirilmesi, Sakarya İktisat Dergisi, Cilt 7, ss.1-26, 2018.
  • Kleveland, K. “Actually Mr. Cameron, We Norwegians are Happy, Rich and Free Outside the EU”, The Telegraph, 29 October 2015.
  • Lisenkova, K. & M. Sanchez-Martinez, “The Long-term Macroeconomic Effects of Lower Migration To the UK”, NIESR Discussion Paper No. 460, 24 May 2016.
  • LSE Centre for Economic Performance, CEP Discussion Paper No 1425, Centre for Economic Performance, 2015, cep.lse.ac.uk/pubs/download/dp1425.pdf
  • Magnus, M., A. Margerit and B. Mesnard, “Brexit: The United-Kingdom and EU Financial Services”, Briefing, European Parliament Directorate-General For Internal Policies Economic Governance Support Unit, 2016.
  • Mansfield, I., ”A Blueprint for Britain: Openness not Isolation”, 2014, iea.org.uk/sites/default/files/publications/files/Brexit Entry170_final_bio_web.pdf
  • Meredith Crowley Oliver Exton Lu Han, “Renegotiation of Trade Agreements and Firm Exporting Decisions: Evidence From the Impact of Brexit on UK Exports”, Cambridge-INET Working Paper Series No: 2018/10,Cambridge Working Papers in Economics: 1839, University of Cambridge, 3 July 2018.
  • Mion, G. & D.Ponattu, “Estimating the Impact of Brexit on European Countries and Regions”, Policy Paper, Bertelsmann Stiftung, 2019
  • OECD, “Economic Policy Reforms 2013: Going for Growth, Country Notes: United Kingdom”, 2013.
  • OECD, “The Economic Consequences of Brexit: A Taxing Decision”, OECD Economic Policy Paper 16, April 2016.
  • Ottaviano, G., J. Pessoa, T. Sampson and J. Van Reenen, “The Costs and Benefits of Leaving the EU”, CEP Papers, 2014.
  • Pain, G. ve N. Young, “The Macroeconomic Impact of UK Withdrawal from the EU”, Economic Modelling, 2004.
  • Pierce, J.R. and Schott, P.K., “Trade Liberalization and Mortality Evidence from US Counties”, Finance and Economics Discussion Series, 94, ss. 1-68, 2016, www.scirp.org/reference/ReferencesPapers.aspx?ReferenceID=2231639
  • Pompova, I., “European Migrants: Burden or Benefit for the British Economy? The Depiction of EU Migrants in the UK and Its Consequences”, Migrants & Society 814F8.
  • Portes, J. & Forte G., The economic impact of Brexit-induced reductions in migration, Oxford Review of Economic Policy, Volume 33, Issue suppl_1, 1 March 2017, ss.31-44, https://doi.org/10.1093/oxrep/grx008
  • PricewaterhouseCoopers (PwC), Trade and FDI-related impacts of Brexit, 2016, ec.europa.eu/jrc/sites/jrcsh/files/s02._latorre.pdf
  • Rodrik D., The Globalization Paradox: Democracy and the Future of the World Economy, W. W. Norton Company, 2011.
  • Sander, O., Siyasi Tarih 1914-1994, İmge Kitabevi Yayınları, Ankara, 1994.
  • Schumacher, D. “The Global Economic Outlook After Brexit’, Goldman Sachs, July 2016.
  • Springford J., S. Tiford and P. Whyte, (2014). “The Economic Consequences of Leaving the EU”, The Final Report of the CER Commission on the UK and the EU Single Market, Centre for European Reform Reports, June 2014.
  • Tilford, S., “Five Brexit Economic Mhyths”, CER Bulletin, Issue 108, June/July 2016.
  • Ward, M., “Statistics on UK-EU Trade”, House of Common Library, Briefing Paper, Number 7851, August 2017.
  • Webb, D. and M. Ward, “Foreign Direct Investment into the UK”, 2016/17, House of Commons Library, Debate Pack, Number CDP 2017/0159, 8 September 2017.
  • Whyte, P., “Britain, Europe and the City of London: Can the Triangle be Managed?”, CER Essay, July 2012.
  • World Bank, Deep Integration and UK-EU Trade Relations, Policy Research Working Paper 7947, 2017
  • Wright, W. “The Potential Impact of Brexit on European Capital Markets”, A Qualitative Survey of Market Participants, New Financial, April 2016.
  • http://ukandeu.ac.uk/public-wrong-on-key-facts-around-brexit-and-impact-of-eumembership-new-study-finds/ https://www.prospectmagazine.co.uk/economics-and-finance/britains-choice-on-theeconomy-mays-80s-rerun-versus-corbyns-bold-rethink https://ukandeu.ac.uk/so-boris-johnson-is-going-to-do-brexit-but-what-are-theactual-options/ https://voxeu.org/article/consequences-brexit-and-trumpit-multinational-car-industry
There are 64 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Research Article
Authors

Canan Balkır This is me 0000-0002-2779-6243

Publication Date August 13, 2021
Submission Date April 15, 2020
Published in Issue Year 2021

Cite

Chicago Balkır, Canan. “BREXIT: EKONOMİK ÇÖZÜLME VEYA YENİDEN DİRİLİŞİN İLK ADIMI”. Ankara Avrupa Çalışmaları Dergisi 20, August (August 2021): 209-43. https://doi.org/10.32450/aacd.979221.

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