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BREXIT; A REVIEW OF THE RESULTS FOR UNITED KINGDOM AND EUROPEAN UNION

Year 2018, Volume: 7 Issue: 1, 1 - 26, 30.03.2018

Abstract

It has been expected
that with the referendum made in the second quarter of 2016 in the United
Kingdom having a result of exiting from European Union, not in the short-term
but in the mid and long term, there would be serious implications for both U.K
and E.U. According to the E.U legislation, the results of the negotiations
which are planned to start in two-year period after the referandum, presents
great importance when the U.K’s key role especially in financial area. London
is a seious financial and commercial center in the world and as a result of the
big companies allocating their resources to the other countries in E.U with the
Brexit process, U.K being loser seems inevitable. The potantial difficulties
being experienced in the transition period lead to increase in uncertainty and stress.
Between financial markets of U.K and E.U, there is a strong relationship which especially
creates superiority for U.K and Brexit process will bring costly and
problemeatic period. In this study, the politic and economic issues which the
Brexit process will create and the major terms will be evaluated by making a general
analysis. 

References

  • AFME (Association For Financial Markets in Europe), (2016). “The UK Referendum-Challenges for Europe’s Capital Markets: A Legal and Regulatory Assessment”, March 2016.
  • Begg, I and F. Mushövel, (2016). “The Economic Impact of Brexit: Jobs, Growth and the Public Finances”, European Institute, London School of Economics.
  • Bell, D. (2017). “Brexit, EU Area-based Policies, and the Devolved Governments”, Stirling Management School, University of Stirling and Centre for Constitutional Change.
  • Berthold B. and J. Matthes, (2016). “Brexit-the Economic Impact: A Meta-Analysis’, Cologne Institute for Economic Research, IW Report 10/2016, April 8, 2016. Blackrock Investment Institute, (2016). “Brexit: Big Risk, Little Reward the UK Referendum On Europe”, February 2016.
  • BIS Quarterly Review, (2016). “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, (2016). “The Budget of the European Union: a Guide, Institute for Fiscal Studies”, IFS Briefing Note BN181, April 2016.
  • Buchan, D., (2012). “Outsiders on the Inside: Swiss and Norwegian Lessons for the UK”, CER Policy Brief, September 2012.
  • Cadman, E., (2016). “Carney Prepares for ‘Economic Post-Traumatic Stress”, Financial Times, June 30, 2016.
  • Cangiano, A., (2014). “The Impact of Migration on UK Population Growth”, Migration Observatory, February 2014.
  • Capital Views, (2016). “Brexit&The European Property Investment Market”, July 2016.
  • Dhingra, S., G. Ottaviano and T. Sampson, (2015). “Should We Stay or Should We Go? The Economic Consequences of Leaving the EU”, LSE EconPapers, 2015.
  • 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.
  • ECB, (2016). Economic Bulletin, Issue 7/2016.
  • ECB, (2017). Economic Bulletin, Issue 1/2017.
  • Emerson M., M. Busse, M. Di Salvo, D.Gros and J. Pelkmans, (2017). “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, (2016). Financial Stability Report, July 2016.
  • ECB, (2016). Financial Stability Review, November 2016.
  • ECB, (2016). “The ECB's Asset Purchase Programme: An Early Assessment”, Working Paper Series, No:1956, September 2016.
  • ECB, (2016). ECB Staff Macroeconomic Projections for the Euro Area, September 2016.
  • EuroStat, (2017). Statistics-Explained, International Trade in Goods, September 2017
  • Global Counsel, (2015). “Brexit: The Impact on the UK and the EU”, June 2015.
  • House of Commons Library, (2016). “Brexit: Impact across Policy Areas”, Briefing Paper Number 07213Hutter R. and J. Grab, (2016). “Market Review”, ECB, 23 November 2016.
  • IMF, (2013). “Technical Note on Financial Integration and Fragmentation in the European Union’, March 2013.
  • IMF, (2016). 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, (2016). “Economic Implications of a United Kingdom Exit from the European Union”, CRS Report, July 14, 2016.
  • J.P Morgan, (2016). “Corporate Finance Post-Brexit Financial Policies for a Lower Growth, More Uncertain Environment”, July 2016.
  • Kleveland, K., (2015). “Actually Mr. Cameron, We Norwegians are Happy, Rich and Free Outside the EU”, The Telegraph, 29 October 2015.
  • Magnus, M., A. Margerit and B. Mesnard, (2016). “Brexit: The United-Kingdom and EU Financial Services”, Briefing, European Parliament Directorate-General For Internal Policies Economic Governance Support Unit, December 2016
  • MFID II, Markets in Financial Instruments Directive.
  • Norton Rose Fulbright, (2016). “Impact of Brexit on Financial Institutions”, July 2016.
  • OCBC Bank, (2016). “Brexit-An Exit Story”, Treasury Research&Strategy.
  • OECD, (2013). “Economic Policy Reforms 2013: Going for Growth, Country Notes: United Kingdom”.
  • OECD, (2016). “The Economic Consequences of Brexit: A Taxing Decision”, OECD Economic Policy Paper 16, April 2016.
  • OECD, (2017). Economic Outlook, Economic Forecast Summary, Volume 2017, Issue 1, Preliminary Version
  • Ottaviano, G., J. Pessoa, T. Sampson and J. Van Reenen, (2014). “The Costs and Benefits of Leaving the EU”, CEP Papers.
  • Pain, G. and N. Young, (2004). “The Macroeconomic Impact of UK Withdrawal from the EU”, Economic Modelling.
  • 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.
  • Russell International Excellence Group, (2013). “Russell Group Response to the Government Review of the Balance of Competences between the UK and EU: Research and development”, August 2013.
  • Schumacher, D., (2016). “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.
  • Sumption, M. and W. Somerville, (2009). “The UK’s New Europeans: Progress and Challenges Five Years After Accession”, Equality and Human Rights Commission Report.
  • Tilford, S., (2016). “Five Brexit Economic Mhyths”, Cer Bulletin, Issue 108, June/July 2016.
  • Ward, M., (2017). “Statistics on UK-EU Trade”, House of Common Library, Briefing Paper, Number 7851, August 2017.
  • Webb, D. and M. Ward, (2017). “Foreign Direct Investment into the UK”, 2016/17, House of Commons Library, Debate Pack, Number CDP 2017/0159, 8 September 2017.
  • Whyte, P., (2012). “Britain, Europe and the City of London: Can the Triangle be Managed?”, CER Essay, July 2012.
  • Woodword Investment Management, ‘The Economic Impact of ‘Brexit’, A Paper Discussing the United Kingdom’s Relationship with Europe and the Impact of ‘Brexit’ on the British Economy.
  • Wright, W., (2016). “The Potential Impact of Brexit on European Capital Markets”, A Qualitative Survey of Market Participants, New Financial, April 2016.WTO, World Tariff Profiles, https://www.wto.org

BREXİT; BİRLEŞİK KRALLIK VE EURO-BÖLGESİ AÇISINDAN SONUÇLARININ DEĞERLENDİRİLMESİ

Year 2018, Volume: 7 Issue: 1, 1 - 26, 30.03.2018

Abstract

2016 yılının ikinci çeyreğinde
İngiltere’de gerçekleştirilen referandumun İngiltere’nin Avrupa Birliği
üyeliğinden ayrılması yönünde bir sonuç doğurmasının, hem Birleşik Krallık hem
Euro-Bölgesi açısından kısa vadede değilse bile orta ve uzun vadede önemli
etkilere yol açması beklenmektedir. AB Mevzuatı’na göre, referandumu takip eden
iki yıl içerisinde başlayacak müzakerelerin sonuçları, İngiltere’nin özellikle
finansal alandaki önemli rolü dikkate alındığında, belirleyici önem arz
etmektedir. Londra önemli finansal ve ticari merkezlerden biridir; Brexit
süreciyle, İngiltere’de faaliyet gösteren büyük şirketlerin yatırımlarını ve
kaynaklarını Birlik içerisindeki diğer ülkelere kaydırması sonucunda,
İngiltere’nin ekonomik açıdan zarar görmesi kaçınılmazdır. Geçiş sürecinde
yaşanacak potansiyel sıkıntılar, stresin ve belirsizliğin artmasına yol
açmaktadır. İngiltere ve Euro-Bölgesi finansal piyasaları arasında, özellikle
İngiltere’ye üstünlük sağlayan güçlü bir ilişki bulunmaktadır ve Brexit süreci,
maliyetli ve problemli bir dönemi beraberinde getirecektir. Bu çalışmada,
İngiltere’nin AB’den ayrılmasının, özellikle İngiltere açısından yaratacağı politik
ve ekonomik sonuçlar ve süreçten etkileneceği düşünülen ana unsurlar
değerlendirilerek, genel bir durum analizi yapılmaktadır. 

References

  • AFME (Association For Financial Markets in Europe), (2016). “The UK Referendum-Challenges for Europe’s Capital Markets: A Legal and Regulatory Assessment”, March 2016.
  • Begg, I and F. Mushövel, (2016). “The Economic Impact of Brexit: Jobs, Growth and the Public Finances”, European Institute, London School of Economics.
  • Bell, D. (2017). “Brexit, EU Area-based Policies, and the Devolved Governments”, Stirling Management School, University of Stirling and Centre for Constitutional Change.
  • Berthold B. and J. Matthes, (2016). “Brexit-the Economic Impact: A Meta-Analysis’, Cologne Institute for Economic Research, IW Report 10/2016, April 8, 2016. Blackrock Investment Institute, (2016). “Brexit: Big Risk, Little Reward the UK Referendum On Europe”, February 2016.
  • BIS Quarterly Review, (2016). “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, (2016). “The Budget of the European Union: a Guide, Institute for Fiscal Studies”, IFS Briefing Note BN181, April 2016.
  • Buchan, D., (2012). “Outsiders on the Inside: Swiss and Norwegian Lessons for the UK”, CER Policy Brief, September 2012.
  • Cadman, E., (2016). “Carney Prepares for ‘Economic Post-Traumatic Stress”, Financial Times, June 30, 2016.
  • Cangiano, A., (2014). “The Impact of Migration on UK Population Growth”, Migration Observatory, February 2014.
  • Capital Views, (2016). “Brexit&The European Property Investment Market”, July 2016.
  • Dhingra, S., G. Ottaviano and T. Sampson, (2015). “Should We Stay or Should We Go? The Economic Consequences of Leaving the EU”, LSE EconPapers, 2015.
  • 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.
  • ECB, (2016). Economic Bulletin, Issue 7/2016.
  • ECB, (2017). Economic Bulletin, Issue 1/2017.
  • Emerson M., M. Busse, M. Di Salvo, D.Gros and J. Pelkmans, (2017). “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, (2016). Financial Stability Report, July 2016.
  • ECB, (2016). Financial Stability Review, November 2016.
  • ECB, (2016). “The ECB's Asset Purchase Programme: An Early Assessment”, Working Paper Series, No:1956, September 2016.
  • ECB, (2016). ECB Staff Macroeconomic Projections for the Euro Area, September 2016.
  • EuroStat, (2017). Statistics-Explained, International Trade in Goods, September 2017
  • Global Counsel, (2015). “Brexit: The Impact on the UK and the EU”, June 2015.
  • House of Commons Library, (2016). “Brexit: Impact across Policy Areas”, Briefing Paper Number 07213Hutter R. and J. Grab, (2016). “Market Review”, ECB, 23 November 2016.
  • IMF, (2013). “Technical Note on Financial Integration and Fragmentation in the European Union’, March 2013.
  • IMF, (2016). 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, (2016). “Economic Implications of a United Kingdom Exit from the European Union”, CRS Report, July 14, 2016.
  • J.P Morgan, (2016). “Corporate Finance Post-Brexit Financial Policies for a Lower Growth, More Uncertain Environment”, July 2016.
  • Kleveland, K., (2015). “Actually Mr. Cameron, We Norwegians are Happy, Rich and Free Outside the EU”, The Telegraph, 29 October 2015.
  • Magnus, M., A. Margerit and B. Mesnard, (2016). “Brexit: The United-Kingdom and EU Financial Services”, Briefing, European Parliament Directorate-General For Internal Policies Economic Governance Support Unit, December 2016
  • MFID II, Markets in Financial Instruments Directive.
  • Norton Rose Fulbright, (2016). “Impact of Brexit on Financial Institutions”, July 2016.
  • OCBC Bank, (2016). “Brexit-An Exit Story”, Treasury Research&Strategy.
  • OECD, (2013). “Economic Policy Reforms 2013: Going for Growth, Country Notes: United Kingdom”.
  • OECD, (2016). “The Economic Consequences of Brexit: A Taxing Decision”, OECD Economic Policy Paper 16, April 2016.
  • OECD, (2017). Economic Outlook, Economic Forecast Summary, Volume 2017, Issue 1, Preliminary Version
  • Ottaviano, G., J. Pessoa, T. Sampson and J. Van Reenen, (2014). “The Costs and Benefits of Leaving the EU”, CEP Papers.
  • Pain, G. and N. Young, (2004). “The Macroeconomic Impact of UK Withdrawal from the EU”, Economic Modelling.
  • 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.
  • Russell International Excellence Group, (2013). “Russell Group Response to the Government Review of the Balance of Competences between the UK and EU: Research and development”, August 2013.
  • Schumacher, D., (2016). “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.
  • Sumption, M. and W. Somerville, (2009). “The UK’s New Europeans: Progress and Challenges Five Years After Accession”, Equality and Human Rights Commission Report.
  • Tilford, S., (2016). “Five Brexit Economic Mhyths”, Cer Bulletin, Issue 108, June/July 2016.
  • Ward, M., (2017). “Statistics on UK-EU Trade”, House of Common Library, Briefing Paper, Number 7851, August 2017.
  • Webb, D. and M. Ward, (2017). “Foreign Direct Investment into the UK”, 2016/17, House of Commons Library, Debate Pack, Number CDP 2017/0159, 8 September 2017.
  • Whyte, P., (2012). “Britain, Europe and the City of London: Can the Triangle be Managed?”, CER Essay, July 2012.
  • Woodword Investment Management, ‘The Economic Impact of ‘Brexit’, A Paper Discussing the United Kingdom’s Relationship with Europe and the Impact of ‘Brexit’ on the British Economy.
  • Wright, W., (2016). “The Potential Impact of Brexit on European Capital Markets”, A Qualitative Survey of Market Participants, New Financial, April 2016.WTO, World Tariff Profiles, https://www.wto.org
There are 48 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Esra N. Kılcı

Publication Date March 30, 2018
Published in Issue Year 2018 Volume: 7 Issue: 1

Cite

APA Kılcı, E. N. (2018). BREXİT; BİRLEŞİK KRALLIK VE EURO-BÖLGESİ AÇISINDAN SONUÇLARININ DEĞERLENDİRİLMESİ. Sakarya İktisat Dergisi, 7(1), 1-26.