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- W1567386067 abstract "This paper begins by reviewing the impact of external considerations on British economic policy making over the last hundred and fifty years. We then go on to ask whether, in addition to the usual intertemporal solvency requirement, there is a period-by-period external constraint in the form of a rising virtual supply price of foreign borrowing. We estimate a version of consumption risk-adjusted interest parity that allows for such a feature, but find little evidence that it is important. Finally, we discuss the recent evolution of the British current account and argue that the authorities are right to take a sanguine view." @default.
- W1567386067 created "2016-06-24" @default.
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- W1567386067 date "1990-09-01" @default.
- W1567386067 modified "2023-09-27" @default.
- W1567386067 title "The external constraint in the UK" @default.
- W1567386067 hasPublicationYear "1990" @default.
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