Picture of a black hole

Strathclyde Open Access research that creates ripples...

The Strathprints institutional repository is a digital archive of University of Strathclyde's Open Access research outputs. Strathprints provides access to thousands of research papers by University of Strathclyde researchers, including by Strathclyde physicists involved in observing gravitational waves and black hole mergers as part of the Laser Interferometer Gravitational-Wave Observatory (LIGO) - but also other internationally significant research from the Department of Physics. Discover why Strathclyde's physics research is making ripples...

Strathprints also exposes world leading research from the Faculties of Science, Engineering, Humanities & Social Sciences, and from the Strathclyde Business School.

Discover more...

'Constrained discretion' in UK monetary and regional policy

McVittie, E.P. and Swales, J.K. (2007) 'Constrained discretion' in UK monetary and regional policy. Regional Studies, 41 (2). pp. 267-280. ISSN 0034-3404

Full text not available in this repository. (Request a copy from the Strathclyde author)

Abstract

McVittie E. and Swales J. K. (2007) 'Constrained discretion' in UK monetary and regional policy, Regional Studies 41, -. H. M. Treasury claims that the notion of 'constrained discretion', which directs the effective operation of UK monetary policy, applies equally to other delegated and devolved policies, such as the use of Regional Development Agencies in the delivery of English regional policy. A 'transaction cost politics' perspective is used to argue that the delegation of responsibility for monetary stabilization raises principal agent issues quite different to those encountered in the delegation of the responsibility for regional regeneration. In particular, the effectiveness and transparency that characterize present-day monetary policy cannot be expected in regional policy. Further, the institutional arrangements that accompany the operation of Regional Development Agencies in England should be critically reviewed.