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Schegolev A., Shchegoleva E.

The determination of the economic consequences of withdrawal of Catalonia from Spain using a model IS–LM–BP

Keywords: macroeconomic equilibrium, open economy, model IS–LM–BP, balance of payments deficit, exchange rate, exports, mobility of capital

The analysis of the economic consequences of a possible exit of Catalonia from Spain using a model IS–LM–BP. Macroeconomic equilibrium in an open economy implies a balanced system of external calculations. The effectiveness of macroeconomic policy, the choice of instruments largely depend on the regime and the dynamics of the exchange rate. In modern conditions, the importance of international capital mobility is increasing. The current situation in Catalonia, the effect of withdrawal from Spain considered in the short and long term. The model IS–LM–BP of Catalonia is interpreted in the case of a floating exchange rate (Euro), presumably the presence of a strong, close to absolute, mobility of capital in the territory of the European Union.


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  2. Spain Economic Outlook. 3rd Spain Unit., 2017.

About authors

Shchegolev Aleksandr
economics faculty undergraduate, National Research University Higher School of Economics, Russia, Moscow )
Shchegoleva Ella N.
Candidate of Economics Sciences, Associate Professor, Department of State and Municipal Management and Regional Economy, Chuvash State University, Russia, Cheboksary (; ORCID:

Article link

Schegolev A., Shchegoleva E. The determination of the economic consequences of withdrawal of Catalonia from Spain using a model IS–LM–BP [Electronic resource] // Oeconomia et Jus. – 2018. – №2. P. 33-39. – URL: