Publication

This paper assesses the uncertainty that’s been generated by the Brexit vote in international and UK financial markets, particularly in the cases of 1) stock return levels; 2) sovereign credit default swaps; 3) 10-year interest rates in 19 mostly European countries; and 4) the values of the British Pound and the Euro. As things stand now, the main losers outside the UK are likely to be the GIIPS economies (i.e., Greece, Ireland, Italy, Portugal and Spain).