期刊名称：Discussion Papers / Business School, University of Strathclyde
出版年度：2004
卷号：2004
出版社：University of Strathclyde
摘要：HM 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 UK regional policy. We question this claim from a “transactions cost politics” viewpoint. We argue that the delegation of responsibility for monetary stabilisation raises principal agent issues quite different to those encountered in the delegation of the responsibility for regional regeneration. Therefore the effectiveness and transparency that characterises present-day monetary policy cannot be expected in regional policy. Further, the detailed theoretical and empirical case for delegated Regional Development Agencies has yet to be made.
