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Kenneth Rogoff.
In an interview with CNBC, the former director of research at the
"Even if it doesn't pass people are not going to want to invest there because they might do it again. People will migrate out of there," Rogoff told CNBC.
Scotland could also serve as a catalyst for other incorporated regions to demand independence, said Rogoff. That would be bad for the European Union.
"Other places in Europe will say, 'Hey, we can do that too'. So it's certainly quite a wild card there," he said.
The Yes and No camps are nearly neck-in-neck at the moment, with those in support of independence gaining a surprising lead in the polls late in the game.
British Prime Minister David Cameron is currently in Scotland making a last-minute appeal to keep the union intact. Bank of England Governor Mark Carney also warned about the economic implications of independence, dismissing pro-independence leader Alex Salmond's plan for a currency union.
The independence referendum will be held on Thursday, Sept. 18 and the results should be released the next day.