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Managing Housing Bubbles In Regional Economies Under Emu: Ireland And Spain

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  • Thomas Conefrey
  • John Fitz Gerald

    () (The Economic and Social Research Institute (ESRI), Dublin. E-mail:)

Abstract

With the advent of EMU, monetary policy can no longer be used to prevent housing market bubbles in regional economies such as Ireland or Spain. However, fiscal policy can and should be used to achieve the same effect. This paper shows that the advent of EMU relaxed existing financial constraints in Ireland and Spain, allowing a more rapid expansion of the housing stock in those countries to meet their specific demographic circumstances. However, the failure to prevent these booms turning into bubbles did lasting damage to the two economies, damage that could have been avoided by more appropriate fiscal policy action.

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Bibliographic Info

Article provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.

Volume (Year): 211 (2010)
Issue (Month): 1 (January)
Pages: R27-R44

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Handle: RePEc:sae:niesru:v:211:y:2010:i:1:p:r27-r44

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Keywords: Housing market; EMU; fiscal policy;

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References

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  1. Frances Ruane & Xiaoheng Zhang, 2007. "Location Choices of the Pharmaceutical Industry in Europe after 1992," The Institute for International Integration Studies Discussion Paper Series iiisdp220, IIIS.
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Cited by:
  1. Juan Carmona Pidal & Markus Lampe & Joan R. Roses, 2011. "Spanish housing markets during the first phase of the rural-urban transition process," Working Papers in Economic History wp11-08, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  2. Niamh Hardiman & Sebastian Dellepiane, 2010. "European Economic Crisis: Ireland in Comparative Perspective," Working Papers 201046, Geary Institute, University College Dublin.
  3. Duffy, David & Durkan, Joe & O'Sullivan, Cormac, 2012. "Quarterly Economic Commentary, Winter 2011/Spring 2012," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20121, January -.
  4. Sebastian Dellepiane Avellaneda & Niamh Hardiman, 2010. "The European Context of Ireland’s Economic Crisis," The Economic and Social Review, Economic and Social Studies, vol. 41(4), pages 473–500.
  5. Bergin, Adele & Conefrey, Thomas & FitzGerald, John & Kearney, Ide, 2010. "Recovery Scenarios for Ireland: An Update," Forecasting Report, Economic and Social Research Institute (ESRI), number jacb201051, January -.
  6. Connor, Gregory & Flavin, Thomas & O’Kelly, Brian, 2012. "The U.S. and Irish credit crises: Their distinctive differences and common features," Journal of International Money and Finance, Elsevier, vol. 31(1), pages 60-79.
  7. Gregory Connor & Brian O'Kelly, 2010. "Sliding Doors Cost Measurement.A Restrictive Approach to Analyzing the Net Economic Cost of Policy Decisions and an Application to Irish Financial Regulation," Economics, Finance and Accounting Department Working Paper Series n214a-10.pdf, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  8. Bryan J. Noeth & Rajdeep Sengupta, 2012. "Global European banks and the financial crisis," Review, Federal Reserve Bank of St. Louis, issue November, pages 457-480.
  9. Kenneth Patrick Vincent O'Sullivan & Stephen Kinsella, 2011. "Financial and Regulatory Failure: The Case of Ireland," Working Papers 201136, Geary Institute, University College Dublin.
  10. Keane, Claire & Walsh, John R. & Callan, Tim & Savage, Michael, 2012. "Property Tax in Ireland: Key Choices," Papers EC11, Economic and Social Research Institute (ESRI).
  11. Duffy, David & FitzGerald, John, 2012. "The Irish Housing Market," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2012(2-Summer).
  12. Duffy, David & Durkan, Joe & Casey, Eddie, 2012. "Quarterly Economic Commentary, Summer 2012," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20122, January -.
  13. repec:ner:carlos:info:hdl:10016/11931 is not listed on IDEAS

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