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The Sources of Irish Growth

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  • de la Fuente, Angel
  • Vives, Xavier

Abstract

This paper explores the sources of Ireland’s relative growth performance. Using panel data for a sample of OECD countries, we estimate a convergence equation and use it to conduct a growth accounting exercise which provides quantitative estimates of the immediate sources of Ireland’s growth differential vis-à-vis the OECD average and the other ‘cohesion’ countries of the EU. While we find that fiscal consolidation has contributed significantly to Ireland’s improved performance, we are not able to fully account for the ‘Irish miracle’ in terms of the standard growth theory variables. This finding supports the extended view that some peculiar features of the Irish economy (such as its success in attracting high-quality foreign direct investment) have played a crucial role in recent years. We conclude with some reflections on the need for structural reforms as a way to ensure the sustainability of Ireland’s rapid growth.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1756.

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Date of creation: Dec 1997
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Handle: RePEc:cpr:ceprdp:1756

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Related research

Keywords: Competition Policy; Growth; Ireland;

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Cited by:
  1. Séan Ó Riain, 2004. "State, Competition and Industrial Change in Ireland 1991-1999," The Economic and Social Review, Economic and Social Studies, vol. 35(1), pages 27-53.
  2. Jan Schnellenbach & Thushyanthan Baskaran & Lars P. Feld, 2009. "Creative Destruction and Fiscal Institutions: A Long-Run Case Study of Three Regions," Papers on Economics and Evolution 2009-08, Philipps University Marburg, Department of Geography.
  3. Barry, Frank, 2004. "Export-platform foreign direct investment: the Irish experience," EIB Papers 6/2004, European Investment Bank, Economics Department.
  4. David E. Bloom & David Canning, 2003. "Contraception and the Celtic Tiger," The Economic and Social Review, Economic and Social Studies, vol. 34(3), pages 229–247.
  5. Sequeira, Tiago Neves, 2002. "The "Iberian Tigers" versus The "Celtic Tiger": Economic Growth Paths in an Economic History perspective," FEUNL Working Paper Series wp416, Universidade Nova de Lisboa, Faculdade de Economia.
  6. Ivan Angelov, 2004. "Accelerated Economic Development – Theory and Practice," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-33.
  7. Sebastian Hauptmeier & Martin Heipertz & Ludger Schuknecht, 2007. "Expenditure Reform in Industrialised Countries: A Case-Study Approach," Fiscal Studies, Institute for Fiscal Studies, vol. 28(3), pages 293-342, 09.
  8. Frank Barry & Michael B. Devereux, 2006. "A Theoretical Growth Model for Ireland," The Economic and Social Review, Economic and Social Studies, vol. 37(2), pages 245-262.
  9. Barry, Frank, 2003. "Tax Policy, FDI and the Irish Economic Boom of the 1990s," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 33(2), pages 221-236, September.
  10. Jesus Crespo-Cuaresma & Neil Foster-McGregor & Robert Stehrer, 2009. "The Determinants of Regional Economic Growth by Quantile," wiiw Working Papers 54, The Vienna Institute for International Economic Studies, wiiw.

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