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Whatever Happened to Ireland?

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  • Kelly, Morgan
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    Abstract

    Abstract While Irish GNP quadrupled between 1990 and 2007, this Celtic Tiger growth came from two distinctive, sequential booms, with export driven growth during the 1990s being followed after 2000 by a credit fuelled construction boom. Bank lending rose from 60 per cent of GNP in 1997 to 200 per cent in 2008, causing a house price bubble and a building boom where 20 per cent of GNP came from construction. The collapse of the credit bubble leaves Ireland with high unemployment, uncompetitive wages, a large government deficit, and insolvent banks. Despite the Irish government's already having committed itself to spend the equivalent of half of GNP to cover bank losses on developer loans, substantial further spending will be necessary to cover losses on other loans.

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    Bibliographic Info

    Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7811.

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    Date of creation: May 2010
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    Handle: RePEc:cpr:ceprdp:7811

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    Related research

    Keywords: Credit bubble; Irish economy;

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    Cited by:
    1. Wall, Larry D., 2012. "Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area," ADBI Working Papers 379, Asian Development Bank Institute.
    2. Gunes Kamber & Christoph Thoenissen, 2011. "Financial intermediation and the international business cycle: The case of small countries with big banks," CDMA Working Paper Series 201108, Centre for Dynamic Macroeconomic Analysis.
    3. Krzysztof Olszewski, 2013. "The Commercial Real Estate Market, Central Bank Monitoring and Macroprudential Policy," Review of Economic Analysis, Rimini Centre for Economic Analysis, vol. 5(2), pages 213-250, December.
    4. Larry D. Wall, 2012. "Central banking for financial stability Some lessons from the recent instability in the US and euro area," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(3), pages 247-280, August.
    5. Philip R. Lane, 2014. "International Financial Flows and the Irish Crisis," The Institute for International Integration Studies Discussion Paper Series iiisdp444, IIIS.
    6. Philip R. Lane, 2014. "International Financial Flows and the Irish Crisis," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 15(2), pages 14-19, 04.
    7. Aidan Regan, 2014. "What Explains Ireland’s Fragile Recovery from the Crisis? The Politics of Comparative Institutional Advantage," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 15(2), pages 26-31, 04.

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