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Crisis, Response and Distributional Impact: The Case of Ireland

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  • Callan, Tim
  • Nolan, Brian
  • Keane, Claire
  • Savage, Michael
  • Walsh, John R.

Abstract

Ireland is one of the countries most severely affected by the Great Recession. National income fell by more than 10 per cent between 2007 and 2012, as a result of the bursting of a remarkable property bubble, an exceptionally severe banking crisis, and deep fiscal adjustment. This paper examines the income distribution consequences of the recession, and identifies the impact of a broad range of austerity policies on the income distribution. The overall fall in income was just under 8 per cent between 2008 and 2011, but the greatest losses were strongly concentrated on the bottom and top deciles. Tax, welfare and public sector pay changes over the 2008 to 2012 period gave rise to lower than average losses for the bottom decile. Thus, the larger than average losses observed overall are not due to these policy changes; instead, the main driving factors are the direct effects of the recession itself. Policy changes do contribute to the larger than average losses at high income levels.

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Bibliographic Info

Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP456.

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Date of creation: Jun 2013
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Handle: RePEc:esr:wpaper:wp456

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Keywords: income distribution/Ireland/Policy/recession/taxes;

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References

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  1. Olivier Bargain & Tim Callan, 2007. "Analysing the Effects of Tax-benefit Reforms on Income Distribution: A decomposition Approach," Papers WP197, Economic and Social Research Institute (ESRI).
  2. Atkinson, Anthony B., 1970. "On the measurement of inequality," Journal of Economic Theory, Elsevier, vol. 2(3), pages 244-263, September.
  3. Shorrocks, A F, 1982. "Inequality Decomposition by Factor Components," Econometrica, Econometric Society, vol. 50(1), pages 193-211, January.
  4. Paul, Satya, 2004. "Income sources effects on inequality," Journal of Development Economics, Elsevier, vol. 73(1), pages 435-451, February.
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Cited by:
  1. Madden, D.;, 2013. "Health and Wealth on the Roller-Coaster: Ireland, 2003-2011," Health, Econometrics and Data Group (HEDG) Working Papers 13/11, HEDG, c/o Department of Economics, University of York.
  2. David Madden, 2013. "Winners and Losers on the Roller-Coaster: Ireland, 2003-2011," Working Papers 201315, School Of Economics, University College Dublin.
  3. Gerlach, Petra & Merola, Rossana, 2013. "Consumption and Credit Constraints: A Model and Evidence for Ireland," Papers WP471, Economic and Social Research Institute (ESRI).
  4. Gerlach, Petra, 2013. "The Effect of Unemployment, Arrears and Negative Equity on Consumption: Ireland in 2009/10," Papers WP457, Economic and Social Research Institute (ESRI).
  5. repec:esr:wpaper:rn2013/1/4 is not listed on IDEAS
  6. Gerlach, Petra, 2013. "Younger and Older Households in the Crisis," Research Notes RN2013/1/4, Economic and Social Research Institute (ESRI).
  7. FitzGerald, John & Kearney, Ide & Bergin, Adele & Conefrey, Thomas & Duffy, David & Timoney, Kevin & Znuderl, Nusa, 2013. "Medium-Term Review: 2013-2020, No. 12," Forecasting Report, Economic and Social Research Institute (ESRI), number MTR12, March.

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