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The U.S. and Irish Credit Crises: Their Distinctive Differences and Common Features

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  • Gregory Connor

    () (Economics,Finance and Accounting, National University of Ireland, Maynooth)

  • Thomas Flavin

    () (Economics,Finance and Accounting, National University of Ireland,Maynooth)

  • Brian O’Kelly

    () (Dublin City University)

Abstract

Abstract: Although the US credit crisis precipitated it, the Irish credit crisis is an identifiably separate one, which might have occurred in the absence of the U.S. crash. The distinctive differences between them are notable. Almost all the apparent causal factors of the U.S. crisis are missing in the Irish case; and the same applies vice-versa. At a deeper level, we identify four common features of the two credit crises: capital bonanzas, irrational exuberance, regulatory imprudence, and moral hazard. The particular manifestations of these four “deep” common features are quite different in the two cases.

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Bibliographic Info

Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n206-10.pdf.

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Length: 25 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:may:mayecw:n206-10.pdf

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  1. Ricardo J. Caballero & Arvind Krishnamurthy, 2007. "Collective Risk Management in a Flight to Quality Episode," NBER Working Papers 12896, National Bureau of Economic Research, Inc.
  2. Gerald P. Dwyer & Paula Tkac, 2009. "The financial crisis of 2008 in fixed income markets," Working Paper 2009-20, Federal Reserve Bank of Atlanta.
  3. Keeley, Michael C, 1990. "Deposit Insurance, Risk, and Market Power in Banking," American Economic Review, American Economic Association, vol. 80(5), pages 1183-1200, December.
  4. Thomas Conefrey & John Fitz Gerald, 2010. "Managing Housing Bubbles In Regional Economies Under Emu: Ireland And Spain," National Institute Economic Review, National Institute of Economic and Social Research, vol. 211(1), pages R27-R44, January.
  5. Honohan, Patrick, 2009. "Resolving Ireland’s Banking Crisis," The Economic and Social Review, Economic and Social Studies, vol. 40(2), pages 207–231.
  6. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  7. Aït-Sahalia, Yacine & Andritzky, Jochen & Jobst, Andreas & Nowak, Sylwia & Tamirisa, Natalia, 2012. "Market response to policy initiatives during the global financial crisis," Journal of International Economics, Elsevier, vol. 87(1), pages 162-177.
  8. Goggin, Jean & Siedschlag, Iulia, 2009. "International Transmission of Business Cycles Between Ireland and its Trading Partners," Papers WP279, Economic and Social Research Institute (ESRI).
  9. Markus K. Brunnermeier, 2009. "Deciphering the Liquidity and Credit Crunch 2007-2008," Journal of Economic Perspectives, American Economic Association, vol. 23(1), pages 77-100, Winter.
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Cited by:
  1. Smith, Constance, 2011. "External Balance Adjustment: An Intra-National and International Comparison," Working Papers 2011-13, University of Alberta, Department of Economics.
  2. 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.

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