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Catching The Celtic Tiger By Its Tail

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Author Info

  • Ferreira, Luisa

    ()
    (European Investment Bank, Projects Directorate)

  • Vanhoudt, Patrick

    ()
    (European Investment Bank, Projects Directorate)

Abstract

The paper attempts to assess the major sources behind the exceptional Irish growth performance in the 1990s. Contrary to other Tigers, Ireland's growth is due to efficiency gains, rather than capital deepening, but the causes for the swift growth in total factor productivity cannot be pinned down to a single factor. Human capital, foreign direct investment, Social Partnership agreements, sound budget and economic policies since the late 1980s, EU membership, all seemed to have interacted to produce this high-growth economy. This paper focuses on the two mostly quoted catalysts - i.e. FDI and human capital. It provides evidence that - although crucial as enablers for the Irish economic performance - neither the rapid expansion of the compulsory education system in the 1970s and 1980s nor the sheer volume of FDI inflows can by themselves explain why Ireland has grown so much faster than other world economies. Instead, it argues that higher education, especially the vocational/technical slant of educational provision, and the sector composition of FDI in favour of high-tech industries, were self-reinforcing factors and have been decisive for the Republic's extraordinary boom.

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Bibliographic Info

Paper provided by European Investment Bank, Economics Department in its series Economic and Financial Reports with number 2002/1.

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Length: 58 pages
Date of creation: 01 Mar 2002
Date of revision:
Handle: RePEc:ris:eibefr:2002_001

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Related research

Keywords: Irish growth; Foreign Direct Investment; Human Capital; High Education;

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Citations

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Cited by:
  1. Engel, Eduardo & Fischer, Ronald & Galetovic, Alexander, 2010. "The economics of infrastructure finance: Public-Private Partnerships versus public provision," EIB Papers 2/2010, European Investment Bank, Economics Department.
  2. Bitsch, Florian & Buchner, Axel & Kaserer, Christoph, 2010. "Risk, return and cash flow characteristics of infrastructure fund investments," EIB Papers 4/2010, European Investment Bank, Economics Department.
  3. Estache, Antonio, 2010. "Infrastructure finance in developing countries: An overview," EIB Papers 8/2010, European Investment Bank, Economics Department.
  4. Franck Barry, 2013. "The Knowledge Economy, Economic Transformations and ICT: Regional Dynamics in the Deployment Phase. Case study: Southern and Eastern Ireland," JRC-IPTS Working Papers JRC83549, Institute for Prospective and Technological Studies, Joint Research Centre.
  5. Stewart, James, 2010. "The UK National Infrastructure Plan 2010," EIB Papers 6/2010, European Investment Bank, Economics Department.
  6. Barry, Frank, 2004. "Export-platform foreign direct investment: the Irish experience," EIB Papers 6/2004, European Investment Bank, Economics Department.
  7. Helm, Dieter, 2010. "Infrastructure and infrastructure finance: The role of the government and the private sector in the current world," EIB Papers 5/2010, European Investment Bank, Economics Department.
  8. Wagenvoort, Rien & de Nicola, Carlo & Kappeler, Andreas, 2010. "Infrastructure finance in Europe: Composition, evolution and crisis impact," EIB Papers 1/2010, European Investment Bank, Economics Department.
  9. Fay, Marianne & Iimi, Atsushi & Perrissin-Fabert, Baptiste, 2010. "Financing greener and climate-resilient infrastructure in developing countries - challenges and opportunities," EIB Papers 7/2010, European Investment Bank, Economics Department.
  10. Frank Barry, 2005. "Third-Level Education, Foreign Direct Investment and Economic Boom in Ireland," Working Papers 200509, School Of Economics, University College Dublin.
  11. Michael Anyadike-Danes & Mark Hart & Helena Lenihan, 2011. "New business formation in a rapidly growing economy: the Irish experience," Small Business Economics, Springer, vol. 36(4), pages 503-516, May.
  12. Frank Barry, 2006. "Foreign Direct Investment and Institutional Co-Evolution in Ireland," Working Papers 200603, School Of Economics, University College Dublin.
  13. Frank Barry, 2008. "Ireland – politics, institutions and post-war economic growth," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(1), pages 23-34, 04.
  14. Inderst, Georg, 2010. "Infrastructure as an asset class," EIB Papers 3/2010, European Investment Bank, Economics Department.

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