Governing the Irish Economy: A Triple Crisis
AbstractThe international economic crisis hit Ireland hard from 2007 on. Ireland’s membership of the Euro had a significant effect on the policy configuration in the run-up to the crisis, as this had shaped credit availability, bank incentives, fiscal priorities, and wage bargaining practices in a variety of ways. But domestic political choices shaped the terms on which Ireland experienced the crisis. The prior configuration of domestic policy choices, the structure of decision-making, and the influence of organized interests over government, all play a vital role in explaining the scale and severity of crisis. Indeed, this paper argues that Ireland has had to manage not one economic crisis but three – financial, fiscal, and competitiveness. Initial recourse to the orthodox strategies of spending cuts and cost containment did not contain the spread of the crisis, and in November 2010 Ireland entered an EU-IMF loan agreement. This paper outlines the pathways to this outcome.
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Bibliographic InfoPaper provided by Geary Institute, University College Dublin in its series Working Papers with number 201103.
Length: 39 pages
Date of creation: 21 Feb 2011
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-26 (All new papers)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Dellepiane and Hardiman Working Paper: Ireland's Triple Crisis
by Liam Delaney in Geary Behaviour Centre on 2011-02-25 01:03:00
- Sebastian Dellepiane & Niamh Hardiman, 2012. "The New Politics of Austerity: Fiscal Responses to the Economic Crisis in Ireland and Spain," Working Papers 201207, Geary Institute, University College Dublin.
- Sebastian Dellepiane & Niamh Hardiman, 2012. "Fiscal Politics In Time: Pathways to Fiscal Consolidation, 1980-2012," Working Papers 201228, Geary Institute, University College Dublin.
- Niamh Hardiman, 2013. "Rethinking the political economy of fiscal consolidation in two recessions in Ireland," Working Papers 201316, Geary Institute, University College Dublin.
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- Christopher T. Whelan & Bertrand Maítre, 2013. "The Great Recession and the Changing Distribution of Economic Vulnerability by Social Class: The Irish Case," Working Papers 201312, Geary Institute, University College Dublin.
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