Policy Lessons from Ireland’s Latest Depression
AbstractIn this paper, I provide a selective review of Ireland’s economic performance of the last 20 years, from the early days of the Celtic Tiger, through to the housing boom and the recent slump, and then attempt to draw a few lessons from the period. I argue, based on a range of observations, that a substantial slowdown was looming for Ireland by 2007, independent of what was going to happen in the global economy, and much of this evidence was ignored in the implementation of economic policy. The result was a range of policies based on an unwarranted over-optimism which left Ireland terribly exposed to the international downturn. Policy failures in the fiscal and banking are are discussed, as well as some common criticisms of policy that have less justification.
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Bibliographic InfoPaper provided by School Of Economics, University College Dublin in its series Working Papers with number 200914.
Length: 33 pages
Date of creation: 30 Sep 2009
Date of revision:
Celtic Tiger; Boom and Slump; Lessons from the period;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-11-07 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- repec:eso:journl:v:40:y:2009:i:2:p:207-231 is not listed on IDEAS
- Patrick Honohan & Brendan Walsh, 2002. "Catching Up with the Leaders: The Irish Hare," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 1-78.
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