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The Irish Economy: Three Strikes and You’re Out?

  • Constantin Gurdgiev


    (School of Business, University of Dublin; Trinity College, Dublin 2; IBM Institute for Business Value, Ballsbridge, Dublin 4; Ireland)

  • Brian M. Lucey


    (School of Business and Institute for International Integration Studies, University of Dublin; Trinity College, Dublin 2; Ireland; Caledonian Business School, Glasgow Caledonian University, Scotland, UK)

  • Ciarán Mac an Bhaird


    (FIONTAR, Dublin City University, Dublin 9, Ireland)

  • Lorcan Roche-Kelly


    (Agenda Research, Sixmilebridge, County Clare, Ireland)

We examine the three interlinked Irish crises: the competitiveness, fiscal and banking crises, showing how all three combined to lay a lethal trap for Ireland. Starting from a point of economic balance, a series of poor government decisions led to the country once dubbed the “Celtic tiger” become the second eurozone state after Greece to seek a bailout, with the EFSF/IMF intervening in late 2010.

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Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

Volume (Year): 58 (2011)
Issue (Month): 1 (March)
Pages: 19-41

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Handle: RePEc:voj:journl:v:58:y:2011:i:1:p:19-41
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  1. 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.
  2. Morgan Kelly, 2007. "On the likely extent of falls in Irish house prices," Open Access publications 10197/908, School of Economics, University College Dublin.
  3. Fernando Ferreira & Joseph Gyourko & Joseph Tracy, 2008. "Housing busts and household mobility," Staff Reports 350, Federal Reserve Bank of New York.
  4. Georgios P. Kouretas & Prodromos Vlamis, 2010. "The Greek Crisis: Causes and Implications," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(4), pages 391-404, December.
  5. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Department of Economics Working Papers 2008-07, Department of Economics, Williams College.
  6. David Duffy, 2010. "Negative Equity in the Irish Housing Market," The Economic and Social Review, Economic and Social Studies, vol. 41(1), pages 109-132.
  7. Honohan, Patrick & Donovan, Donal & Gorecki, Paul & Mottiar, Rafique, 2010. "The Irish Banking Crisis: Regulatory and Financial Stability Policy," MPRA Paper 24896, University Library of Munich, Germany.
  8. Fitzpatrick, Trevor & McQuinn, Kieran, 2004. "House Prices and Mortgage Credit: Empirical Evidence for Ireland," Research Technical Papers 5/RT/04, Central Bank of Ireland.
  9. Addison-Smyth, Diarmaid & McQuinn, Kieran & O' Reilly, Gerard, 2009. "Quantifying Revenue Windfalls from the Irish Housing Market," Research Technical Papers 10/RT/09, Central Bank of Ireland.
  10. Patrick Honohan, 2010. "Euro Membership and Bank Stability – Friends or Foes? Lessons from Ireland," Comparative Economic Studies, Palgrave Macmillan, vol. 52(2), pages 133-157, June.
  11. Bradley, John & Whelan, Karl, 1997. "The Irish expansionary fiscal contraction: A tale from one small European economy," Economic Modelling, Elsevier, vol. 14(2), pages 175-201, April.
  12. Addison-Smyth, Diarmaid & McQuinn, Kieran & O'Reilly, Gerard, 2009. "Modelling Credit in the Irish Mortgage Market," The Economic and Social Review, Economic and Social Studies, vol. 40(4), pages 371-392.
  13. Gyourko, Joseph & Saiz, Albert, 2004. "Reinvestment in the housing stock: the role of construction costs and the supply side," Journal of Urban Economics, Elsevier, vol. 55(2), pages 238-256, March.
  14. Karl Whelan, 2009. "Policy lessons from Ireland’s latest depression," Working Papers 200914, School of Economics, University College Dublin.
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