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Governing the Irish Economy: A Triple Crisis

  • Sebastian Dellepiane

    (University of Antwerp)

  • Niamh Hardiman

    (University College Dublin)

The 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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File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp201103.pdf
File Function: First version, 2011
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Paper provided by Geary Institute, University College Dublin in its series Working Papers with number 201103.

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Length: 39 pages
Date of creation: 21 Feb 2011
Date of revision:
Handle: RePEc:ucd:wpaper:201103
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  1. Hallerberg, Mark & Strauch, Rolf & von Hagen, Jürgen, 2004. "The design of fiscal rules and forms of governance in European Union countries," Working Paper Series 0419, European Central Bank.
  2. Barrett, Alan & Bergin, Adele & Coleman, Kieran & McHale, John & Morgenroth, Edgar & Walsh, John R., 2005. "Budget Perspectives 2006," Research Series, Economic and Social Research Institute (ESRI), number BMI181 edited by Callan, Tim & Doris, Aedin.
  3. Sebastian Dellepiane Avellaneda & Niamh Hardiman, 2010. "The European Context of Ireland’s Economic Crisis," The Economic and Social Review, Economic and Social Studies, vol. 41(4), pages 473–500.
  4. Callan, Tim & Brick, Aoife & Durkan, Joe & Keane, Claire & Lane, Marguerita & Miles, David & Nolan, Anne & Nolan, Brian & O'Leary, Jim & Walsh, John R., 2010. "Budget Perspectives 2011," Research Series, Economic and Social Research Institute (ESRI), number RS18.
  5. Lane, Philip & McCoy, Selina & Smith, Stephen & Smyth, Emer & Van Soest, Arthur & Walsh, John R., 2003. "Budget Perspectives 2004," Research Series, Economic and Social Research Institute (ESRI), number BMI172 edited by Callan, Tim & Doris, Aedin & McCoy, Daniel.
  6. Kelly, Eilish & McGuinness, Seamus & O'Connell, Philip, 2009. "Benchmarking, Social Partnership and Higher Remuneration: Wage Settling Institutions and the Public-Private Sector Wage Gap in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 40(3), pages 339–370.
  7. Barrett, Alan & Coleman, Kieran & Delaney, Liam & Fahey, Tony & Gannon, Brenda & Kearney, Ide & McCarthy, Yvonne & Nolan, Brian & Walsh, John R., 2006. "Budget Perspectives 2007," Research Series, Economic and Social Research Institute (ESRI), number BMI192 edited by Callan, Tim.
  8. Gerard Caprio, Jr. and Patrick Honohan, 2008. "Banking Crises," The Institute for International Integration Studies Discussion Paper Series iiisdp242, IIIS.
  9. Niamh Hardiman, 2006. "Politics and Social Partnership - Flexible Network Governance," The Economic and Social Review, Economic and Social Studies, vol. 37(3), pages 343–374.
  10. McGuinness, Seamus & Kelly, Elish & O'Connell, Philip J., 2008. "The Impact of Wage Bargaining Regime on Firm-Level Competitiveness and Wage Inequality: The Case of Ireland," Papers WP266, Economic and Social Research Institute (ESRI).
  11. 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.
  12. Bergin, Adele & Conefrey, Thomas & FitzGerald, John & Kearney, Ide, 2009. "Recovery Scenarios for Ireland," Research Series, Economic and Social Research Institute (ESRI), number RS007.
  13. 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.
  14. John FitzGerald, 2000. "Ireland's Failure-And Belated Convergence," Papers WP133, Economic and Social Research Institute (ESRI).
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