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Five Crises


  • Cormac Ó Gráda


Economic crises often prompt us to look backwards and, perhaps, to seek solace in parallels and precedents in the past. Just as rising unemployment and fluctuating exchange rates in the late 1970s and 1980s prompted comparisons with the 1920s and 1930s, sovereign debt defaults in the 1980s and early 1990s led to broadly reassuring analyses of earlier defaults. And the recent global financial crisis has again prompted comparisons with the Great Depression. Barry Eichengreen and Kevin O’Rourke’s ‘Tale of Two Depressions’ prompted half a million hits on the electronic journal VoxEU in 2009, while Carmen Reinhart and Kenneth Rogoff’s This Time Is Different was a runaway best-seller. Ireland’s current economic woes are this lecture's pretext for a look backward at our earlier crises

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  • Cormac Ó Gráda, 2011. "Five Crises," Working Papers 201112, School of Economics, University College Dublin.
  • Handle: RePEc:ucn:wpaper:201112

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    References listed on IDEAS

    1. Gerard Caprio & Patrick Honohan, 2008. "Banking Crises," Center for Development Economics 2008-09, Department of Economics, Williams College.
    2. O'Rourke, Kevin, 1991. "Burn Everything British but their Coal: the Anglo-Irish Economic War of the 1930s," The Journal of Economic History, Cambridge University Press, vol. 51(02), pages 357-366, June.
    3. 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.
    4. Patrick Honohan & Cormac Ó Gráda, 1998. "The Irish macroeconomic crisis of 1955-56 : how much was due to monetary policy," Open Access publications 10197/463, School of Economics, University College Dublin.
    5. Miguel Almunia & Agustín Bénétrix & Barry Eichengreen & Kevin H. O'Rourke & Gisela Rua, 2010. "From Great Depression to Great Credit Crisis: similarities, differences and lessons," Economic Policy, CEPR;CES;MSH, vol. 25, pages 219-265, April.
    6. 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.
    7. J. Peter Neary & Cormac Ó Gráda, 1986. "Protection, economic war and structural change : The 1930's in Ireland," Working Papers 198640, School of Economics, University College Dublin.
    8. Joe Durkan, 2010. "Seán Lemass and the Nadir of Protectionism," The Economic and Social Review, Economic and Social Studies, vol. 41(3), pages 269-282.
    9. Barry Eichengreen & Peter H. Lindert (ed.), 1992. "The International Debt Crisis in Historical Perspective," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262550229, July.
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    Economic crises; Ireland;

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