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Committing to Economic Openness and Building Domestic Institutional Capabilities Keywords: Ireland, economic growth, economic development, inward investment, economic systems

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  • Teague, Paul

Abstract

This paper sets out to explain the factors behind Ireland.s exceptional period of economic growth from the early 1990s to the mid 2000s. It suggests that an unbending commitment to economic openness and an on-going effort to establish quality domestic institutions were the main drivers of the so-called .Celtic tiger. phenomenon. The commitment to economic openness manifested itself in the relentless search for inward investment and a willingness to accept deep forms of European integration. Building domestic institutional capabilities involved adopting new-classical macroeconomic policies, creating a robust system of social partnership and reforming the educational system. The two factors positively interacted with each other to create dynamic effects.

Suggested Citation

  • Teague, Paul, 2009. "Committing to Economic Openness and Building Domestic Institutional Capabilities Keywords: Ireland, economic growth, economic development, inward investment, economic systems," WIDER Working Paper Series 024, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:rp2009-24
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    File URL: http://www.wider.unu.edu/sites/default/files/RP2009-24.pdf
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    References listed on IDEAS

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    1. Mikael Lindahl & Alan B. Krueger, 2001. "Education for Growth: Why and for Whom?," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1101-1136, December.
    2. John Fitz Gerald, 2006. "Lessons from 20 Years of Cohesion," Chapters,in: Competitiveness and Growth in Europe, chapter 4 Edward Elgar Publishing.
    3. Peter J. Buckley & Frances Ruane, 2006. "Foreign Direct Investment in Ireland: Policy Implications for Emerging Economies," The World Economy, Wiley Blackwell, vol. 29(11), pages 1611-1628, November.
    4. 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.
    5. Dani Rodrik, 2008. "Second-Best Institutions," American Economic Review, American Economic Association, vol. 98(2), pages 100-104, May.
    6. S. Illeris & G. Akehurst, 2001. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 21(1), pages 1-4, January.
    7. John FitzGerald, 1998. "An Irish Perspective on the Structural Funds," Papers WP094, Economic and Social Research Institute (ESRI).
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