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Governing the Irish economy: a triple crisis
Dellepiane, Sebastian; Hardiman, Niamh
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 Author has checked copyright Move to Geary wp collection and map to Politics when live - OR 17/10/2013 kpw14/11/13
Keyword(s): Property bubble; Policy; Taxation; Economic governance
Publication Date:
2013
Type: Working paper
Peer-Reviewed: Unknown
Language(s): English
Institution: University College Dublin
Publisher(s): University College Dublin. Geary Institute
First Indexed: 2013-11-16 05:17:18 Last Updated: 2018-10-11 16:51:11