Governing the Irish Economy: A Triple Crisis

Research output: Working paperDiscussion paper

Abstract

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.
LanguageEnglish
Place of PublicationDublin
Number of pages41
Publication statusPublished - Feb 2011

Publication series

NameDiscussion Paper Series
PublisherUCD Geary Institute
No.WP2011/03

Fingerprint

Ireland
economy
economic crisis
cost containment
international economics
domestic policy
recourse
IMF
Euro
loan
competitiveness
wage
credit
bank
EU
incentive
decision making

Keywords

  • governing
  • irish economy
  • triple crisis

Cite this

Dellepiane Avellaneda, S., & Hardiman, N. (2011). Governing the Irish Economy: A Triple Crisis. (Discussion Paper Series; No. WP2011/03). Dublin.
Dellepiane Avellaneda, Sebastian ; Hardiman, Niamh. / Governing the Irish Economy : A Triple Crisis. Dublin, 2011. (Discussion Paper Series; WP2011/03).
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Dellepiane Avellaneda, S & Hardiman, N 2011 'Governing the Irish Economy: A Triple Crisis' Discussion Paper Series, no. WP2011/03, Dublin.

Governing the Irish Economy : A Triple Crisis. / Dellepiane Avellaneda, Sebastian; Hardiman, Niamh.

Dublin, 2011. (Discussion Paper Series; No. WP2011/03).

Research output: Working paperDiscussion paper

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Dellepiane Avellaneda S, Hardiman N. Governing the Irish Economy: A Triple Crisis. Dublin. 2011 Feb. (Discussion Paper Series; WP2011/03).