Working Paper


Karl Whelan



recessions ireland ireland economic conditions ireland economic policy celtic tiger depression economic performance global financial crisis 2008 2009 global economy

Policy lessons from Ireland’s latest depression (2009)

Abstract In this paper, I provide a selective review of Ireland’s economic performance of the last 20 years,from the early days of the Celtic Tiger, through to the housing boom and the recent slump, andthen attempt to draw a few lessons from the period. I argue, based on a range of observations,that a substantial slowdown was looming for Ireland by 2007, independent of what was goingto happen in the global economy, and much of this evidence was ignored in the implementationof economic policy. The result was a range of policies based on an unwarranted over-optimismwhich left Ireland terribly exposed to the international downturn. Policy failures in the fiscal andbanking are are discussed, as well as some common criticisms of policy that have less justification.
Collections Ireland -> University College Dublin -> Economics Working Papers & Policy Papers
Ireland -> University College Dublin -> School of Economics
Ireland -> University College Dublin -> College of Social Sciences and Law

Full list of authors on original publication

Karl Whelan

Experts in our system

Karl Whelan
University College Dublin
Total Publications: 70