Search Results - institution:"Ireland"

Deleveraging in a highly indebted property market: Who does it and are there implications for household consumption?

McCarthy, Yvonne; McQuinn, Kieran - Central Bank of Ireland - 2014

A distinguishing feature of the period preceding the 2007/08 financial crisis was the sizeable increase in private sector debt observed across many countries. A key component of household liabilities is mortgage debt and with many countries experiencing persistent increases in house prices from...

Persistent link: https://www.econbiz.de/10010782112

Does bank market power affect SME financing constraints?

Ryan, Robert M.; O'Toole, Conor M.; McCann, Fergal - Central Bank of Ireland - 2014

This paper examines the extent to which bank market power alleviates or magnifies SME credit constraints using a large panel dataset of more than 118,000 SMEs across 20 European countries over the period 2005-2008. To our knowledge, this is the first study to examine bank market power and SME...

Persistent link: https://www.econbiz.de/10010782113

Dis-entangling the mortgage arrears crisis: The rolw of the labour market, income volatility and housing equity

McCarthy, Yvonne - Central Bank of Ireland - 2014

results provide new insights on mortgage distress in Ireland; unemployment and housing equity are key drivers, as shown by …

Persistent link: https://www.econbiz.de/10010782114

A transitions-based framework for estimating expected credit losses

Gaffney, Edward; Kelly, Robert; McCann, Fergal - Central Bank of Ireland - 2014

explicitly. In Ireland, an increase in the time spent in default from three months to one year leads to a decrease in the …

Persistent link: https://www.econbiz.de/10011148704

A Transitions-Based Model of Default for Irish Mortgages

Kelly, Robert; O'Malley, Terence - Central Bank of Ireland - 2014

Using a uniquely constructed loan-level dataset of the residential mortgage book of Irish financial institutions, this paper provides a framework for estimating default probabilities of individual mort- gages. In contrast to the popular stock delinquency approach, this model provides estimates...

Persistent link: https://www.econbiz.de/10011148705

EIRE Mod- A DSGE Model for Ireland

Clancy, Daragh; Merola, Rossana - Central Bank of Ireland - 2014

We develop ´EIRE Mod (Elementary Irish Real Economy Model), a core DSGE model suitable for policy analysis in Ireland … exports component, is designed to replicate the highly open nature of the Irish economy. Ireland’s membership of EMU is … in output. Nevertheless, particular care should be paid to the effect of domestic reforms on Ireland’s external …

Persistent link: https://www.econbiz.de/10011082322

Housing Market Activity and Consumption: Macro and Micro Evidence

Clancy, Daragh; Cussen, Mary; Lydon, Reamonn - Central Bank of Ireland - 2014

This paper analyses how developments in the housing market affect consumer spending. Using aggregate data, we show that housing wealth exerts a positive influence on consumption. Whilst informative, the aggregate results not allow us to identify housing wealth effects separately from credit...

Persistent link: https://www.econbiz.de/10011082323

Modelling default transitions in the UK mortgage market

McCann, Fergal - Central Bank of Ireland - 2014

Using a large panel data set on the population of UK mortgage loans by Irish-headquartered banks, this paper presents a transitions-based model of mortgage default. The estimation departs from cross-sectional methods typically used in mortgage default models, in that the transition both into and...

Persistent link: https://www.econbiz.de/10011082811

Property debt overhang: the case of Irish SMEs

McCann, Fergal; McIndoe-Calder, Tara - Central Bank of Ireland - 2014

The detrimental impacts of credit booms, property booms and firm over-leverage are well-established in a growing literature highlighting their effects on household consump- tion, firm investment and economic growth. The link between credit-fuelled property market booms and firms' ability to...

Persistent link: https://www.econbiz.de/10011082812

The effect of macroprudential policy on endogenous credit cycles

Clancy, Daragh; Merola, Rossana - Central Bank of Ireland - 2014

The financial sector played a key role in triggering the recent crisis. Negative feedback loops between the financial sector and the real economy have further increased the persistence and amplitude of the downturn. We examine such macrofinancial linkages through the lens of the housing market....

Persistent link: https://www.econbiz.de/10011082813