The Irish banking system has been, in effect, on a life-support system since September 2008. Complacency resulted in the banks fuelling the late stage of an obvious construction bubble with massive foreign borrowing, leaving them exposed to solvency and liquidity risks which in past times would...

William Moore Gorman, known to all as Terence, died in Oxford on 12 January 2003. The greatest Irish economist since Edgeworth, he was, like Edgeworth, totally unknown to the general public, both in his native country and in Britain where he made his career. He was the purest of pure theorists,...

Despite anchoring the Irish monetary system to a common zone-wide exchange rate and interest rate, EMU has triggered sizeable exchange rate and especially interest rate shocks to the Irish economy (albeit not appreciably greater than those experienced under previous exchange rate regimes)....

We take an initial step in investigating the international diversification of Irish production risk. We find evidence that Ireland displays some properties associated with international risksharing. These include: high gross stocks of foreign assets and liabilities; high international...

This paper reviews the growth record of the member countries of the euro area and assesses the outlook for future economic performance. We describe how the external and fiscal adjustment challenges facing the euro periphery amplify the growth risks facing these countries. We address how growth...

We study the short-run effects of shocks to government spending on Ireland’s output and its real exchange rate. We show that the impact of government spending shocks critically depend on the nature of the fiscal innovation. Our main finding is that there are important differences between...

Our goal in this paper is to investigate the relation between government spending and the long-run behaviour of the Irish real exchange rate. We postulate that an increase in government consumption should be associated with real appreciation, while the impact of government investment is...