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State-Owned Enterprise Policy and the Loss of Economic Sovereignty: The Case of Ireland

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  • Dónal Palcic
  • Eoin Reeves

Abstract

The global financial crisis that erupted in 2008 has had enormous implications for the composition of the state-owned enterprise (SOE) sector in many advanced economies around the world. The crisis resulted in the nationalization of financial institutions in a number of economies, but has also led to a number of countries pursuing policies of privatization to raise much needed revenue to tackle high levels of indebtedness. This article describes the changes to the composition of the Irish SOE sector since the onset of the economic crisis in 2008, as well as its impact on the stated plans for the future of the SOE sector. It addresses the question of privatization and the conditionality for the sale of state assets contained in the bailout agreement signed between the Irish government and the IMF/ECB/European Commission (the “Troika”). It finds that Ireland has been afforded a degree of discretion with regard to the choice of assets to be sold and the application of proceeds. Revenue targets, however, have been dictated by the Troika. This contrasts with the agreements forged between the Troika and the governments of Greece and Portugal where there has been a far greater degree of conditionality attached to SOE divestments. Copyright Springer Science+Business Media New York 2013

Suggested Citation

  • Dónal Palcic & Eoin Reeves, 2013. "State-Owned Enterprise Policy and the Loss of Economic Sovereignty: The Case of Ireland," Public Organization Review, Springer, vol. 13(2), pages 117-130, June.
    • Handle: RePEc:kap:porgrv:v:13:y:2013:i:2:p:117-130
    DOI: 10.1007/s11115-013-0232-0
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    References listed on IDEAS

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    1. Osama J. A. R. Abu Shair, 1997. "Privatization and Development," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-25374-6, March.
    2. Dónal Palcic & Eoin Reeves, 2011. "Privatisation in Ireland," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-29757-9, March.
    3. Vagliasindi, Maria, 2008. "Governance arrangements for state owned enterprises," Policy Research Working Paper Series 4542, The World Bank.
    4. Bennell, Paul, 1997. "Privatization in Sub-Saharan Africa: Progress and prospects during the 1990s," World Development, Elsevier, vol. 25(11), pages 1785-1803, November.
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    2. Micah Odhiambo Nyamita & Nirmala Dorasamy, 2014. "Factors Influencing Debt Financing within State-owned Corporations in Kenya," Journal of Economics and Behavioral Studies, AMH International, vol. 6(11), pages 884-905.

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