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The Irish Macroeconomic Crisis of 1955-56: How Much Was Due to Monetary Policy

Author

Listed:
  • Honohan, P.
  • Grada, C.O.

Abstract

The macroeconomic crisis of 1955-56 was the defining event of post-war Irish economic history. What had been an underperforming economy slid into deep recession for reasons which were poorly understood. The long-term consequences were considerable: the reorientation of economic policy that resulted led to the restructuring and expansion of manufacturing on the basis of tax- and grant-aided foreign direct investment to a degree which today continues to be unparalleled.

Suggested Citation

  • Honohan, P. & Grada, C.O., 1998. "The Irish Macroeconomic Crisis of 1955-56: How Much Was Due to Monetary Policy," Papers 98/09, College Dublin, Department of Political Economy-.
    • Handle: RePEc:fth:dublec:98/09
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    Cited by:

    1. Rebecca Stuart, 2020. "Monetary regimes, the term structure and business cycles in Ireland, 1972–2018," Manchester School, University of Manchester, vol. 88(5), pages 731-748, September.
    2. Fitzgerald Frank, 2023. "A road not taken? Economic ideology and the articulation of policy alternatives in Irish state economic policymaking, 1948–58," Administration, Sciendo, vol. 71(2), pages 27-51, May.
    3. Cormac Ó Gráda, 2011. "Five Crises," Working Papers 201112, School of Economics, University College Dublin.
    4. Cormac Ó Gráda & Kevin Hjortshøj O'Rourke, 2022. "The Irish economy during the century after partition," Economic History Review, Economic History Society, vol. 75(2), pages 336-370, May.
    5. Kenny, Seán & McLaughlin, Eoin, 2022. "Political Economy Of Secession: Lessons From The Early Years Of The Irish Free State," National Institute Economic Review, National Institute of Economic and Social Research, vol. 261, pages 48-78, August.
    6. Frank Barry, 2008. "Ireland – politics, institutions and post-war economic growth," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(01), pages 23-34, April.
    7. Cormac Ó Gráda, 2008. "The Irish Economy half a Century ago," Working Papers 200818, School of Economics, University College Dublin.
    8. FitzGerald, John & Kenny, Seán, 2018. "Managing a Century of Debt," Lund Papers in Economic History 171, Lund University, Department of Economic History.
    9. Ella Kavanagh, 2018. "Evolving Central Bank thinking: the Irish Central Bank, 1943-69," Working Papers 18022, Economic History Society.

    More about this item

    Keywords

    IRELAND ; MONETARY POLICY ; BUSINESS CYCLES;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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