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A New Fiscal Framework for Ireland

Author

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  • Philip Lane

    (Institute for International Integration Studies, Trinity College Dublin)

Abstract

Pro-cyclicality in Irish fiscal policy has contributed to macroeconomic volatility over recent decades. Accordingly, this paper seeks to identify institutional mechanisms that can improve the performance of fiscal policy in macroeconomic stabilisation in Ireland. We propose a new fiscal framework for Ireland that combines the adoption of a rules-based approach to budgetary policy with the appointment of an independent fiscal policy council that will be formally involved in the fiscal process. Finally, we also advocate a set of ancillary reforms that will further improve the coherence of Irish fiscal policy with membership of European Monetary Union.

Suggested Citation

  • Philip Lane, 2010. "A New Fiscal Framework for Ireland," The Institute for International Integration Studies Discussion Paper Series iiisdp315, IIIS.
    • Handle: RePEc:iis:dispap:iiisdp315
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    Citations

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    Cited by:

    1. Niamh Hardiman, 2010. "Bringing Domestic Institutions Back into Understanding Ireland’s Economic Crisis," Working Papers 201042, Geary Institute, University College Dublin.
    2. Philip Lane, 2011. "The Irish Crisis," The Institute for International Integration Studies Discussion Paper Series iiisdp356, IIIS.
    3. Philip R. Lane, 2019. "Globalisation: A Macro-Financial Perspective," The Economic and Social Review, Economic and Social Studies, vol. 50(2), pages 249-263.
    4. Niamh Hardiman, 2013. "Rethinking the political economy of fiscal consolidation in two recessions in Ireland," Working Papers 201316, Geary Institute, University College Dublin.
    5. Dritan Shoraj & Marionela Memetaj, 2017. "Impact of Leadership versus Organizational Effectiveness in the Secondary Banking Sector in Albania," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 3, May - Aug.
    6. Clancy, Daragh & Merola, Rossana, 2017. "Countercyclical capital rules for small open economies," Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 332-351.
    7. Abdul Hadi, 2017. "Dams and Displacement in Turkey and Pakistan," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 3, May - Aug.
    8. Agustín S. Bénétrix & Philip R. Lane, 2012. "The Cyclical Conduct of Irish Fiscal Policy," The World Economy, Wiley Blackwell, vol. 35(10), pages 1277-1290, October.

    More about this item

    Keywords

    fiscal framework; Irish fiscal policy; fiscal policy council; fiscal rules;
    All these keywords.

    JEL classification:

    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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