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How housing killed the Celtic tiger: anatomy and consequences of Ireland's housing boom and bust

Author

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  • Michelle Norris
  • Dermot Coates

Abstract

Between 1996 and 2006, Ireland experienced unprecedented house price inflation, driven by a fourfold increase in the volume of outstanding private mortgage debt and accompanied by a radical growth in housing output. This article outlines the most significant features of the housing boom and explains how it generated and disguised crucial risks in the macro economy and public finances, among mortgage lenders and in the finances of individual households. This is followed by an outline of the key features of the unwinding of the boom since and of its implications for the Irish economy, mortgage lenders and households. The conclusions examine the lessons regarding appropriate regulatory and policy responses to a house price boom which arise from the Irish experience.

Suggested Citation

  • Michelle Norris & Dermot Coates, 2014. "How housing killed the Celtic tiger: anatomy and consequences of Ireland's housing boom and bust," Open Access publications 10197/5639, Research Repository, University College Dublin.
    • Handle: RePEc:rru:oapubs:10197/5639
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    File URL: http://hdl.handle.net/10197/5639
    File Function: Open Access version, 2014
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    Citations

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    Cited by:

    1. Juan Carlos Cuestas & Merike Kukk & Natalia Levenko, 2023. "Misalignments in house prices and economic growth in Europe," Applied Economics, Taylor & Francis Journals, vol. 55(28), pages 3215-3237, June.
    2. William Quinn & John D. Turner, 2023. "Bubbles in history," Business History, Taylor & Francis Journals, vol. 65(4), pages 636-655, May.
    3. Michelle Norris & Michael Byrne, 2017. "Housing Market Volatility,Stability and Social Rented Housing: comparing Austria and Ireland during the global financial crisis," Working Papers 201705, Geary Institute, University College Dublin.
    4. Collins Patrick, 2020. "Who makes the city? The evolution of Galway city," Administration, Sciendo, vol. 68(2), pages 59-78, May.
    5. Jihad Dagher, 2018. "Regulatory Cycles: Revisiting the Political Economy of Financial Crises," IMF Working Papers 2018/008, International Monetary Fund.
    6. Michael Byrne, 2019. "The financialization of housing and the growth of the private rental sector in Ireland, the UK and Spain," Working Papers 201902, Geary Institute, University College Dublin.
    7. Devine, Kenneth & McCarthy, Yvonne & O’Toole, Conor, 2023. "The role of borrower expectations in mortgage choice," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 107(C).
    8. Michelle Norris & Michael Byrne, 2015. "Asset Price Keynesianism, Regional Imbalances and the Irish and Spanish Housing Booms and Busts," Working Papers 201514, Geary Institute, University College Dublin.
    9. Dorothee Bohle, 2017. "Mortgaging Europe’s periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 124, European Institute, LSE.

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