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Ireland’s Sovereign Debt Crisis

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  • Karl Whelan

Abstract

Among the countries currently experiencing sovereign debt crises, Ireland’s case is perhaps the most dramatic. As recently as 2007, Ireland was seen by many as top of the European class in its economic achievements. Ireland had combined a long period of high economic growth and low unemployment with budget surpluses. The country appeared to be well placed to cope with any economic slowdown as it had a gross debt-GDP ratio in 2007 of 25% and a sovereign wealth fund worth about €5000 a head.

Suggested Citation

  • Karl Whelan, 2011. "Ireland’s Sovereign Debt Crisis," Working Papers 201109, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:201109
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    File URL: http://hdl.handle.net/10197/6384
    File Function: First version, 2011
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    References listed on IDEAS

    as
    1. Karl Whelan, 2010. "Policy Lessons from Ireland’s Latest Depression," The Economic and Social Review, Economic and Social Studies, vol. 41(2), pages 225-254.
    2. Patrick Honohan & Brendan Walsh, 2002. "Catching Up with the Leaders: The Irish Hare," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(1), pages 1-78.
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    Cited by:

    1. van Bekkum, Sjoerd, 2016. "Ireland’s 2010 EU/IMF intervention: Costs and benefits," Journal of Banking & Finance, Elsevier, vol. 72(C), pages 175-183.
    2. Gärtner, Manfred & Griesbach, Björn & Mennillo, Giulia, 2013. "The near-death experience of the Celtic Tiger: a model-driven narrative from the European sovereign debt crisis," Economics Working Paper Series 1321, University of St. Gallen, School of Economics and Political Science.
    3. Batavia, Bala & Nandakumar, Parameswar & Wague, Cheick, 2013. "Export stagnation and budget deficits in the peripheral EU nations with EMU membership," The Journal of Economic Asymmetries, Elsevier, vol. 10(2), pages 94-100.
    4. Ngai, Victor, 2012. "Stability and Growth Pact and Fiscal Discipline in the Eurozone," Working Papers 12-10, University of Pennsylvania, Wharton School, Weiss Center.
    5. Niamh Hardiman, 2013. "Rethinking the political economy of fiscal consolidation in two recessions in Ireland," Working Papers 201316, Geary Institute, University College Dublin.
    6. Pomfret, Richard, 2014. "European crises and the Asian economies," Journal of Asian Economics, Elsevier, vol. 31, pages 71-81.

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    More about this item

    Keywords

    Celtic Tiger; Sovereign debt crises; Banking crises; EU-IMF bailout;
    All these keywords.

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