The Recovery in the Public Finances in Ireland following the Financial Crisis
Citation:
Smyth, Diarmuid. 'The Recovery in the Public Finances in Ireland following the Financial Crisis'. - Dublin: SSISI, Vol. XLVI, 2016-17, pp132-148Download Item:
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Abstract:
The turnaround in the fiscal position in Ireland over the past 6-7 years has been dramatic. From double-digit deficits, a rapidly rising debt ratio and entry into an EU/IMF support programme, by end 2015, the General Government deficit and debt ratios were down to 1.9 and 78.6 per cent of GDP, respectively – the latter falling by 40 percentage points in 3 years. This culminated in a successful exit from both the programme and the Excessive Deficit Procedure (EDP). Much of this progress reflects the hard choices made (beginning in 2008) to correct the public finances through a series of consolidation measures totalling €30 billion. The key role played by interest costs in facilitating this turnaround is however often overlooked as are a number of other well timed factors including data revisions and stronger than expected revenues. This paper takes a comprehensive look back at these factors and their roles in facilitating the exit from the EDP while also enabling higher levels of spending.
Description:
read before the Society, 25 May 2017
Author: Smyth, Diarmuid
Publisher:
SSISIType of material:
Journal ArticleCollections:
Series/Report no:
Journal of the Dublin Statistical Society;Vol. [No.], [Year];
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Full text availableSubject:
crisis management, debt, IrelandISSN:
00814776The following license files are associated with this item: