| 1. |
- FitzGerald, John, et al.
(författare)
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Managing a Century of Debt
- 2018
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper provides a consistent series for the Irish national debt since the foundation of the state in 1922. It also provides a continuous series for bond yields over the same period. The paper examines the factors behind the fluctuations in the debt burden over almost a century. The management of the debt burden by the Irish authorities has evolved over time, seeking to minimise both the burden on the economy and the risks which the debt represented to the state. The paper also examines how the cost of borrowing for the Irish government compared to that for the UK and, since the break with sterling, for Germany. This cost of borrowing was, in turn affected by developments in the domestic economy.
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| 2. |
- FitzGerald, John, et al.
(författare)
-
'Till Debt Do Us Part' : Financial Implications of the Divorce of the Irish Free State from the UK, 1922-6
- 2017
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- In this paper, we discuss the unresolved apportionment of national debt when Ireland exited the UK in 1922. Using archival sources and contemporary accounts, we estimate that the British claim on Ireland in 1925 amounted to between 80 and 100 per cent of GNP at a time when the political stability of Ireland was already fragile. We describe the process of how this contingent liability, arising from the Anglo-Irish Treaty of 1921, was ultimately waived in a Financial Agreement in 1925 at the expense of an unchanged border with Northern Ireland. The Irish government also sought, but failed, to secure protection against discrimination for Catholics in Northern Ireland as part of the agreement. While for the Irish Government, this settlement may have represented a political failure, the economic outcome of the agreement transformed the economic position of the new Irish State from one of potential insolvency into one of viability.
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| 3. |
- L. Cermeño, Alexandra, et al.
(författare)
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Household Behaviour in Ireland, Sweden, the US and the UK under Rationing
- 2021
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- The pandemic-induced economic crisis has seen a massive build up in savings across Europe and North America as households could not spend their income as they normally would. The last time that consumers were seriously rationed was during the Second World War. This paper models the behaviour of households during the War years and its immediate aftermath in Ireland, Sweden, the US and the UK. We first estimate overall consumption and then consider how total consumption was allocated over different categories of goods, including rationed goods. The model shows that consumers saved rather than spend on available unrationed goods and services. These savings were held in liquid form and, once the War was over and rationing eased, a consumption boom transpired. However, only some of the savings were spent on previously rationed goods as significant excess savings were also converted into physical assets in the housing market. There is evidence that this pattern is being repeated as the Covid-19 crisis eases.
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