Adjustment and external shocks in Ireland

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Adjustment and external shocks in Ireland, Volume 1

Author:	McAleese, Dermot; McCarthy, F. Desmond;	Collection Title:	Policy, Planning and Research Department working papers ; no. WPS 262
Country:	Ireland;	Date Stored:	2001/04/27
Document Date:	1989/08/31	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	(Historic)Economic Policy
Region:	Europe and Central Asia	Report Number:	WPS262
Sub Sectors:	Macro/Non-Trade	SubTopics:	Environmental Economics & Policies; Economic Stabilization; Economic Theory & Research; Banks & Banking Reform; Free Trade
Volume No:	1

Summary: The purpose of this paper is to study the impact of external shocks on an economy which was well along the path of transition to outward looking policies. The shocks in question were a deterioration in the terms of trade, slowdown in the world economy during the period 1978-82, and an increase in interest rates. A priori the fact of outward orientation would suggest that the Irish economy should have been able to respond effectively to these shocks. By quantifying both the impact of the external shocks and of the policy response, aspects which have been neglected in the literature on Ireland's experience, a more complete understanding of the unsatisfactory performance of the economy during the 1980s can be obtained. The paper is divided as follows: first the policy background since 1960 is outlined. Secondly, the effects of external shocks are quantified. The third section contains a discussion of policy response to these shocks. The concluding section discusses the recent policy performance and initiatives.


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