The Extent of the Mortgage Crisis in Ireland and Policy Responses

Waldron, Richard; Redmond, Declan

doi:10.1080/02673037.2013.825694

Cited by 26 publications

(18 citation statements)

References 14 publications

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“…Indeed, Nettleton and Burrows (2001) found that households with mortgage repayment difficulties often experience a range of impacts, many of which are nonfinancial in nature while Waldron and Redmond (2013a) found that households in negative equity and arrears reported frustration, stress and feelings of a diminished quality of life as a result of their property purchases going wrong. Indeed, Waldron and Redmond (2013b) have pointed to the inadequacy of government policy attempts to deal with individual suffering from mortgage-related difficulties. It is these kind of issues which are an inherent part of our analysis of household vulnerability and which could potentially be identified using our index as a proxy for a range of household difficulties and thereby improve government policy responses.…”

Section: Resultsmentioning

confidence: 99%

Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions

Murphy

Scott

2014

Geoforum

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Publication informationGeoforum, 51 : 75-86 Publisher ElsevierItem record/more information http://hdl.handle.net/10197/5026 Publisher's statement þÿ T h i s i s t h e a u t h o r s v e r s i o n o f a w o r k t h a t w a s a c c e p t e d f o r p u b l i c a t i o n i n G e o f o r u m .Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Geoforum (Volume 51, þÿ J a n u a r y 2 0 1 4 , P a g e s 7 Abstract. The emergence of the economic crisis in 2007/08 has increasingly exposed rural localities to exogenous shocks and ruptures within the globalised economy. Rather than focusing on economic growth alone, many commentators have begun examining how regions and localities can cope with economic crises by enhancing place resilience and reducing the vulnerability of places to global economic uncertainty. However, scant attention has been given to assessing economic vulnerability at the household scale. This paper attempts to marry and relate the global processes at work in both the literature on financialisation and vulnerability to facilitate understanding of and provide a framework for financialisation research at the household scale. In this context, we develop and apply a Household Vulnerability Index (HVI) to rural areas. Drawing on survey data, the index utilises both objective indicators (e.g. household income) and subjective indicators (e.g. household perceptions of future job insecurity) to provide a nuanced account of living conditions and life satisfaction among rural households in Ireland following a housing crash, economic recession and the widespread adoption of austerity measures across public policy. By adopting a vulnerability approach (rather than providing a 'snapshot'), the HVI enables an assessment of not only current conditions for households, but also the probability of continued declining living standards and the exposure of households to further exogenous shocks. This provides a useful tool in assessing the potential impact of a range of public policies at the household level. In the case of Ireland, a link emerged between increased household vulnerability and rural localities that experienced an oversupply of houses during the recent speculative housing bubble, suggesting that the failure to effectively regulate development and finance has increased household exposure to financial risk.

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Section: Resultsmentioning

confidence: 99%

Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions

Murphy

Scott

2014

Geoforum

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“…Together with a deteriorating macro economy, rising unemployment and a collapse in domestic demand, Irish banks found it increasingly difficult to access the wholesale money markets. In 2008 the Irish Government bailed out the Irish-owned banks by guaranteeing all deposits and senior debt (Waldron and Redmond 2014).…”

Section: Financial Settings 221 Creditmentioning

confidence: 99%

The changing institutions of private rental housing: an international review

Martin¹,

Hulse²,

Pawson³

2018

AHURI Final Report

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Related reports and documents AHURIAHURI is a national independent research network with an expert not-for-profit research management company, AHURI Limited, at its centre.AHURI's mission is to deliver high quality research that influences policy development and practice change to improve the housing and urban environments of all Australians.Using high quality, independent evidence and through active, managed engagement, AHURI works to inform the policies and practices of governments and the housing and urban development industries, and stimulate debate in the broader Australian community.AHURI undertakes evidence-based policy development on a range of priority policy topics that are of interest to our audience groups, including housing and labour markets, urban growth and renewal, planning and infrastructure development, housing supply and affordability, homelessness, economic productivity, and social cohesion and wellbeing.

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“…When the speculative housing bubble burst in 2009 with the Great Financial Crisis the NSS was effectively abandoned by the incoming new government. The issue of a lack of affordable housing in the higher growth East region was never resolved and became even more accute as the country started to recover from the crisis in 2013-2015 (Waldron & Redmond, 2014) with renewed concern as to the capacities of the supply side of the Irish housing market, and the implications of certain housing policy interventions (ESRI, 2015).…”

Section: Discussionmentioning

confidence: 99%

Transitions of spatial planning in Ireland: moving from a localised to a strategic national and regional approach

Williams

Nedović‐Budić

2020

Planning Practice & Research

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Major policy or paradigm shifts to more sustainable development paths present political, economic and social challenges. In Ireland, the experiences of other European states have been used to shift what was a localised development-led planning system towards the incorporation of national and strategic approaches. The transition is from a land-use planning approach with a market-led emphasis based on a local plan making function with regulatory controls. This paper explores the process, factors and inherent difficulties involved in moving from a localized to more integrated and strategic approaches and examines experiences to date.

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The Extent of the Mortgage Crisis in Ireland and Policy Responses

Cited by 26 publications

References 14 publications

Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions

Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions

The changing institutions of private rental housing: an international review

Transitions of spatial planning in Ireland: moving from a localised to a strategic national and regional approach

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