The financial crisis and its aftermath: the case of Ireland

Aarle, Bas van; Tielens, Joris; Hove, Jan Van

doi:10.1007/s10368-014-0305-8

Cited by 4 publications

(4 citation statements)

References 8 publications

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“…High-interest rates result in a higher cost of financing for investment, which reduces bank profits and, consequently, impedes the growth of FD. The results are consistent with earlier research by Ardagna et al (2007), Ali et al (2015), and Kumar and Soumya (2010), but differ from the findings reported by Van Aarle et al (2015). The results also confirm the rising trend of combined debt between the central and state governments, which averaged 85% of GDP in 2022 due to economic slowdowns.…”

Section: Robustness Checksupporting

confidence: 83%

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Does inflation affect asymmetrically to financial development in India? Fresh insights based on NARDL approach

Dar,

Nain

2023

IJSE

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PurposeThis study examines the possibility of asymmetric impact of inflation on the financial development (FD) in the case of Indian economy from 1980 to 2020. Moreover, the finance–growth hypothesis is also tested.Design/methodology/approachThe authors incorporated the “Nonlinear Autoregressive Distributed Lag” (NARDL) model due to Shin et al. (2014) to investigate the asymmetric impact of inflation on financial development. Asymmetric cumulative dynamic multipliers are also used to track the traverse of any short-run distortion towards the long-run cointegration.FindingsThe results revealed that inflation impacts the financial development negatively whereas the economic growth (EG) and trade openness have a positive effect. However, the effect of inflation on financial development is not symmetric. Moreover, the findings support the demand-led growth hypothesis.Originality/valueTo the best of the authors' knowledge, this is the first study examining the asymmetric effects of inflation on financial development in the Indian context. In addition, instead of using a single proxy to measure financial development, an index for financial development encompassing different aspects of the financial system has been incorporated.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2023-0094

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Section: Robustness Checksupporting

confidence: 83%

“…(2007), Ali et al. (2015), and Kumar and Soumya (2010), but differ from the findings reported by Van Aarle et al. (2015).…”

Section: Robustness Checkcontrasting

confidence: 62%

Does inflation affect asymmetrically to financial development in India? Fresh insights based on NARDL approach

Dar,

Nain

2023

IJSE

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“…29 Ireland was strongly affected by the crisis with the collapse of a housing price bubble causing a deep recession and budgetary instability, soliciting extensive policy interventions between 2008 and 2011. 30 The IMF and the EU provided financial support to prevent a meltdown in public finances when rating agencies downgraded Irish government bonds to junk status in December 2010. Both public sector pay and pensions in Ireland were reduced substantially, the minimum wage was lowered, and the scope of the 'inability to pay' clause widened.…”

Section: The Ecthr and Austerity Measures In The Eurozonementioning

confidence: 99%

The European Court of Human Rights and austerity measures in the Eurozone: an ally against human rights violations or merely a bystander?

Intzipeoglou

2019

LSELR

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The 2008 financial crisis created a domino effect that affected national economies around the globe, forcing many to adopt severe austerity measures. This paper, using four Eurozone countries (Greece, Ireland, Portugal, the Netherlands) as examples, will attempt to evaluate the mediocre response of ECtHR to violations of the right to property and due process caused by austerity, and subsequently try to explain the ECtHR’s stance on the matter by analysing the doctrines of margin of appreciation, subsidiarity and legitimacy. A brief comparison of the responses of the other regional institutions in similar cases, especially the European Committee of Social Rights (ECSR) and the Court of Justice of the European Union (CJEU) will follow before exploring possible implications for the future based on the attitude of the Court towards other crises and the development of its jurisprudence regarding socio-economic rights.

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“…(i) For the member states under consideration, (d t−1 ) was found to be non-stationary [I(1)] (cf. van Aarle and Van Hove (2012) for Ireland; van Aarle and Kappler (2011) for Greece; Contreras (2011) for Portugal). (ii) De Grauwe and Ji (2012) show that the relationship between the interest rates and d t was significantly altered throughout the crisis.…”

Section: -Notesmentioning

confidence: 99%

Effects of Eurobonds: A stochastic sovereign debt sustainability analysis for Portugal, Ireland and Greece

Tielens

Aarle

Hove

2014

Journal of Macroeconomics

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This paper assesses the impact of Eurobonds on sovereign debt dynamics for selected European member states (Greece, Ireland and Portugal). For each member state, we produce sovereign debt fan charts of (i) a baseline scenario (no Eurobonds) and (ii) a Full-Fledged Eurobond introduction. The key building blocks of our methodology are (i) a debt framework (which embeds the traditional recursive debt equation), (ii) a vector autoregressive model to take into account and parametrise macroeconomic uncertainty and (iii) a fiscal reaction function. Conditional on the absence of moral hazard, we find Eurobonds to be a good instrument to absorb macroeconomic shocks and to diminish uncertainty over future debt forecasts; for Ireland and Portugal, we find debt to be 20 percentage points lower than under our baseline scenario, by 2020.

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The financial crisis and its aftermath: the case of Ireland

Cited by 4 publications

References 8 publications

Does inflation affect asymmetrically to financial development in India? Fresh insights based on NARDL approach

Does inflation affect asymmetrically to financial development in India? Fresh insights based on NARDL approach

The European Court of Human Rights and austerity measures in the Eurozone: an ally against human rights violations or merely a bystander?

Effects of Eurobonds: A stochastic sovereign debt sustainability analysis for Portugal, Ireland and Greece

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