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Learning From Ireland's Economic Crash

Learning From Ireland's Economic Crash

  Brendan Walsh is economics professor emeritus at University College Dublin. He spoke about Ireland's economic crash, reviewing the country's varied economic fortunes over the period 1990-2011.

The strengths and weaknesses of this performance are discussed and the increasing vulnerability of the economy highlighted.

The external shocks of 2008 revealed the extent to which Ireland's new-found prosperity had been built on shaky foundations. In particular, the turmoil in global financial markets brought to an abrupt end the credit-fueled bubble in the Irish property market and exposed the extreme weakness of the Irish banking system. The sudden decline in economic activity showed that the Irish public finances had become over-dependent on unsustainable sources of revenue derived from the property boom.

This talk, titled "From Celtic Tiger to Celtic Catastrophe: What Can We Learn From Ireland's Economic Crash?" was recorded April 26, 2011 at Colby College in Waterville as a part of the college's "Economic Department Grossman Lecture.""

Visit Colby College's online Goldfarb Center resource page for more details about this talk.