http://hdl.handle.net/2262/1458 Tue, 21 May 2013 00:48:11 GMT 2013-05-21T00:48:11Z http://hdl.handle.net/2262/4658 Title: Are Irish households and corporations over-indebted - and does it matter? Author: Kearns, Allan Abstract: Household and corporate indebtedness has soared in recent years and is now at historically high levels. The market for credit today is unrecognisable compared with just 30 years ago when, in the national economic interest, the rate of credit growth was controlled centrally. The central questions addressed in this paper are whether households and corporates are over-indebted now and why this might be a worrying development? Previous authors have suggested that over-indebtedness may have severe consequences: (i) higher rates of arrears and bankruptcies, (ii) sharp contractions in investment and consumption, and (iii) increased fragility in the banking system. The aggregate evidence on indebtedness is contrasted with micro-data on households, corporates and credit institutions. This paper concludes that households and corporates may not be over-indebted when (i) account is also taken of improvements in their debt-service capacity and (ii) micro-data is used to qualify the aggregate indebtedness data. Furthermore, credit institutions appear to be well insulated against severe shocks that could potentially arise from households or corporates. Description: Read before the Society, 29 January 2004 Thu, 01 Jan 2004 00:00:00 GMT http://hdl.handle.net/2262/4658 2004-01-01T00:00:00Z http://hdl.handle.net/2262/2578 Title: The transformation of the Irish labour market: 1980-2003 Author: Walsh, Brendan M. Abstract: Traditionally characterised as a labour-surplus economy, Ireland was transformed during the 1990s. An impressive rate of employment growth led to a reduction in the unemployment rate from 15.7% to 4% between 1988 and 2004. Over the same period, labour force participation rates rose markedly and emigration was replaced by a rising net inflow of population. The improvements in labour market outcomes were widely spread across regions, age groups, and educational levels. Employment in agriculture and traditional industrial sectors continued to decline but rapid employment growth occurred in newer manufacturing sectors such as electronics, pharmaceuticals and medical instrumentation, construction, tourism and internationally traded financial sectors. This paper attributes the remarkable transformation of the Irish labour market to a combination of favourable demand side shocks, an elastic labour supply, a growing stock of human capital and a successful return to centralised wage bargaining. The role of structural labour market reforms is discussed and it is argues that their role in the transformation of the labour market was relatively minor. Description: Read before the Society, 6 May 2004 Thu, 01 Jan 2004 00:00:00 GMT http://hdl.handle.net/2262/2578 2004-01-01T00:00:00Z http://hdl.handle.net/2262/1438 Title: Modelling the factors associated with deadweight and displacement: an Irish industrial policy evaluation Author: Lenihan, Helena Abstract: Evaluating industrial policy interventions has become a growing theme for academics and policymakers. Evaluation should explore the ‘counter-factual’; this involves examining the related phenomena of deadweight and displacement. Research to date has almost exclusively concerned itself with deriving headline estimates of these phenomena (particularly deadweight in the Irish context) and discussing their consequences. The main argument in this paper is that it is no longer sufficient to merely derive estimates of deadweight and displacement and to discuss their consequences; the focus of attention should now turn to establishing specific firm factors (e.g. size of firm; type of firm ownership; type of assistance received) that influence these estimates. It is only then that real policy improvements and learning can occur. To this end, the explicit focus of this paper is to ascertain whether certain firm characteristics are likely to influence the likelihood of deadweight and/or displacement effects. The methodological approach developed has broadbased applicability beyond the Irish context, given that the econometric techniques adopted are adaptable to the evaluation of various types of policy interventions in a variety of contexts. Description: Read before the Society, 26 November 2003 Thu, 01 Jan 2004 00:00:00 GMT http://hdl.handle.net/2262/1438 2004-01-01T00:00:00Z http://hdl.handle.net/2262/1437 Title: Sensible tax policies in open economies Author: Hines, James R. Abstract: This paper evaluates the design and the desirability of business taxes in small open economies, in light of evidence of the impact of taxation on the activities of multinational firms. The high degree of international capital mobility implies that small countries benefit by reducing their tax rates below the rates of other countries with whom they compete, possibly to the point of eliminating any taxes on inbound investment. Countries likewise have incentives not to tax the foreign incomes of resident companies. Host countries that are tempted to use their tax systems to subsidize and thereby encourage local employment, net exports, research, or other activities of foreign investors may do so effectively, but greater targeted activity of this kind typically comes at significant cost to the local economy. Particular attention is paid to the experience of low rates of Irish taxation. Description: Read before the Society, 23 October 2003 Thu, 01 Jan 2004 00:00:00 GMT http://hdl.handle.net/2262/1437 2004-01-01T00:00:00Z