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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/58705

Title: Quantifying revenue windfalls from the Irish housing market
Author: Addison-Smyth, Diarmaid
McQuinn, Kieran
Keywords: Property taxes
Tax revenues
Housing market
Tax windfalls
Issue Date: 2010
Publisher: Economic & Social Research Institute
Citation: Addison-Smyth, Diarmaid; McQuinn, Kieran. 'Quantifying revenue windfalls from the Irish housing market'. - Economic & Social Review, Vol. 41, No. 2, Summer, 2010, pp. 201–223, Dublin: Economic & Social Research Institute
Abstract: The speed and severity of the decline in the Irish fiscal position in recent years raises a number of important issues regarding the assessment of fiscal policy within the EU. From a position of relative strength, with large surpluses and a low debt to GDP ratio, the Irish publicfinances have rapidly deteriorated, culminating in an Excessive Deficit Procedure being launched in early 2009. In hindsight, it is evident that tax revenues were on an unsustainable path in recent years due, in large part, to structural imbalances within the economy, mainly associated with the housing market. The excess growth in the latter culminated in large and transitory tax revenue windfalls, which ultimately proved unsustainable. These windfalls contributed to large general government and cyclically adjusted budget surpluses. This paper seeks to quantify the windfall gains associated with property taxes through modelling housing related tax receipts over the period 2002 to 2009. From this, estimates are derived as to the underlying or property adjusted fiscal position, which is found in various years, to have diverged greatly from actual outturns.
Description: Policy paper
URI: http://hdl.handle.net/2262/58705
ISSN: 00129984
Appears in Collections:The Economic and Social Review, Vol. 41, No. 2, Summer, 2010
Economic and Social Review Archive: Complete Collection 1969-

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