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Shinnick, Edward
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[Journal:] Budgetary Research Review (BRR) [ISSN:] 2067-1784 [Volume:] 5 [Year:] 2013 [Issue:] 1 [Pages:] 54-63
This paper traces the development of the Irish economy from independence, to economic decline, to unprecedented levels of growth and prosperity, and back to decline and bankruptcy. We look at the role of fiscal policy in this rollercoaster ride and see how fiscal policy was used to both create and subsequently destroy the Irish economic miracle, commonly referred to as the Celtic Tiger. Ireland went from being the shining light of Europe, with unprecedented levels of economic growth, record low unemployment and record high GDP per capita, to being the first economy in Europe to officially enter recession in 2008 and the second to receive IMF/EU/ECB bailout funds following the collapse of the Irish banking sector and with it the Irish economy. The paper considers the role of fiscal policy in contributing to this crisis and also look ahead to determine what role fiscal policy can and must play in reviving the prospects of the Irish economy over the next decade.
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