Please use this identifier to cite or link to this item:
Conefrey, Thomas
Gerald, John Fitz
Year of Publication: 
Series/Report no.: 
ESRI working paper 315
With the advent of EMU monetary policy can no longer be used to prevent housing market bubbles in regional economies such as Ireland or Spain. However, fiscal policy can and should be used to achieve the same effect. This paper shows that the advent of EMU relaxed existing financial constraints in Ireland and Spain, allowing a more rapid expansion of the housing stock in those countries to meet their specific demographic circumstances. However, the failure to prevent these booms turning into bubbles did lasting damage to the two economies, damage that could have been avoided by more appropriate fiscal policy action.
Document Type: 
Working Paper

Files in This Item:
336.19 kB

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.