Austerity Models and TheirImpact on Markets:The Case of Ireland

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

Austerity is the simultaneous compression of public expenditure and the expansion of taxation of the public to satisfy the demands of international creditors. After a credit-fuelled asset bubble burst in 2007, the Irish economy experienced significant austerity from April 2008 to January 2014. The economy recovered, with the public finances recording a primary surplus in January 2020, months before COVID began. Ireland is often presented as a poster child for austerity and has been used as an exemplar for this suite of policies in subsequent crises around the world. This exemplar status does not consider the unique structure of the Irish economy, which allowed a compression of domestic demand while keeping tax revenues from corporations high, nor does it consider the social impacts of the crisis, notably on poverty, homelessness, and especially child poverty. This chapter looks at the interaction of macro-economic imbalances and micro-economic outcomes to tease these important issues apart and draw out relevant policy implications.

Original languageEnglish
Title of host publicationResearching Poverty and Austerity
Subtitle of host publicationTheoretical Approaches, Methodologies and Policy Applications
PublisherTaylor and Francis
Pages145-160
Number of pages16
ISBN (Electronic)9781003803829
ISBN (Print)9781032127774
DOIs
Publication statusPublished - 1 Jan 2024

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