Now showing 1 - 10 of 43
  • Publication
    Peripherality in economic geography and modern growth theory : evidence from Ireland's adjustment to free trade
    (University College Dublin. School of Economics, 1994-08)
    In light of the ambiguous convergence experience of peripheral regions in the EU and in the post-war world economy, this paper studies the implications of some recent trend models that do not predict convergence as a necessary outcome of market integration. These models are then confronted with data on the Irish experience under free trade. The Irish case is arguably of general interest because it has served as one of the longest-running examples of the type of outward-oriented strategies recommended for developing countries by international institutions such as World Bank and the IMF. The purpose of the paper is twofold: to identify lacunae in the recent theoretical analyses and to develop further insights into the structural transformation of a peripheral economy.
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    The Single Market and the geographical diversification of leading firms in the EU
    (University College Dublin. School of Economics, 2003-02) ;
    Geographical diversification describes the degree to which a firm’s operations in a particular industry are dispersed across countries. This paper presents evidence on the geographical diversification within the EU of the 290-odd largest manufacturing firms in Europe. We also explore how geographical diversification changed with the introduction of the Single Market. We highlight differences between firms’ home and foreign operations and study the variation across sectors and across EU countries. Ireland, which began its rapid FDI-fuelled convergence on average EU living standards over our data period, emerges as a special case and receives particular attention.
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    Optimal factor and production subsidies under classical unemployment
    (University College Dublin. School of Economics, 1991-01)
    This paper appraises and compares the macroeconomic effects of three supply-side policies - namely employment, investment and production subsidies - within the context of a multisectoral two-period model of a small open economy with classical unemployment. Optimal subsidy levels are studied, a hierarchy of policies is derived, and policy rankings are shown to survive the introduction of common alternative specifications of the social welfare function.
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    TEAM and Irish Steel : an application of the declining high-wage industries literature
    (University College Dublin. School of Economics, 1995-07) ;
    Since wage stickiness generates unemployment or intersectoral labour transfer in excess of that associated with a flexible-wage adjustment process, it is frequently argued that declining industries should be subsidised to some extent to replicate the behaviour of undistorted economies. We discuss three arguments against this "traditional" viewpoint, and find that each applies in the cases of Irish Steel and Team Aer Lingus. Intervention, we find, far from alleviating the competitiveness problems that these sectors face, actually worsens them.
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    Fiscal policy in a small open economy with unemployment and capital accumulation
    (University College Dublin. School of Economics, 1983-09)
    This paper presents a two-sector model of a small open economy with wage rigidities and capital accumulation. The short- and medium-run effects of government expenditure policies are analysed and the results are contrasted with those of previous models which either ignore investment or restrict it to the case of inter-sectoral reallocation of capital.
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    The evolution of Zambia's macroeconomic crisis, 1970-90
    (University College Dublin. School of Economics, 1990-07)
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    Current-account targeting and the equilibrium approach to fiscal policy
    (University College Dublin. School of Economics, 1992-05)
    Internal and external balance are the twins goals of traditional Keynesian macroeconomic policy. New classical economists question whether either of these are related to welfare, since employment fluctuations may be Pareto-efficient, while the current-account balance is perceived as the outcome of saving and investment decisions by intertemporally-optimising agents. The present paper shows, however, that the current-account effects and welfare effects of various types of fiscal policy are directly related within the New Classical model, so that the response of the current account can be used to elicit information about the optimality or otherwise of government spending. The equilibrium approach therefore provides a microfoundation for "external balance" as an intermediate target for fiscal spending.