How housing killed the Celtic tiger: anatomy and consequences of Ireland's housing boom and bust

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Title: How housing killed the Celtic tiger: anatomy and consequences of Ireland's housing boom and bust
Authors: Norris, Michelle
Coates, Dermot
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Date: Jun-2014
Online since: 2015-06-01T03:00:18Z
Abstract: Between 1996 and 2006, Ireland experienced unprecedented house price inflation, driven by a fourfold increase in the volume of outstanding private mortgage debt and accompanied by a radical growth in housing output. This article outlines the most significant features of the housing boom and explains how it generated and disguised crucial risks in the macro economy and public finances, among mortgage lenders and in the finances of individual households. This is followed by an outline of the key features of the unwinding of the boom since and of its implications for the Irish economy, mortgage lenders and households. The conclusions examine the lessons regarding appropriate regulatory and policy responses to a house price boom which arise from the Irish experience.
Type of material: Journal Article
Publisher: Springer
Journal: Journal of Housing and the Built Environment
Volume: 29
Issue: 2
Start page: 299
End page: 315
Copyright (published version): 2014 Springer
Keywords: MortgageCredit crunchHousing finance
DOI: 10.1007/s10901-013-9384-z
Language: en
Status of Item: Peer reviewed
Appears in Collections:Social Policy, Social Work and Social Justice Research Collection
UCD RePEc Archive Collection

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