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International Financial Flows and the Irish Crisis

Philip R. Lane
Trinity College Dublin

IIIS Discussion Paper No. 444

This paper explores the contribution of international financial flows to the boom-bust-recovery cycle in Ireland. It finds that a nuanced interpretation is required, in that bank-intermediated debt inflows certainly contributed to the amplification of the property boom during 2003-2007 but that other types of international flows have played a stabilising role through a variety of mechanisms, with a new wave of inflows a key component of the current recovery phase.

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Last updated 28 August 2014 by IIIS (Email).