Connor, Gregory and Flavin, Thomas and O'Kelly, Brian (2012) The U.S. and Irish credit crises: Their distinctive differences and common features. Journal of International Money and Finance, 31. pp. 60-79. ISSN 0261-5606

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Abstract

Although the 2007–2008 US credit crisis precipitated it, the subsequent Irish credit crisis is an identifiably separate one, which might have occurred in the absence of the U.S. crash. The distinctive differences between them are notable. Many of the apparent causal factors of the U.S. crisis are missing in the Irish case; and the same applies vice versa. At a deeper level, we identify four common features of the two credit crises: capital bonanzas, asset price bubbles, regulatory imprudence, and moral hazard. The particular manifestations of these four “deep” common features are quite different in the two cases.

Item Type:	Article
Additional Information:	We wish to acknowledge support from the Science Foundation of Ireland under grant 08/SRC/FM1389.
Keywords:	Credit crises; Asset price bubbles; Capital bonanzas; Regulatory imprudence; Moral hazard;
Academic Unit:	Faculty of Social Sciences > Economics, Finance and Accounting
Item ID:	5418
Identification Number:	https://doi.org/10.1016/j.jimonfin.2011.11.005
Depositing User:	Gregory Connor
Date Deposited:	24 Sep 2014 14:59
Journal or Publication Title:	Journal of International Money and Finance
Publisher:	Elsevier
Refereed:	Yes
Funders:	Science Foundation of Ireland under grant 08/SRC/FM1389
URI:	http://www.journals.elsevier.com/journal...
Use Licence:	This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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