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Managing Housing Bubbles in Regional Economies under EMU: Ireland and Spain. ESRI WP315. September 2009

Conefrey, Thomas and Fitz Gerald, John (2009) Managing Housing Bubbles in Regional Economies under EMU: Ireland and Spain. ESRI WP315. September 2009. [Working Paper]

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    Abstract

    With the advent of EMU monetary policy can no longer be used to prevent housing market bubbles in regional economies such as Ireland or Spain. However, fiscal policy can and should be used to achieve the same effect. This paper shows that the advent of EMU relaxed existing financial constraints in Ireland and Spain, allowing a more rapid expansion of the housing stock in those countries to meet their specific demographic circumstances. However, the failure to prevent these booms turning into bubbles did lasting damage to the two economies, damage that could have been avoided by more appropriate fiscal policy action.

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    Item Type: Working Paper
    Subjects for non-EU documents: Countries > Ireland
    Countries > Spain
    EU policies and themes > Policies & related activities > economic and financial affairs > general
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Working Papers
    Depositing User: Alyssa McDonald
    Official EU Document: No
    Language: English
    Date Deposited: 31 Jul 2017 14:34
    Number of Pages: 45
    Last Modified: 31 Jul 2017 14:34
    URI: http://aei.pitt.edu/id/eprint/87864

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