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

Michelle Norris and Dermot Coates

Open Access publications from Research Repository, University College Dublin

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.

Keywords: Mortgage; Credit crunch; Housing ?nance (search for similar items in EconPapers)
Pages: 17 pages
Date: 2014-06
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Citations: View citations in EconPapers (9)

Published in: Journal of Housing and the Built Environment, 29(2) 2014-06

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http://hdl.handle.net/10197/5639 Open Access version, 2014 (application/msword)

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Persistent link: https://EconPapers.repec.org/RePEc:rru:oapubs:10197/5639

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