Three Quarter-Centuries of Central Banking in Ireland

Patrick Honohan

No 3/EL/18, Economic Letters from Central Bank of Ireland

Abstract: The 75-year history of the Central Bank of Ireland falls neatly into three contrasting quartercenturies. For the first quarter-century (1943-68) Irish banking continued to operate as a kind of satellite of the British system, with the Central Bank maintaining the non-interventionist approach that had characterised the currency board regime in place from 1927. The second quarter century (1968-93) was a period of monetary instability with double-digit inflation and repeated devaluations. Hyper-globalisation has defined the most recent 25 years (1993-2018) of the Central Bank’s operations, with the Irish economy experiencing a damaging episode of over financialisation followed by a collapse, from which the Bank sought to navigate a recovery that would minimise economic damage. Evaluating national economic performance in each of the three periods on price stability and average job growth, the most recent quarter century outperforms the other two; but it has been more volatile.

Date: 2018-04
New Economics Papers: this item is included in nep-cba, nep-his and nep-mon
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