Ireland's banking system is among the most open in the world, with a significant amount of the industry headquartered in other countries. In this paper we examine the development of the industry in the run up to the recent domestic and international financial crises. We highlight the three distinct categories of banks operating in Ireland, which allows for a more accurate analysis of the intera...

PBE Type i: Neither default nor political crisis If V ≤ χL, the costs of default are always larger than the costs of servicing the debt even for the benevolent government. Then in equilibrium, the government proposes to service the debt, which is accepted by the representative agent. Hence the debt is repaid and political crisis is avoided. Neither the benevolent government nor the self interes...

In his essay in this volume, Hyman Minsky is hunting big game. As he tells us in his opening paragraph, he is attempting to explain the recurrent crises in the domestic economy and in the international financial system, as well as the failure of economic policy either to prevent the outbreak of these crises or to eliminate them in reasonably short order. He also presents a sharp critique of rec...

it is difficult to disagree with the general argument that successful health reform requires a significant degree of policy capacity or that all players in the policy game need to move beyond self-interested advocacy. however, an overly broad definition of policy capacity is a problem. more important perhaps, health reform inevitably requires not just policy capacity but political leadership an...

Health reform is the outcome of dispersed policy initiatives in different sectors, at different levels and across time. Policy work which can drive coherent health reform needs to operate across the governance structures as well as the institutions that comprise healthcare systems. Building policy capacity to support health reform calls for clarity regarding the nature of such policy work and t...

The rapidly evolving global economy as well as new challenges with economic and social implications make the problem of financial crises, including currency crises, extremely important in the current situation. Especially given the fact that the crises affect various countries and regions of the world. Serious currency crashes have occurred in developing countries with marked structural problem...

We examine optimal discount window policy in an economy with a linear investment technology and aggregate liquidity shocks. Unrestricted lending at the discount window prevents large shocks from causing banking crises, but leads to indeterminacy of stationary equilibrium. We show how a policy of offering discount-window loans at an above-market interest rate generates a unique stationary moneta...