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Department of Economics and Centre for Macroeconomics public lecture
Debt and austerity: post-crisis lessons from Ireland
Patrick Honohan
Governor of the Central Bank of Ireland
Professor Sir Charles Bean
Chair, LSE
Suggested hashtag for Twitter users: #LSEecon
Debt and austerity: post-crisis
lessons from Ireland
Patrick Honohan
Central Bank of Ireland
Presented at the London School of Economics
November 17, 2015
Ireland: Unemployment rate 2004-15
16
14
12
10
8
6
4
2
0
2004
2006
2008
2010
2012
2014
18
% of labour force
16
14
12
10
8
6
4
2
1967-92
1993-2015
0
-14 -12 -10 -8 -6 -4 -2 0 2 4 6 11 13
Years from 1981 and 2008
Ireland: Total employment (seasonally adjusted)
1998-2015
Irish Real House Prices 1971-2015
Deflated by CPI; DOE Series (new houses) to 2010, then CSO
Average Nominal House Prices 1996-2015 (€000)
Ireland: General Government Surplus (% GDP)
Ireland: General Government Gross Debt (% GDP)
Ireland: National debt as % GNP, two fiscal cycles 1966-95 and 1993-2015
Ireland: Total employment (seasonally adjusted)
1998-2015
Consumption per head in Ireland
with and without property bubble, 1995-2013
Source: based on model simulations conducted by T. Conefrey,
Central Bank of Ireland
Ireland: Gini pre and post redistribution
Ireland: Gini pre and post redistribution
Ireland: 50% poverty rate pre and post redistribution
Ireland and UK: 50% poverty rate pre and post redistribution
Net wealth by age group 2006 and 2013
350,000
300,000
250,000
350,000
Median net wealth (€, nominal) in 2006 and 2013
300,000
2006
2013
250,000
200,000
200,000
150,000
150,000
100,000
100,000
50,000
50,000
0
0
under-25
25-34
35-44
Source: Lydon and McIndoe-Calder (2015, forthcoming)
35-54
55-64
65-74
75+
Department of Economics and Centre for Macroeconomics public lecture
Debt and austerity: post-crisis lessons from Ireland
Patrick Honohan
Governor of the Central Bank of Ireland
Professor Sir Charles Bean
Chair, LSE
Suggested hashtag for Twitter users: #LSEecon