Politics and Fiscal Policy under Lemass: A Theoretical Appraisal

Lemass rejected Whitaker’s recommendations that direct taxes be reduced and public investment shifted from social to productive areas. This was arguably done for political reasons and because Lemass believed that it might be possible to establish a social partnership deal of the type that Eichengreen has argued to have played a crucial role in post-war European convergence on US living standards. Such a bargain could not be reached under Ireland’s industrial-relations system however. The present paper contrasts the two systems and shows the adverse employment, investment and growth effects that such attempts would have had in Ireland.

Investigating the Determinants of Banking Coexceedances in Europe in the Summer of 2008

We examine the nature, extent and possible causes of bank contagion in a high frequency setting. Looking at six major European banks in the summer and autumn of 2008, we model the lower coexceedances of these banks returns. We find that market microstructure, volatility (measured by range based measures) and limited general market conditions are key determinants of these coexceedances. We find some evidence that herding occurred.

Artistic Clusters and Modern Artists’ Mobility - An Empirical Study

Based on a global sample of the 214 most prominent modern visual artists born between 1850-1945, this paper analyses the extent of mobility and the determinants of the decision to locate in the artistic clusters of Paris and New York. It is argued that the extent of mobility decreases over time and traveling is a complement to relocating permanently. Moreover, French and German artists move considerably less and American artists significantly more than their counterparts born elsewhere. A location choice model shows that the affiliation with an artistic style is a good predictor for the likelihood of moving to a cluster. This can be explained by specialised human capital spillovers. For both clusters, short-term visits are a substitute for permanent relocation. Having received formal art training increases the likelihood of moving to New York, whereas the patronage system is an important relocation factor only in the case of Paris.

Inclusive or Exclusive Globalization? Zambia’s Economy and Asian Investment

Sub-Saharan Africa's economy grew rapidly from 2004 to 2008, largely driven by Asian investment and trade. While much investment has been in primary commodities, Asian-owned manufacturing and other businesses in Africa, despite growing rapidly, have received very little attention. Using survey research, and other primary and secondary data this paper investigates the nature and impacts of Asian businesses in Zambia to interrogate whether their developmental impacts are inclusive or exclusionary. It then moves to assess the likely impact of the current global slowdown and how this will impact on Sino-Zambian economic relations.

POSTCOLONIAL IRELAND AND ZIMBABWE: STAGNATION BEFORE CONVERGENCE

This paper discusses the slow and hesitant integration of two post-colonial economies into the global economy. One is Ireland, whose independence began in 1921, but which only found its place securely at the productive frontier by the 1990s, with many setbacks on the way. The other is Zimbabwe, which ceased being a colony in 1965 but achieved proper independence only in 1980. Following independence, Zimbabwe’s economic performance in an increasingly globalized world was, like that of Ireland at first, hesitant and disappointing, even before its catastrophic decline in the past decade. Zimbabwe – now reckoned one of the poorest countries in the world – seems to have stumbled through a series of disastrous economic policy errors. Yet the struggles in Zimbabwe over land ownership and the errors in trade policy, fiscal discipline and even financial policy have parallels, more or less close, with the longer and ultimately more successful history of Irish independence.