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Currency, Credit and Crisis
Central Banking in Ireland and Europe

$32.99 (P)

Part of Studies in Macroeconomic History

  • Date Published: July 2019
  • availability: In stock
  • format: Paperback
  • isbn: 9781108741583

$ 32.99 (P)

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About the Authors
  • The global financial crisis in 2008 brought central banking to the centre stage, prompting questions about the role of national central banks and - in Europe - of the multi-country European Central Bank. What can central banks do, and what are their limitations? How have they performed? Currency, Credit and Crisis seeks to provide a coherent perspective on the functions of a central bank in a small country by assessing the way in which Ireland's financial crisis from 2010 to 2013 was handled. Drawing on his experiences as Governor of the Central Bank of Ireland and in research and policy work at the World Bank, Patrick Honohan offers a detailed analytical narrative of the origins of the crisis and of policy makers' conduct during its most fraught moments.

    • Offers an account of Ireland's boom, bust and recovery from the viewpoint of a central banker
    • Takes a historical approach to Ireland's financial crisis, noting alternative policy choices that have been made by Ireland in the past and by other countries in similar circumstances
    • Assesses the proper role of central banks and their relationship with the European Union going forward
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    Reviews & endorsements

    'A fine account of these extraordinary events.' Colm McCarthy, Sunday Independent

    'A valuable and very readable insight into the work of an institution so important that its independence is protected by law …' Irish Times

    'Honohan’s perspective as a policy-maker in one of the worst-affected countries would be valuable in any case. But this book is especially valuable for the unfailingly analytical approach Honohan brings to what he witnessed. It will be required reading for all who wish to understand what happened in the global financial crisis, and how that crisis did not become a calamity.' Dan Hardie, Central Banking Journal

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    Product details

    • Date Published: July 2019
    • format: Paperback
    • isbn: 9781108741583
    • length: 392 pages
    • dimensions: 227 x 151 x 22 mm
    • weight: 0.58kg
    • contains: 27 b/w illus. 1 table
    • availability: In stock
  • Table of Contents

    Part I. Currency:
    1. Fixed or floating
    2. Toward the euro
    3. The euro area crisis
    Part II. Credit:
    4. Safe and sound banking
    5. Faults in financial services
    6. The role of the central bank
    Part III. Crisis:
    7. The guarantee
    8. The race to stabilize the banks
    9. The bailout
    10. Cleaning-up
    Part IV. Taking Stock:
    11. The European decade of bank failure
    12. The Irish economy in boom and bust
    13. Lessons learnt.

  • Author

    Patrick Honohan, Trinity College Dublin
    Patrick Honohan is Honorary Professor of Economics at Trinity College Dublin, Nonresident Senior Fellow at the Peterson Institute for International Economics and a Research Fellow of the Centre for Economic Policy Research (CEPR).

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