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Financial Crisis in Economies with External Imbalances: A Comparative Analysis of Ireland and Spain
Název práce v češtině: Finanční krize v ekonomikách s vnějšími nerovnováhami: Komparativní analýza Irska a Španělska
Název v anglickém jazyce: Financial Crisis in Economies with External Imbalances: A Comparative Analysis of Ireland and Spain
Klíčová slova: úsporná opatření, bankovní sektor, bublina, ekonomické ozdravení, Evropská unie, vnější nerovnováhy, finanční krize, Irsko, veřejné finance, Španělsko
Klíčová slova anglicky: austerity measures, banking sector, bubble, economic recovery, European Union, external imbalances, financial crisis, Ireland, public finances, Spain
Akademický rok vypsání: 2014/2015
Typ práce: bakalářská práce
Jazyk práce: angličtina
Ústav: Katedra evropských studií (23-KZS)
Vedoucí / školitel: Mgr. Jan Váška, Ph.D.
Řešitel: skrytý - zadáno vedoucím/školitelem
Datum přihlášení: 05.10.2015
Datum zadání: 05.10.2015
Datum a čas obhajoby: 14.06.2016 00:00
Místo konání obhajoby: FSV UK Jinonice
Datum odevzdání elektronické podoby:11.05.2016
Datum proběhlé obhajoby: 14.06.2016
Oponenti: Mitchell Young, M.A., Ph.D.
 
 
 
Kontrola URKUND:
Seznam odborné literatury
Primary Sources
Reports
Chen, Ruo, Milesi-Ferretti, Gian Maria, and Tressel, Thierry, “External Imbalances in the Euro Area,” IMF Working Paper 12/236, International Monetary Fund (September 2012), https://www.imf.org/external/pubs/ft/wp/2012/wp12236.pdf.
Commission of Investigation into the Banking Sector in Ireland, “Misjudging Risk: Causes of the Systemic Banking Crisis in Ireland,” Report of the Commission of Investigation into the Banking Sector in Ireland (March 2011), http://www.bankinginquiry.gov.ie/Documents/Misjuding%20Risk%20-%20Causes%20of%20the%20Systemic%20Banking%20Crisis%20in%20Ireland.pdf.
Department of the Environment, Community and Local Government, “Quarterly House Prices Bulletin: Quarter 2 2010,” Department of the Environment, Community and Local Government (November 2010), http://www.environ.ie/sites/default/files/migrated-files/en/Publications/StatisticsandRegularPublications/HousingStatistics/FileDownLoad%2C25191%2Cen.pdf
Honohan, Patrick, “Resolving Ireland’s Banking Crisis”, Report presented at UCD-Dublin Economic Workshop Conference: Responding to the Crisis, Dublin, Trinity College Dublin (12 January 2009), http://www.irisheconomy.ie/Crisis/HonohanCrisis.pdf.
Honohan, Patrick, “The Irish Banking Crisis: Regulatory and Financial Stability Policy 2003-8”, A Report to the Minister for Finance by the Governor of the Central Bank, Central Bank of Ireland (May 2010), https://www.centralbank.ie/press-area/speeches/Pages/IntroductorystatementbyGovernorPatrickHonohanatOireachtasBankingInquiry.aspx.
International Monetary Fund, “Euro Area Imbalances,” Annex to Umbrella Report for G-20 Mutual Assessment Process, International Monetary Fund (June 2012), https://www.imf.org/external/np/g20/pdf/map2012/annex2.pdf.
International Monetary Fund, “Ireland: 2009 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion,” IMF Country Report No. 09/195, International Monetary Fund (June 2009), http://www.imf.org/external/pubs/ft/scr/2009/cr09195.pdf.
International Monetary Fund, “Spain: Financial Sector Reform—Final Progress Report”, IMF Country Report No. 14/59, International Monetary Fund (February 2014), http://www.imf.org/external/pubs/ft/scr/2014/cr1459.pdf.
Joint Center for Housing Studies of Harvard University, “The State of the Nation’s Housing 2008,” The State of the Nation’s Housing Report, Graduate School of Design and Harvard Kennedy School (2008), http://www.jchs.harvard.edu/sites/jchs.harvard.edu/files/son2008.pdf.
OECD, “Spain: From Administrative Reform to Continuous Improvement,” OECD Public Governance Reviews, OECD (2014), http://www.oecd.org/spain/spain-from-administrative-reform-to-continuous-improvement.htm.
OECD Policy Roundtables, “Exit Strategies,” DAF/COMP(2010)32, OECD (2010), http://www.oecd.org/daf/competition/46734277.pdf.

Data and Statistics
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“Balance of Current Account,” Official Site of Eurostat, http://ec.europa.eu/eurostat/tgm/table.do?tab=table&language=en&pcode=tec00043.
“Central Government Debt,” Official Site of OECD Stats, https://stats.oecd.org/index.aspx?queryid=8089#.
“Crude Rate of Net Migration plus Adjustment, per 1 000 Inhabitants,” Official Site of Eurostat, http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=tsdde230&plugin=1.
“Current Account Balance (BoP, Current US$),” Official Site of World Bank, http://data.worldbank.org/indicator/BNO.CAB.XOKA.CD/countries?page=1&display=default.
“Domestic Product,” Official Site of OECD Data, https://data.oecd.org/gdp/real-gdp-forecast.htm.
“FDI Flows, Outward, Million US Dollars,” Official Site of OECD Data, https://data.oecd.org/fdi/fdi-flows.htm.
“Foreign Exchange Rates,” Official Site of Federal Reserve Bank of New York, https://apps.newyorkfed.org/markets/autorates/fxrates/external/home.
“General Government Debt,” Official Site of OECD Data, https://data.oecd.org/gga/general-government-debt.htm.
“General Government Deficit,” Official Site of OECD Data, https://data.oecd.org/gga/general-government-deficit.htm.
“General Government Gross Debt,” Official Site of Eurostat, http://ec.europa.eu/eurostat/fr/web/government-finance-statistics/statistics-illustrated.
“Government Bond Yields: Ireland 1985–2016,” Official Site of Trading Economics, http://www.tradingeconomics.com/ireland/government-bond-yield.
“Government Finance Statistics,” Official Site of Eurostat, http://ec.europa.eu/eurostat/web/government-finance-statistics/data/database.
“Gross Immigration Rate from abroad, Immigrations per 1,000 inhabitants,” Official Site of Instituto Nacional de Estadística, http://www.ine.es/jaxiT3/Datos.htm?t=5841.
“Gross National Income,” Official Site of OECD Data, https://data.oecd.org/natincome/gross-national-income.htm.
“Harmonised Unemployment Rate (HUR), Total, % of Labour Force,” Official Site of OECD Data, https://data.oecd.org/unemp/harmonised-unemployment-rate-hur.htm.
“International Trade,” Official Site of OECD Data, https://data.oecd.org/trade/trade-in-goods-and-services.htm.
“Ireland Inflation Rate,” Official Site of Trading economics, http://www.tradingeconomics.com/ireland/inflation-cpi.
“Population and Migration Estimates,” Official Site of Central Statistics Office, http://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2015/.
“Population and Migration Estimates: Immigration, Emigration and Net Migration in Ireland, 2000–2015,” Official Site of European Migration Network, http://emNo.ie/emn/statistics.
“Private Sector Debt, Consolidated % of GDP,” Official Site of Eurostat, http://ec.europa.eu/eurostat/en/web/products-datasets/-/TIPSPD20.
“Quarterly Growth Rates of Real GDP, Change over Previous Quarter,” Official Site of OECD Stats, https://stats.oecd.org/index.aspx?queryid=350#.
“Real GDP Forecast,” Official Site of OECD Data, https://data.oecd.org/gdp/real-gdp-forecast.htm.
“Spain Government Bond 10Y,” Official Site of Trading economics, http://www.tradingeconomics.com/spain/government-bond-yield.
“Spain Inflation Rate,” Official Site of Trading economics, http://www.tradingeconomics.com/spain/inflation-cpi.
“Unemployment Rate,” Official Site of OECD Data, https://data.oecd.org/unemp/unemployment-rate.htm.
“Youth Unemployment Rate, Total, % of Youth Labour Force,” Official Site of OECD Data, https://data.oecd.org/unemp/youth-unemployment-rate.htm.

Websites
“COUNCIL REGULATION (EC) No 1466/97 of 7 July 1997 (OJ L 209, 2.8.1997, p.1),” Official Site of EUR-Lex, accessed 25 February, http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:01997R1466-20111213&from=EN.
“Cuentas anuales”, Official Site of the FROB: Autoridad de Resolución Ejecutiva, accessed 22 April, 2016, http://www.frob.es/es/Sobre-el-FROB/Paginas/Informes-de-cuentas-anuales.aspx.
“ESM programme for Spain (concluded)”, Official Site of the European Stability Mechanism (ESM), accessed 27 April, 2016, http://www.esm.europa.eu/assistance/spain/.
“Naturaleza y régimen jurídico”, Official Site of the FROB: Autoridad de Resolución Ejecutiva, accessed 21 April, 2016, http://www.frob.es/es/Sobre-el-FROB/Paginas/Naturaleza-y-regimen-juridico.aspx.
“Top 1000 Irish Industries”, Official Site of the The Irish Times Guide to Business, accessed 3 March, 2016, http://www.top1000.ie/companies.
“State aid: Overview of national rescue measures and deposit guarantee schemes”, Official Site of the European Commission, accessed 21 April, 2016, http://europa.eu/rapid/press-release_MEMO-08-619_en.htm?locale=en.

Secondary Sources
Books
Coulter, Colin, and Coleman, Steve, The end of Irish history? Critical reflections on the Celtic Tiger, (Manchester: Manchester University Press, 2003).
Gallagher, Michael, and Marsh, Michael, How Ireland Voted 2011: The Full Story of Ireland's Earthquake Election (New York: Palgrave Macmillan, 2011).
Scobie, H. M., The Spanish Economy in the 1990s (London: Routledge, 1998).
Šlosarčík, Ivo, Irsko a krize:Politika a ekonomika Irské republiky v letech 2008-2014 a její evropské souvislosti (Praha: Karolinum, 2015).

Journals
Benito, Bernardino, Vicente, Cristina, and Bastida, Francisco, “The Impact of the Housing Bubble on the Growth of Municipal Debt: Evidence from Spain,” Local Government Studies 41, No. 6 (2015): 997–1016.
Bozio, Antoine, Emmerson, Carl, Peichl, Andreas, and Tetlow, Gemma, “European Public Finances and the Great Recession: France, Germany, Ireland, Italy, Spain and the United Kingdom Compared,” Fiscal Studies 36, No. 4 (2015): 405–430.
Byrne, Michael, “Asset Price Urbanism’ and Financialization after the Crisis: Ireland’s National Asset Management Agency,” International Journal of Urban and Regional Research (3 March, 2016): 1–15.
Cano Fuentes, Gala, Etxezarreta Etxarri, Aitziber, Dol, Kees, and Hoekstra, Joris, “From Housing Bubble to Repossessions: Spain Compared to Other West European Countries,” Housing Studies 28, No. 8 (2013): 1197–1217.
Cardesín Díaz, José María, and Araujo, Jesús Mirás, “Historic Urbanization Process in Spain (1746–2013): From the Fall of the American Empire to the Real Estate Bubble,” Journal of Urban History (2015): 1–20.
Chari, Raj, and Bernhagen, Patrick, “Financial and Economic Crisis: Explaining the Sunset over the Celtic Tiger,” Irish Political Studies 26, No. 4 (2011): 473–488.
Conde–Ruiz, J. Ignacio, and Marín, Carmen, “The Fiscal Crisis in Spain,” in “Austerity Measures in Crisis Countries–Results and Impact on Mid–term Development,” Intereconomics 48, No. 1 (January 2013): 4–32.
Croke, James, “Chuaigh Ar La'–Debt of A Gaelsman: Ireland's Sovereign Debt Crisis, National and International Responses,” Northwestern Journal of International Law & Business 32, No. 365 (2012): 365–390.
Domínguez-Mujica, Josefina, Guerra–Talavera, Raquel, and Parreño–Castellano, Juan Manuel, “Migration to Spain, Migration at a Time of Global Economic Crisis: The Situation in Spain,” International Migration 52, No. 6 (2014): 113–127.
Encarnación, Omar G., “Spain after Franco: Lessons in Democratization,” World Policy Journal 18, No. 4 (Winter, 2001/2002): 35–44.
Etxezarreta, Miren, Navarro, Francisco, Ribera, Ramón, and Soldevila, Victòria, “Boom and (deep) crisis in the Spanish economy: the role of the EU in its evolution,” (Communication presented at the 17th Workshop on Alternative Economic Policy in Europe, Vienna, September 2011): 1–33.
Ferreiro, Jesús, Gómez, Carmen, and Serrano, Felipe, “Mistakes in the Fiscal Policy in Spain before the Crisis,” Panoeconomicus 5 (2013): 577–592.
Fitzgerald, Colm, “The debt crisis in Ireland,” The Quarterly Review of Economics and Finance 53 (2013): 353–363.
Frotiée, Brigitte, “Transformation du modèle social: le cas de l'Espagne,” Informations sociales No. 180 (June 2013): 122–131.
Gärtner, Manfred, Griesbach, Björn, and Mennillo, Giulia, “The Near–Death Experience of the Celtic Tiger: A Model–Driven Narrative from the European Sovereign Debt Crisis,” Intereconomics (2013): 358–365.
Grossman, Emiliano, and Woll, Cornelia, “Saving the Banks: The Political Economy of Bailouts,” Comparative Political Studies 47, No. 4 (2014): 574–600.
in 't Veld, Jan, Kollmann, Robert, Pataracchia, Beatrice, Ratto, Marco, and Roeger, Werner, “International capital flows and the boom–bust cycle in Spain,” Journal of International Money and Finance 48 (2014): 314–335.
Kinsella, Stephen, “Is Ireland really the role model for austerity?” Cambridge Journal of Economics 36 (2012): 223–235.
Kinsella, Stephen, “Post–Bailout Ireland as the Poster Child for Austerity,” CESifo forum 15, No. 2 (2014): 1–20.
Martí, Francisco, and Pérez, Javier J., “Spanish Public Finances through the Financial Crisis,” Fiscal Studies 36, No. 4 (2015): 527–554.
Muñoz de Bustillo Llorente, Rafael and Pérez, José–Ignacio Antón, “Low Wage Work in a High Employment Growth Economy: Spain, 1994–2004,” Investigación Económica 66, No. 261 (July–September 2007): 119–145.
Murphy, Mary P., “Ireland: Celtic Tiger in Austerity—Explaining Irish Path Dependency,” Journal of Contemporary European Studies 22, No. 2 (2014): 132–142.
O’Flynn, Micheal, Monaghan, Lee F, and Power, Martin J, “Scapegoating during a Time of Crisis: A Critique of Post–Celtic Tiger Ireland,” Sociology 48, No. 5 (2014): 921–937.
O'Callaghan, Cian, Kelly, Sinéad, Boyle, Mark and Kitchin, Rob, “Topologies and topographies of Ireland's neoliberal crisis,” Space and Polity 19, No. 1 (2015): 31–46.
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Newspaper articles
Plaza, Ana Martín, “Rajoy logra para el PP una mayoría histórica con 186 diputados y el PSOE se hunde con 110,” RTVE, 20 November, 2011, accessed 26 April, 2016, http://www.rtve.es/noticias/20111120/rajoy–logra–historica–mayoria–absoluta–186–diputados–psoe–se–hunde–110/476868.shtml.
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Definitions by:
Financial Times Lexicon:
http://lexicoNo.ft.com/
Investopedia:
http://www.investopedia.com/
European Commission:
http://ec.europa.eu/index_eNo.htm
OECD Data:
https://data.oecd.org/
EUR-Lex:
http://eur-lex.europa.eu/homepage.html?locale=en
European Financial Stability Facility (EFSF):
http://www.efsf.europa.eu/about/index.htm
Předběžná náplň práce
Tato práce se zabývá finanční krizí v ekonomikách s externími imbalancemi, které zaznamenaly vysoký nárůst zahraničního soukromého dluhu a tak se liší od běžně chápaných příčin krize, zejména pak plýtvání veřejnými prostředky (jako tomu bylo například u Řecka). Jedná se o komparativní analýzu Irska a Španělska, hlavních dvou zemí EU postižených těmito nerovnováhami. Práce se zodpovídá otázku, proč došlo k velmi kvalitnímu irskému ozdravení a naopak ve španělském případě nikoliv, a zda může být tedy Irsko chápáno za univerzální model pro boj s budoucími krizemi. Pro zodpovězení otázky je nastíněn průběh krize, vzestup hypotečních bublin i strukturální rozdíly ekonomik, aby mohly být nakonec představena protikrizová opatření.
Předběžná náplň práce v anglickém jazyce
The aim of this thesis is to focus on financial crisis in economies with external imbalances, which experienced sharp increases in foreign private debt and which differentiated them from the generally accepted causes, i.e. public finance profligacy (as was the case in Greece for example). It is a comparative analysis of Ireland and Spain, two countries primarily affected by these imbalances. The thesis is intended to answer the question why Ireland experienced a successful recovery while Spain did not, and if it can therefore be considered a universal model for crisis management in the future. To answer the question, the thesis presents the impacts of the crisis, emergence of real estate bubbles and also structural differences of the two economies, to finally present the undertaken austerity measures.
 
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