Dr. Patrick Honohan

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Dr. Patrick Honohan Patrick Honohan joined the Peterson Institute for International Economics in March 2016 as a nonresident senior fellow. Honohan was governor of the Central Bank of Ireland and a member of the governing council of the European Central Bank from September 2009 to November 2015. He came to that position from Trinity College Dublin where he was professor of international financial economics and development and where he has since become an honorary professor of economics. Previously he spent 12 years on the staff of the World Bank as a senior advisor on financial sector issues. During the 1990s he was a research professor at Ireland's Economic and Social Research Institute. In the 1980s he was economic advisor to the Taoiseach (Irish Prime Minister) Garret FitzGerald. He also spent earlier spells at the Central Bank of Ireland and at the International Monetary Fund. A graduate of University College Dublin, he received his PhD in economics from the London School of Economics in 1978. He has taught economics at the London School of Economics, at the University College Dublin, and as a visitor to the University of California, San Diego and the Australian National University as well as at Trinity College Dublin. He was elected a member of the Royal Irish Academy in 2002. In recent years, Honohan's research has focused on monetary and financial sector policy. His work on financial crises includes an evaluation of how different policy approaches have affected the overall cost of these crises in both developing countries and advanced economies. He has also studied exchange rate regime choice. Another research theme has been the access of low income households to financial services. He is coauthor of Systemic Financial Crises; Finance for Growth; Finance for All? And Financial Liberalization: How Far, How Fast? He has also published extensively on the Irish economy, recently focused on the Irish banking crisis of 2008–12 and the economic performance of Ireland in the euro area. Previous work on Ireland analyzed the earlier fiscal crisis of the 1980s, performance in the European Monetary System, the role of multinational corporation profits, and the interaction of unemployment and migration. .

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10 Economists Respond to the Question, Is Morgan Kelly Right
Is Morgan Kelly right? Compiled by LAURA SLATTERY and SUZANNE LYNCH Fri, May 13, 2011 A compelling case for default and swift balancing of the national budget or a lethal injection for our economy and citizens? Twelve economists discuss SEÁN BARRETT Senior lecturer in economics Trinity College Dublin IRELAND’S CHANGE from a full employment economy and solvency to 14 per cent unemployment and a bailout invites a contrarian response so well led by Morgan Kelly. Widespread institutional failure caused the twin crises in banking and the public finances. These then spread their contagion over the entire economy. Regulatory capture and institutional malaise have dominated our responses to date. We need the provocative advice of Morgan Kelly to walk away from the bank crisis and tackle the public finances quickly rather than over several years. With so many of the institutions and personnel who caused the twin crises largely exempt from its consequences, and likely to remain exempt, we need Kelly to remind them and us how much they have harmed this country. Under “measures to prevent a recurrence” Kelly merits the tag of “required reading”. ALAN McQUAID Chief economist Bloxham Stockbrokers THE UNDERLYING theme of the Morgan Kelly article, apart from criticising individuals, is not saying anything new. What Joe Durkan and the ESRI are talking about is similar, in a way, to Kelly – they’re both talking about speeding up the budget correction. Enda Kenny has dismissed the idea and I’d be with Kenny on this. The economy is too fragile. The [Kelly/Durkan] argument is that it’s the ECB’s problem: a lot of the money was lent to us by European banks that should have known better.
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European and International Constraints on Irish Fiscal Policy, By
2. EUROPEAN AND INTERNATIONAL CONSTRAINTS ON IRISH FISCAL POLICY Patrick Honohan* 2.1 In a world of increasing interdependence, fiscal autonomy of individual Introduction nations has increasingly been constrained. Ireland is no exception. Yet it is possible to exaggerate the degree to which fiscal autonomy has been lost. The purpose of my talk today is to explore some of the dimensions of external constraints on fiscal policy, focusing on the role of the European Union, other international governmental pressures, and international market pressures. It is convenient to distinguish between two rather different types of constraint: those that limit a government's flexibility in setting tax rates, and those that limit a government's ability to run a temporary deficit.1 I will argue that, despite the considerable recent focus on our European Union commitments as a constraint on aggregate fiscal policy, these have so far been of much less importance than the EU's influence on tax rates and tax design. International governmental pressures on tax rates are also growing in importance. Market forces can provide the most decisive of constraints but, so far as policy on the overall budgetary stance is concerned, these may have reached their full extent – indeed may have actually declined – though they will continue to grow so far as tax rates are concerned. The most spectacular European Union initiative in the area of fiscal 2.2 policy has undoubtedly been the Maastricht criteria for Economic and Deficits Monetary Union (EMU) membership. Suddenly, and more or less out of * The views expressed are strictly personal and do not reflect those of the World Bank.
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Crisis and Change in Ireland (ARI)
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Parliamentary Inquiries
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THE IRISH BANKING CRISIS Arthur L
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Financial Exchange Rates and International Currency Exposures∗
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Brookings Papers on Economic Activity, 2002
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Patrick Honohan
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Speakers' Notes
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