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The Selected Issues paper describes the nexus between household wealth, saving, and consumption, and provides estimates for the medium-term path of household saving and consumption. The paper also discusses to what extent the credit market frictions are holding back Ireland's economic recovery. Under current macroeconomic assumptions, the savings rate is expected to decline. Households have rapidly accumulated debt during boom times, and incomes and asset values have declined severely during the crisis. The Executive Board welcomes the country’s efforts toward economic recovery.

Title Ireland : Selected Issues.
Publisher Washington, D.C. : International Monetary Fund
Creation Date 2012
Notes Description based upon print version of record.
Includes bibliographical references.
Content Cover
Contents
I. Household Consumption, Wealth, and Saving
A. Introduction
Figure
Figure 1: A Credit Credit-Fuelled Boom and Its Unwinding
B. The Consumption-Balance Sheet Nexus
Figure 2: The Turn of the Credit Cycle
Figure 3. Household Debt to Gross Disposable Income
Figure 4. Household Leverage Ratio
Figure 5. Analytical Framework
Figure 6: Household Borrowing, Saving, and Growth
Figure 7: Decline in Income Versus Reduction in Debt
C. The Outlook for Household Saving and Consumption
Figure 8: Composition of Household Net Wealth
Figure 9: Changes to Household Assets and LeverageFigure 10: Decomposition of Household Savings, 2011
Figure 11: Household Saving Rate Forecast
Table
Table 1: Panel Regression of the Household Savings Rate (1980-2010)
Figure 12: Household Debt Around the Cycle Peak
D. Conclusion
Figure 13. Growth and Debt Under Different Scenarios
References
II. Access to Credit, Debt Overhang, and Economic Recovery: The Irish Case
B. Overall Credit Conditions
Table 1. Financial Constraints, Firm Size, and Banking Crisis, 2002-10
Table 2. Firm investment, sales, cash flow, and debt: 2002-2010Table 3. Access to finance of SMEs, April 2011 to March 2012
C. Lending Standards and Credit Conditions Disentangled
Table 4. Supply and demand of loans to non-financial companies, Dec 2002 - Mar 2012
D. Options for dealing with reduced access to finance for SMEs
Table 5. Supply and demand of household loans for house purchase, Dec 2002 - Mar 2012
E. Conclusions
Appendix Table. Selected government schemes to support SME lending
III. Medium-Term Fiscal Consolidation in Ireland: Growth-Friendly, Targeted, SustainableA. Introduction
B. Revenue and Expenditure Trends and the Consolidation Mix
Figure 1. Ireland's Revenue and Expenditures (percent of GDP)
Figure 2. Sources of Expenditure Increase During the 2000s
Figure 3. Income Tax Bands and Statutory Rates: 1985-2012
Table 1. Ireland's Expenditure and Revenue Ratios vis-à-vis Comparator Groups
Figure 4. Expenditure-to-GDP, GNP ratios - Ireland Vs OECD
Figure 5. Mix of Consolidation Measures, 2009-15
Figure 6. Projected Revenue and Expenditure Ratios Through 2015C. High-Quality Options for Revenue Base-Broadening
Figure 7. Ireland Vs. OECD - Level and Structure of Revenues
Table 2. Composition of General Government Revenues
Table 3. Ireland's Personal Income Tax Structure
Table 4. The Level and Structure of Property Taxation-Ireland vs. OECD
Figure 8. Revenues from Environmentally Related Taxation (percent of GDP)
Figure 9. Revenues from Environmentally Related Taxation (percent of total revenues)
D. Options for More Targeted and Efficient Expenditure
Table 5. Public Expenditure on Health and Education (2011, percent of GDP)
Series IMF Staff Country Reports
Extent 1 online resource (75 p.)
Language English
National Library system number 997010720420705171
MARC RECORDS
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