(^ So 08 (121) - 2013 }
TAI CHINH QUOC TE
Khung hoang no* cong a Ireland Nguyen nhan va ham y chinh sach
PGS.TSXe Thi Kim Nhung*
'W^hdng hodng tdi chinh nam 2008 bdt ddu tif My da nhanh chdng lan ra cdc nu&c m€ khdc tren the gi&L Cupc khung hodng cung khiin cdc nu&c bpc lp nhihig Id hong trong -M. A - qudn ly vdyiu kem trong nin kinh ti Dgc bi$t, khung hodng tdi chinh dd ldm bung no cupc khiing hodng npr cong & cdc nu&c thdnh vien EU, dnh hu&ng nghiem trpng din tinh hinh kinh ti, chinh tri, xa hpi cua cdc nu&c trong EU. Theo do, npr cong cua khu virc chiim 84,9% GDP, trong dd, npr cong cua cdc nu&c trong khu v^rc ddng euro chiim 90% GDP. Dgc bi^t, cd nhirng nu&c cd ty l^ npr cong rdt cao nhir Hy Lgp, Ireland, Italy, Bd Ddo Nha, cdc nu&c ndy diu dd vu0 qud mirc cho phep cua EU Id chiim 60% GDPvd thdm hut ngdn sdch khong qud 3% GDPvd da phdi dp dung cdc chinh sdch "that lung bupc bung"
NguySn nhan dSn den khiing hodng ng cong cua Ireland
Khiing hodng ng cdng d cac nudc thanh vidn EU xudt phat tir nhidu nguyen nhan, c6 Ihe chi ra:
Thd nhat, viec gia nhgp vdo EU khien cac nudc thanh vien phdi tu bd chinh sach ticn tp cua chinh minh trong khi dicu kipn kinh te xa hdi phat trien chgm ban so vdi lien minh. Cac chinh sdch ciia lien minh da dan den sy chdnh Ipch ve phdt trien kinh te ngdy cdng Idn ban giira cdc nudc trong khu vyc. Chinh sach tien tp chua phii hgp vdi dieu kipn kinh td chung cua cdc nudc tiong lien minh, dan den vipc nhieu nudc ngay tu khi mdi gia n h | p da vdp phai nhimg khd khan tiong chenh Ipch Iai suat va ly gid. Thdch tiiuc trong ccr chd dieu hanh ldi sudt, kidm che lgm pbdt giira mgt ben la ngdn hang Trung uong chau Au ECB vdi mgt ben Id chinh sdch tidn tp ciia cdc quoc gia thdnh vien. Trong khi, hp thong ECB bao gdm;
* Trtr&ng Dgi hpc Thuang mgi
Ngan hdng Trung uong chau Au (ECB) vd 16 ngan hang trung uong cua cdc qudc gia thanh vien. ECB dieu hanh chinh sdch tidn tp theo myc tieu phat tridn va kiem che Igm phal. Cy tiid, lai suat ti-en thj trudng tidn tp thi do ECB quy dinh nhdm tgo ndn tang cho vipc hinh thanh vd dn djnh ddng euro, tiong khi do Iai suat trai phieu chinh phu thi lgi do chinh phii cua nudc thanh vidn quyet djnh. Quyet djnh ciia bg tdi chinh phy thugc vao chinh sdch tdi khda ciia timg qudc gia.
Ld qudc gia cd kim nggch xuat khau vdi khu vyc Eurozone chiem khodng 1/3 tong lugng xudt khau ciia Ireland, bang vipe trd thdnh thdnh vien ciia Eurozone, nen kinh te vdn dang lang Irudng mgnh cua Ireland hung chiu mgt lan sdng Iai sudt thap vd mgt lugng vdn Idn dugc rdt vdo nen kinh td vdn da d trgng thai todn dyng lao dgng (full employment economy).
Kel qud la cdc tai san lau ddi nhu gid nha d trd nen gid trj ban trudc rat nhieu va Ireland mat khd nang cgnh tranh cua minh.
Muc dich chinh sdch cho sy lya chgn gia nhgp Eurozone cua Ireland la nham dp dung cac chinh sdch tidn tp ciia Dire, do do dong boa cdc chinh sach ciia minh vdi ddng lien ehu dao tiong Eurozone. Tuy nhien, tinh hinh kinh te xa hgi ciia Ireland va nen kinh te Idn nhdt Eurozone nay lgi khdng cd nhieu diem tuong ddng. Trong Bao edo ve quan ly cdng tai Ireland nam 2008, OECD chi ra rang thyc te cac chinh sach chi lieu cdng ciia Ireland va Diic lai hoan toan doi lap. Muc tang thyc trong chi tidu cdng tai Ireland tu nam 1995 ddn 2005 Id 5% GDP so vdi mirc am 0,5%
tai Due. Ngan hang trung ucmg Ireland ciing chi ra rang Ireland la mdt nen kinh te todn dung lao dgng vdi muc that nghiep la 4%
so vdi muc 9,1% tgi Due. Gia nhd tgi Ireland va khu vyc tin dyng tu nhdn ciing tang trudng nhanh chong uen 20% mdi nam.
Bang vipc tham gia Eurozone, Ireland da tu bd quydn ty chu ddi vdi lai suat va ti gia ngogi tp, ddng thdi dp dung cac chinh
Tap chi nghidn ciifu Tai chinh ke toan <61
TAI CHINH QUOC TE (^ Sd'08 (121) - 2013 )
sdch ciia Diic cho mpl nen kinh td hoan loan khdng tuong ddng.
Su bdt hgp li tiong chinh sdch co the dugc thay trong nam 2011 khi md lai suat cao la can thidt cho mdt nen kinh te dang di len cua Due trong khi nen kinh te dang di xudng ciia Ireland Igi can mgt mgt muc Iai suat thdp'.
Thir hai, cdc nudc thdnh vien eurozone trong do cd Ireland dd dang ticp can cac ngudn vdn dau tu nudc ngodi, nhung do sy yeu kem trong qudn Iy khien cdc nudc nay ldm vao linh trgng tham hut ngan sach nghiem ugng, Sau khi gia nhgp khu vyc ddng tien chung eurozone, cac nude cd co hgi ticp egn vdi cdc ngudn vdn qudc tc. Vipc su dung ddng ticn chung euro ciing vdi cdc nudc Idn nhu Due, Phdp mang den mgt hinh dnh ben virng cho nhimg nudc nay. Do do, cdc nudc nay da thu hut dugc dau tu nudc ngodi vdi Iai sual thdp trong mgt thdi gian dai. Vipc de dai trong tin dyng ndy mang cd y nghTa kinh te va chinh trj do EU mudn thiic day nhanh sy lien kdt sdu rdng cua cdc nudc thong qua vipc vay ng dc phat tiien kinh le. Tuy nhien, khi duge tiep egn ngudn vdn ddi ddo nhu vgy, cdc nudc dd khdng su dyng hipu qua, chi tieu qua tay. Thu chi khdng hgp ly, lang phi ngdn sdeh nhd nudc vao nhung ddu tu kem hipu qua, va tham nhiing, trdn thue la nhirng van de ndi cgm trong nhiing nudc ndy.
Thd ba, khiing hodng kinh lc Idm tidm tigng them tinh hinh ng cdng d cdc nudc thanh vien EU. Cugc khiuig hoang ng cdng
dien ra tgi Ireland tu nam 2008 bat ngudn td nhihig nam ddu eiia thdp ki trudc. Bong bong thi Irudng bdt ddng san khdng nhihig khdng dugc ngan chan ma ngugc Igi, bimg nd trong giai doan 2001-2007. Sy syp dd cua thj trudng bat dgng san da gay nen nhiing tdn that nghiem trgng cho khdng chi khu vyc tdi chinh cua Ireland md Id cd nen kinh te ciia qudc gia nay. Khi thj trudng bat dgng sdn phdt trien nd rg, mgt sd y kien da neu ra mdi quan nggi ve nhihig nguy co tidm tang cua sy phat trien cua ndng. Tuy nhien, gidi cdm quyen khdng may chu y den nhimg ldi cdnh bao nay^ Nhirng nhgn djnh sai ve tinh an todn da khien cho cdc hg gia dinh vd nhieu cdng ty tin tudng vao tinh ben virng cua thj trudng bat dpng sdn vd rang thj trudng se cd qua trinh ty hg nhipt mgt each an oan.
Dac bipt, khi ma bong bdng thj trudng bdt ddng sdn tgi Ireland trd nen mdt kiem soat, thay vi su dyng chinh sach tai khda, cu the la thue vd cbi lieu Chinh phli de hg nhipt nhu cau vd kiem sodt dp luc tu sy biing nd thj trudng bdt dgng sdn-", thi Chinh phu Ireland lgi ldm cho vdn de Udm trgng them. Kbdng ehi dua ra nhirng chinh sach tai khda khdng phii hgp vdi su phat trien kinh te giai dogn 2001- 2007, Chinh phii Ireland con khdng dua ra dugc khung dieu lp thich hgp cho hp ihong tdi chinh trong nudc khi ma hp thong nay da cd nhihig dau hipu nguy hiem co the vugt ngodi tam kiem soat.
Thu tur, sy biing phdt cua khiing hodng d Ireland la ng tu bien ihdnh ng cdng, bdt ngudn tu lugng ng xdu rat cao ciia cdc ngdn hang thuong mgi. Chinh phu Ireland da tiidt bgi trong vipc qudn ly va gidm sat cdc ngdn hang cho vay d gl, thieu ttach nhipm. MOt khu vyc ddng lien ehung vdi muc lai sudl thap cimg vdi cdc chinli sdch tdi khoa Idng leo da khi^n cho khu vyc tin dyng tu nhdn tuy phdt trien nhanh chong nhung lgi thi^u linh ben viing vd an chua nhieu nguy CO tiem tang. Sd dT khong bdn vihig Id do sy phdt trien ciia khu vuc tin dyng tu nhan khdng phdi la nhd vdo su tang Irudng cua cdc ldi khodn tien giri ngi dja md phan Idn Id do vay nude ngodi. Ng nudc ngodi ciia Ireland tang mpt cdch chdng mgt tii 10% GDP nam 2003 len ban 60% GDP nam 2007. Vgy Id tu vj tri huy dgng vdn chii yeu tir cac tai khodn tien gui ngi dja vdo nam 1999, hp thdng ngan hdng lai Ireland da chuyen sang phy thugc nang ne vao udi phieu vd cdc tai khoan lien gui phi tu nhdn Uen ngan hdng vdi nguy co xoi mon vdn cao.
Van dd thyc sy trd nen nghiem trgng khi lugng tien vay khong Id tii nudc ngodi vdi miic Iai suat thap dugc cho vay khdng cdn ddi md tgp trung nhieu cho khu vyc bat dgng sdn vd ddu CO. Neu nhu lai ihdi diem ndm 1999, chi 1/3 nguon vdn vay ciia Ireland dugc phdn bo cho khu vyc bat dgng sdn thi den nam 2008, khodn phdn bd ndy da len ddn 2/3 cua nguon lin dyng, Idn ban rat nhidu so vdi ngudn tin dyng md Ireland cd
<^2> T a p chi nghign ciifu T a i chinh k e t o a n
(^ So 08 (121) - 2013 )
TAI CHINH QUOCTE vdo nam 1999. Kdt qud ciia sy
phan bd khdng dong ddu ndy Id sy bung nd gid nhd di kem vdi sy bung nd irong cdc giao djch bat dgng sdn vd gid daf*. Tuy nhien, dieu nay cung ddng nghTa vdi vipc Ireland dang phai ddi mat vdi mgt ndn kinh td bdp benh va mat dn dinh. Vd co bdn, mgl ndn kinh te cdng nghipp thu vd 5% tdng lugng thu nhgp tir vipc xay dyng nhd d mdi, tuy nhien thu nhgp tir vipc xay dung vd bdn bat dgng sdn tai Ireland lgi dem ve cho qudc gia mgl khoan gap ba lan muc thu trung binh trdn. Do do, bat ki sy sut gidm dgt nggt trong vipc ddu tu nhd d cung gay nhirng dnh hudng tidu cue tham chi nghiem ugng ddn thu nhap qudc gia, tai chinh cdng, va ti lp that nghipp do mgt lugng Idn lao dgng trong xa hgi Idm vipc trong khu vyc bat dgng san^ Vdi mgt nen kinh te phy thugc nang nd vao thj trudng bdt dgng sdn nhu Ireland, dnh hudng ciia sy syp dd trong gia nhd la Idn ngoai sue tudng tugng d ca khu vyc tir nhan va hp thdng ngan hang vdi vipc cac ngdn hdng nay phai gdnh nhiing khodn ng xau khdng Id. Sy syp dd cua bong bong tin dyng nha d da phd hiiy hp thdng ngdn hang Ireland khien hdng loat ngan hang Idn dung trudc nguy CO pha sdn.
Hp tiidng ngdn hang Ireland ciing thd hipn nhidu diem long leo trong co chd qudn ly. Nam 2008, hp thdng nay bao gom 6 ngan hang chinh dugc hinh tiidnh qua nhimg vy sdp nhgp vd tai CO cau tir nhiing ndm 1980's va 1990's. Cac ngdn hdng Idn nhdl Id Allied Irish va Bank of
Ireland, vdi Anglo Irish Bank vd Irish Nationwide dugc nhan djnh Id kha "bdo thii". Trong thdi ki bong bdng tin dung vd bdt ddng sdn, cac ngan hdng Ireland da duy tri muc phdt trien qud nong, vdi tdng ldi san dugc md rgng them 20% moi nam, mgt dau hipu nguy hiem tiem tdng. Mae dii vay, chinh phii Ireland vdn cdng nhan nhiing ngdn hdng nay la "hodn toan klioe mgnh". Vdi sy syp do ciia Lehman's vdo giiia thang 9/
2010, theo sau dd Id ddng bang tin dyng, cdc ngan hang Ireland, cy the d day Id ngdn hang Anglo Irish, roi vao tinh trang "vay ngan, cho vay dai", khi ma cac khodn vay khdng Id tu trai phieu va lien ngan hang trong ngan ban Igi dugc ddu tu dai hgn vao thi Irudng bdt dgng san dang tren dd mat gid. Dd cdu van tinh the, mgt mat, Anglo Irish Bank dugc qudc hiiu hda vdo ddu nam 2009, vd mgt phdn hgn che cua su lai dieu chinh von dugc phan bd cho hai ngdn hang Idn hem Id Allied Irish vd Bank of Ireland dudi dgng cd phidu uu ddi (preference shares). Mat khdc, chinh phu tien hanh thdnh lap mdt "ngdn hang xdu" vdi ten ggi Co quan qudn ly tai sdn qudc gia NAMA (National Asset Management Agency). Ca quan ndy cd nhiem vy mua lai tu cdc ngan hang dugc bao dam cac khoan ng xdu ddu tu cho phat tridn vd nha ddt bang trai phieu chinh phli dugc phat hanh bdi NAMA. Tinh den nay, NAMA mua lgi 70 ti Euro ng xau tii cdc ngan hang vd dy tinh se cdn mua lgi it nhat Id 16 ti Euro niia*. Rd rdng la nhihig khodn ng tu nay
da trd Ihanh khoan ng cdng ciia chinh phli Ireland, khien qudc gia ndy phdi keu goi sy giiip dd tu ben ngoai de trdnh nguy co vd ng.
T h d nam, bong bdng bdt dgng sdn da khien Ireland ldm vao khimg hodng ng cdng.
Trong nhiing nam tnrdc khiing hoang kinh te, thi trudng bat dgng sdn ciia Ireland da lang trudng rat mgnh do nhieu yeu td nhu sy tang mgnh ve dan sd tii nam 1990, kinh td phat tridn manh va sd lugng idn ngudi di cu trd ve nudc. Thu nhap tang eiing vdi kha nang ticp can cdc ngudn tai chinh chi phi thap, ket qud ciia viec trd thanh thanh vien cua EMU, vd sy loan cdu hda khu vyc tai chinh da ddn den sy biing nd trong khu vyc xdy dyng va nha d.
Dau tu vao nhd d Ireland dgt dinh d muc 14% GNP nam 2006, gap hon 2 lan muc trung binh ciia EU-15. Ddi lap vdi nhihig nam Uudc do khi ma xuat khdu la dgng lye thiic ddy sy tang trudng ciia nen kinh te, sy bung nd thj trudng nha d la nhdn td ddng gop chii yeu cho tang trudng kinh te trong nhimg nam tiep theo khien san lugng lucmg thuc tang cao hon muc tiem nang nhdm duy iri mdt nen kinh te dn dinh.
He qua tat yeu ciia su bimg nd trong khu vyc xay dyng vd nha d Id su phdn bd Iai cdc nguon lyc trong nen kinh te. Vdi mgt nen kinh te da d uang thai loan dyng lao dgng, mdt phdn Idn lao dgng tgi Ireland trong thdi ki bimg nd xay dyng Id lu cdc quoc gia tiidnh vien EU khdc
Tap chi nghidn ciifu Tai chinh ke toan <^o>
TAI CHINH QUOC TE ( So 08 (121)-2013 } d khu vyc Ddng Au, vd Idn song
nhdp cu ndy Igi lam lang them nhipt cho nhu cdu nhd d vdn da rdt ndng tgi qudc gia ndy. Den nam 2007, 13,3% tdng sd lao dgng eiia Ireland hogt ddng trong nganh xay dyng, muc cao nhdt trong cac quoc gia thugc OECD va vugt muc cdc qudc gia nay 5 didm phdn Uam^ Mgt diem can chii y ve thj trudng bdt dgng sdn tgi Ireland Id mac dii ngudn eung nha d tang nhanh d muc chdng mat, gid nha lgi qudc gia nay khdng he dugc giam nhipt do khd nang chi trd tang nhd cdt giam thuc thu nhdp va kha nang ngudi dan cd the tiep egn cdc ngudn ldi chinh chi phi thap den tu vipc Ireland trd thanh qudc gia thdnh vien Eurozone.
Thd sdu, chinh sach Ihue khdng phu hgp ciing la mgt nguyen nhan nira ddn den ng cdng d Ireland tang cao. Thue ddnh vao cac khodn chi tra Iai suat the chap co the dugc su dyng nhdm ndng chi phi vay tien ciia cac hg gia dinh, gidm thieu dnh hudng cua vipc lai sudt tang, qua do kiem soal dugc su tang mgnh ciia gia nha. Tuy nhien, trong trudng hgp cua Ireland, thay vi ap dyng chinh sdch tai khda that chat irong nhihig nam ddu trudc khi bong bong thj Irudng bdt dgng san dgt dinh nam 2007 va roi vao suy thodi dau nam 2008, Ireland lgi su dyng Ihue de khuyen khich dau tu vdo bdt dgng sdn vd midn thud cho cdc khodn ehi tid ldi suat the chdp'. Trong khi Ihu nhap tu thuc tidp tuc tang nhanh trong giai dogn phat trien ndng, co cau thuc CO sy thay ddi ro ret. Thud
Hinh 2: Gia bat dgng sdn nhd d: 2000 - 2011
thu nhap von rat cao vdo nhiing nam 1980 bj cdt giam dan tiong nhihig nam sau dd, do do thue thu nhap tren GNP gidm mgnh tu 20% nam 1988 xudng cdn 13% vao nam 2006. Kdt qud Id ganh nang thue thu nhgp tid nen rdt nhp, dgc bipt la ddi vdi nhdm nhu nhap thap vd bgc tnmg.
Tuy nhien, khodn thue mat di tir vipc gidm thue thu nhgp cd nhdn duge chinh phu Ireland bu ddp hi cdc nguon thu khdc. Dgc bipt, sy bung nd xdy dyng tgi qudc gia nay da dem lgi mdt khoan thu nhgp tir thue kbdng Id dudi dang Ihue trudc ba (stamp duty), thud doanh lgi va VAT.
Hinh 4 cho thdy rdng ti-ong khi thud thu nhgp giam tu 48% tdng thu tu thud nam 1988 xudng con 36% nam 2006 tiii ngudn tim tii thue trudc bg vd thue doanh lgi tang tu 2% tdng thu tu thue len muc 12% tiong cimg thdi ki. Do mgt phdn Idn thu nhgp tu thue phy thupc vdo cac hogt dgng ciia thj trudng nha d vdn da dgt muc dinh, ro rang rdng ke tu.nam
2007, chinh phu khdng tiid liSp tyc phy thugc vdo ngudn thu tir thue lien quan den kbu vyc bat dgng sdn. Tuy nhien, cde chinh sach ciia Ireland lgi dya tren nidm tin rdng thj tiirdng bat dgng san se eo qua trinh giam nhipt an todn va rang khodn thu khdng Id tii bdt dgng sdn se bien mdt tii tii, du thdi gian cho cdc khu vyc kinh td khac phat trien mgnh ddn len nham bu dap Igi khodn thud thidu hyt. Khdng nhu mong dgi, thj trudng bat dgng sdn lai Ireland khdng gidm nhipt Iheo Ig trinh ma cac nhd bogch djnh chinh sdch du doan.
Cudi nam 2007, ndn kinh td MT roi vao suy thoai va nam 2008, ndn kinh Id the gidi chung kien cugc khimg hoang kinh te vd tai chinh tdi tp nhat kd td nhihig nam 1930s. Vdi gia nhd d tugt ddc va thj trudng bat dgng san bdp benh, cdc khdch hang tiem nang tid nen ngdn ngai hon trudc quyet djnh dau tu vao nhd d vd thj trudng ndy, vdn mgt thdi la diem sdng trong nen kinh ti Ireland, nay dung trudc bd vyc
<b4> Tap chi nghi§n ciifu Tai chinh k^ toan
(^ So 08 (121) - 2013 )
TAI CHINH QUOC TE
Hlnh 3: Cor c^u thue
Tnite aa a n trSl era Thutf tini nt^p TtiuQc OotAnft&ctothti tem'clQsnii isi
1970 1973 1378 ISTB 1982 1885 19flB ISfll IBS* 1997 2000 20)3 KJ06
suy thodi. Sau gan mOt thgp ki thgng du ngan sdch, chinh phii Ireland nay phai ddi mat vdi bdi todn tham hyt ngan sach khi md thu nhgp ciia chinh phii gidm td 68 ti Euro nam 2007 xuong cdn 56 ti Euro nam 2009 do nguon thu thue trudc bg va thue doanh lgi gidm. So hpu ndy chua tinh den nhihig tdn that nang nd cho nen kinh te Ireland neu thi trudng nha d syp dd, ma hp qua la nguon thu tu VAT va tii thud thu nhgp cua lao dgng hogt dgng tiong khu vyc xdy dyng khdng cdn'". Sai Iam tiong chuyen djch tu thue thu nhgp cd nhdn sang cdc khodn thue lien quan den khu vyc bat dgng sdn nhu la mgt ngudn tiiu chinh ciia chinh phu da khien Ireland roi vao bdi todn khd tham hyt ngan sdch.
Hdm y chinh sdch Tu vipc danh gid nguyen nhan khung hodng ng cdng cua Ireland cho thay, tijy Id quoc gia thdnh viSn cua khoi EU chju sy dicu chinh ciia chinh sdch tidn 1$ cua Ngdn hdng trung uong
chau Au ECB, mdi nudc can dieu hdnh chinh sdch ti^n tp cua minh mgt cdch linh hogt, phu hgp vdi dieu kipn cua thj trudng va miic dg phdt tiidn ndn kinh td xa hgi. Kiem soat ehgt che vd minh bgch hda cac khodn thu chi cdng, qudn ly ng cdng phai dgt trong mdi quan hp vdi chinh sach tdi khda vd chinh sach tien tp. Xdc djnh ngudng an todn ng cdng de cd bipn phdp didu hanh chinh sdch dung dan. Cd mdi quan hp giiia khiing hodng ng cdng vd khiing hoang ngan hdng, vi vdy Ngan hang trung uong can phdi kiem sodt ehgt che cdc NHTM. Trong thyc hdnh chinh sach tai khda can tranh vipc tao ra "thien dudng thue".
Cd the thay, nhihig nguyen nhan dan den cugc khiing hodng ng cdng hipn nay d cac nudc Nam Au vd Ireland bao gdm cd do chinh sdch ciia EU vd do linh hinh cua moi nudc. Vi vgy, de giai quyet tmh trgng ndy ciing nhu ngdn chgn lay lan sang nudc
khdc doi hdi sy dieu chinh chinh sach eiia cd EU va timg qudc gia Ihanh vidn.
Tai lieu tham khdo:
Barret. S D. 20II. The EU/
IMF rescue programme for Ireland: 2010-2013
Misjudging risk: Causes of systemic Banking crisis in Ireland, 20II
Blanchard. O, 2007, Current account deficits in rich countries Whelan. K. 2010, Policy Lessons from Ireland's latest depression
Kelly M, 2007. On the likely extent of falls on Irish House prices
Gurdgiev. C, Lucey. B.M.
Mac an Bhaird. C, & Roche- Kelly L. 2011, The Irish Economy: Three strikes and You 're Out?
Bergin. A. Gerald. J. F, Kearney. 1, & O'Sullivan. C, 2011, The Irish Fiscal Crisis
melon. K. 2010. Policy Lessons from Ireland's latest depression
Barry. F, Gerald. J. F, 2001, Irish fiscal policy in EMU and the Brussels-Dublin controversy
T^p chi nghi§n ciifu Tai chinh ke toan <^o
