Show Less
Restricted access

Recalling the Celtic Tiger

Series:

Edited By Eamon Maher, Eugene O'Brien and Brian Lucey

This book looks at various effects, symptoms and consequences of the period in Irish culture known as the Celtic Tiger. It will trace the critical pathway from boom to bust – and up to the current beginnings of a similar, smaller boom – through events, personalities and products. The short entries offer a sense of the lived experience of this seismic period in contemporary Irish society.

While clearly not all aspects of the period could realistically be covered, the book does contain essential information about the central actors, events, themes, and economic trends, which are discussed in a readable and accessible manner. Each entry is linked to the overall Celtic Tiger phenomenon and its immediate aftermath.

The book also provides a comprehensive account of what happened in this period and will be a factual resource for anyone anxious to discover information on the areas most commonly connected to it. All entries are written by experts in the area. The contributors include broadcasters, economists, cultural theorists, sociologists, literary critics, journalists, politicians and writers, each of whom brings particular insights to some aspect of the Celtic Tiger.

Show Summary Details
Restricted access

Credit Rating Agencies (Shaen Corbet)

Extract

Shaen Corbet

Credit Rating Agencies

One of the most controversial issues that arose during the beginning of the collapse of the Celtic Tiger was based firmly on the role of the major international credit rating agencies. Quite simply, it was considered a fair question to ask what exactly they were thinking when offering advice about the widespread threats that faced Ireland both domestically and abroad.

Rating agencies had been stuck in quite a dilemma. Their key duty is to identify the main issues associated with the financial company or country under observation, offering a realistic view of their short-term viability, given the accumulation or absence of viable threats. The rating agency, should they have uncovered a detrimental result, must then decide whether to release such news, which could then trigger market panic, or they could choose to issue a negative outlook and proceed to monitor the situation for another short period of time. On an international level, this is what occurred, as some rating agencies issued vague warnings and expressed concerns relating to the rapidly increasing levels of credit being tied up in subprime markets, along with threats to exporting nations due to sharp movements in both currency and commodity markets.

However, there was very little warning presented with regard to Irish markets. This lack of warning was generally observed as a signal by investors that there existed little threat to continued growth. But what about those in the private sector whose...

You are not authenticated to view the full text of this chapter or article.

This site requires a subscription or purchase to access the full text of books or journals.

Do you have any questions? Contact us.

Or login to access all content.