What If Ireland Defaults? by Brian Lucey Read Free Book Online Page B

82, No. 4, pp. 537–560.
    Stiglitz, J. (1999a) ‘Reforming the Global Economic Architecture: Lessons from Recent Crises’, Journal of Finance , Vol. 54, No. 4, pp. 1508–1521.
    Stiglitz, J. (1999b) ‘Knowledge for Development: Economic Science, Economic Policy, and Economic Advice’, in B. Pleskovic and J. Stiglitz (eds.), Annual World Bank Conference on Development Economics 1998 , Washington DC: World Bank, pp. 9–58.
    Stiglitz, J. (2000) ‘Capital Market Liberalization, Economic Growth, and Instability’, World Development , Vol. 28, No. 6, pp. 1075–1086.
    Stiglitz, J. (2001) ‘From Miracle to Crisis to Recovery: Lessons from Four Decades of East Asian Experience’, in J. Stiglitz and S. Yusuf (eds.), Rethinking the East Asian Miracle , Oxford: Oxford University Press, pp. 509–526.
    Stiglitz, J. (2002) Globalization and Its Discontents , New York: W.W. Norton & Company.
    Stiglitz, J. (2004) ‘Capital Market Liberalization, Globalization, and the IMF’, Oxford Review of Economic Policy , Vol. 20, No. 1, pp. 57–71.
    Stiglitz, J. (2006) Making Globalization Work , New York: W.W. Norton & Company.
    Stiglitz, J. (2010a) Freefall: America, Free Markets, and the Sinking of the World Economy , New York: W.W. Norton & Company.
    Stiglitz, J. (2010b) ‘Contagion, Liberalization, and the Optimal Structure of Globalization’, Journal of Globalization and Development , Vol. 1, No. 2, Article 2.
    Stiglitz, J. (2010c) ‘Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable’, American Economic Review , Vol. 100, No. 2, pp. 388–392.
    Stiglitz, J. (2011) ‘Preface’, in D. Coats (ed.), Exiting from the Crisis: Towards a Model of More Equitable and Sustainable Growth , Brussels: European Trade Union Institute, pp. 9–16.
    Stiglitz, J. and Weiss, A. (1986) ‘Credit Rationing and Collateral’, in J. Edwards, J. Franks, C. Mayer and S. Schaefer (eds.), Recent Developments in Corporate Finance , Cambridge: Cambridge University Press, pp. 101–135.
    United Nations Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System (2010) The Stiglitz Report: Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis , New York: The New Press.
    Wagner, W. (2010) ‘Diversification at Financial Institutions and Systemic Crises,’ Journal of Financial Intermediation , Vol. 19, No. 3, pp. 373–386.
    Wall Street Journal (2010) ‘Ireland’s Fate Tied to Doomed Banks’, Wall Street Journal , eastern edition, 10 November 2010.
    Wall Street Journal (2011) ‘Ireland’s Banks Get Failing Grades’, Wall Street Journal , eastern edition, 1 April 2011.

3
    Debt Restructuring in Ireland: Orderly, Selective and Unavoidable
    Constantin Gurdgiev
    Constantin is adjunct professor at the School of Business, Trinity College Dublin, and a director of St Columbanus AG, a Swiss asset management company. An internationally syndicated newspaper columnist, he blogs at trueeconomics.blogspot.com .
    Ireland’s Road to Debt Restructuring
    In a 2011 research paper titled ‘The Real Effects of Debt’, Bank for International Settlements (BIS) researchers S. Cecchetti, M. Mohanty and F. Zampolli provide analysis of the long-term effects of debt on future growth. The authors use a sample of eighteen Organisation for Economic Co-Operation and Development (OECD) countries, not including Ireland, for the period of 1980–2010 and conclude that ‘for government debt, the threshold [beyond which public debt becomes damaging to the economy] is in the range of 80 to 100% of GDP [gross domestic product].’ The implication is that ‘countries with high debt must act quickly and decisively to address their fiscal problems.’ Furthermore, ‘when corporate debt goes beyond 90%