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This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. Ireland appears to be in the process of a remarkable social change, a process which has dramatically reversed a hitherto seemingly unstoppable economic decline. This exciting new book systematically scrutinises the interpretations and prescriptions that inform the 'Celtic Tiger'. Takes the standpoint that a more critical approach to the course of development being followed by the Republic is urgently required. Sets out to expose the fallacies that drive the fashionable rhetoric of Tigerhood. An esteemed list of contributors deal with issues such as immigration, the role of women, globalisation, and changing economic and social conditions.

BUSINESS & ECONOMICS / Development / Economic Development. --- 1996 Refugee Act. --- Celtic Tiger. --- Gaeltacht. --- Immigration Bill of 1999. --- Irish culture. --- Irish history. --- Irish immigration policy. --- Irish modernity. --- Irish people. --- class polarisation. --- cosmopolitan society. --- democratic autonomy. --- macroeconomic environment. --- multicultural society. --- nation state. --- national identity. --- public expenditure. --- racist stereotypes. --- social solidarity. --- utopianism.

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This paper complements the cross-country approach by examining the correlates of growth acceleration in per capita gross domestic product around "significant" public expenditure episodes by reorganizing the data around turning points, or events. The authors define a growth event as an increase in average per capita growth of at least 2 percentage points sustained for 5 years. A fiscal event is an increase in the annual growth rate of primary fiscal expenditure of approximately 1 percentage point sustained for 5 years and not accompanied by an aggravation of the fiscal deficit beyond 2 percent of gross domestic product. These definitions of events are applied to a database of 140 countries (118 developing countries) for 1972-2005. After controlling for the growth-inducing effects of positive terms-of-trade shocks and of trade liberalization reform, probit estimates indicate that a growth event is more likely to occur in a developing country when surrounded by a fiscal event. Moreover, the probability of occurrence of a growth event in the years following a fiscal event is greater the lower is the associated fiscal deficit, confirming that success of a growth-oriented fiscal expenditure reform hinges on a stabilized macroeconomic environment (through a limited primary fiscal deficit).

Debt Markets --- Economic Conditions and Volatility --- Finance and Financial Sector Development --- Fiscal Adjustment --- Fiscal Deficit --- Fiscal Expenditure --- Fiscal Policy --- Gross Domestic Product --- Growth Rate --- Macroeconomic Environment --- Macroeconomic Stability --- Macroeconomics and Economic Growth --- Poverty Reduction --- Pro-Poor Growth --- Public Disclosure --- Public Expenditure --- Public Sector Expenditure Analysis and Management

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This paper complements the cross-country approach by examining the correlates of growth acceleration in per capita gross domestic product around "significant" public expenditure episodes by reorganizing the data around turning points, or events. The authors define a growth event as an increase in average per capita growth of at least 2 percentage points sustained for 5 years. A fiscal event is an increase in the annual growth rate of primary fiscal expenditure of approximately 1 percentage point sustained for 5 years and not accompanied by an aggravation of the fiscal deficit beyond 2 percent of gross domestic product. These definitions of events are applied to a database of 140 countries (118 developing countries) for 1972-2005. After controlling for the growth-inducing effects of positive terms-of-trade shocks and of trade liberalization reform, probit estimates indicate that a growth event is more likely to occur in a developing country when surrounded by a fiscal event. Moreover, the probability of occurrence of a growth event in the years following a fiscal event is greater the lower is the associated fiscal deficit, confirming that success of a growth-oriented fiscal expenditure reform hinges on a stabilized macroeconomic environment (through a limited primary fiscal deficit).

Debt Markets --- Economic Conditions and Volatility --- Finance and Financial Sector Development --- Fiscal Adjustment --- Fiscal Deficit --- Fiscal Expenditure --- Fiscal Policy --- Gross Domestic Product --- Growth Rate --- Macroeconomic Environment --- Macroeconomic Stability --- Macroeconomics and Economic Growth --- Poverty Reduction --- Pro-Poor Growth --- Public Disclosure --- Public Expenditure --- Public Sector Expenditure Analysis and Management

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April 2000 - In Russia, implicit subsidies amounting to 10 percent of GDP per year in the form of nonpayments have stifled growth, contributed to the August 1998 macroeconomic crisis through their impact on public debt, and made at best a questionable contribution to equity. Hardening budgets requires that these nonpayments - or mutual arrears and noncash settlements among the government, the energy monopolies, and manufacturing firms - be eliminated with energy bills, taxes and budgetary spending settled on time and in cash. Pinto, Drebentsov, and Morozov analyze the links between Russia's disappointing growth performance in the second half of the 1990s, its costly and unsuccessful stabilization, the macroeconomic meltdown of 1998, and the spectacular rise of nonpayments. Nonpayments flourished in an environment of fundamental inconsistency between a macroeconomic policy geared at sharp disinflation and a microeconomic policy of bailing enterprises out through soft budget constraints. Heavy untargeted implicit subsidies flowing through the nonpayments system (amounting to 10 percent of GDP annually) have stifled growth, contributed to the August 1998 meltdown through their impact on public debt, and have made at best a questionable contribution to equity. Dismantling this system must be a top priority, along with promoting enterprise restructuring and growth (by hardening budget constraints) and medium-term macroeconomic stability (by reducing the size of subsidies). Getting the government out of the nonpayments system means settling all appropriately controlled budgetary expenditures on time and in cash, and eschewing spending arrears, thereby setting an example for enterprises and laying the groundwork for eliminating tax offsets at all levels of government, and insisting on cash tax payments. To stop energy-related subsidies would require not only that the government pay its own energy bills on time and in cash, but also that the energy monopolies be empowered to disconnect nonpaying clients. This will enable the government to insist that the energy monopolies in turn pay their own taxes in full and on time. This paper - a product of the Economics Unit, World Bank Office, Moscow - was produced as part of the Economic and Sector Work Program, Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region.

Arrears --- Banks and Banking Reform --- Budget --- Budgets --- Corporate Governance --- Credibility --- Debt Markets --- Devaluation --- Economic Theory and Research --- Emerging Markets --- Finance and Financial Sector Development --- Financial Literacy --- Foreign Direct Investment --- Government Spending --- Inflation --- Investment --- Investment Climate --- Macroeconomic Environment --- Macroeconomics and Economic Growth --- Nonpayment --- Nonpayments --- Oil Prices --- Private Sector Development --- Promissory Notes --- Public Debt --- Public Sector Economics and Finance --- Settlement --- Soft Budget Constraints --- Tax --- Taxation and Subsidies