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Posts in the "Investment" category

Opening Statement to the Budgetary Oversight Committee

Posted on September 13, 2016 by Tom McDonnell

Public sector employment - NERI blog on public sector employment in the Republic of Ireland
NERI blog on public sector employment in the Republic of Ireland

The Select Committee on Budgetary Oversight commenced a series of pre budget hearings last week with contributions from DKM, NERI, the Irish Central Bank, and the ESRI. The hearings will continue this week with contributions from the Fiscal Council and from the European Commission and then next week with contributions from the Minister for Public Expenditure and Reform, the Revenue Commissioners and the Minister for Finance. The pre budget report is due to be finalised on the 29th of September in advance of the budget.

It will be interesting to see whether the report has an influence on the policies announced on budget day. In any event the Committee should become more influential in future years once it beds down as a year long presence.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomics

Fiscal Space: A Short Primer

Posted on June 23, 2016 by Tom McDonnell

Government Buildings - Budgeting for the future
Budgeting for the future

The parameters for Budget 2017 are set by the requirements of the preventive arm of the Stability and Growth Pact (SGP). The preventive arm is assessed under two main pillars. These are the Structural Balance Rule and the Expenditure Benchmark Rule.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomicsTaxation

Fiscal Space, Irish Water and Water Charges

Posted on March 07, 2016 by Tom McDonnell

Water Network - NERI inBrief on alternative methods of charging for water
NERI inBrief on alternative methods of charging for water

In an earlier blog I noted that the government's available fiscal space over the next five years, after accounting for demographic costs and the indexing of public spending for inflation, would be somewhere in the region of €2.5 billion to €4.5 billion. The Fiscal Council estimate €3.2 billion. The fiscal pressure eases somewhat if, as expected, the European Commission ends up allowing an additional €1.5 billion of leeway over the next five years.

The upshot is that the space for increasing real spending on health, housing, education, infrastructure and other areas of public spending will be highly constrained over the next five years in the absence of measures to increase government revenue.

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Permanent link | Categories: Government SpendingInvestment

Social Housing in Northern Ireland

Posted on March 03, 2016 by Paul Mac Flynn

Publication cover - NERI Research inBrief Housing - Cover image for neri_research_inbrief_housing.pdf
Cover image for neri_research_inbrief_housing.pdf

Social housing in Northern Ireland faces unique challenges over the coming years in terms of capacity, finance and delivery. Moreover there are questions over the structure of organisation who deliver social housing and how that could be amended to best suit future needs.
This InBrief looks to evaluate current social housing policy and whether Northern Ireland should look beyond the UK for best practice.
KEY POINTS

  • Northern Ireland is not at present providing an adequate supply of social housing.
  • Schemes for tenant purchase of social housing have depleted stock and should be suspended.
  • The reclassification of Housing Associations as public bodies disrupts the current financial model and calls into question the future role of the NIHE
  • There should be a broader role for Housing Associations beyond providing for low-income households.

Permanent link | Categories: InvestmentJobs

Fiscal Rules, Fiscal Space and Growth Friendly Fiscal Policies

Posted on February 12, 2016 by Tom McDonnell

Wealth25Sep

The reformed Stability and Growth Pact (SGP) and the creation of the Irish Fiscal Advisory Council (IFAC) have enhanced supervision of Irish fiscal policy and reduced the range of feasible fiscal stances an Irish government can promise or take. This new reality was brought into sharp focus with the recent debate about 'fiscal space'. The fiscal space represents the projected amount of additional resources available for public spending over a period of time.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomicsTaxation

NERI seminar: Ireland’s daunting climate change challenge

Posted on December 04, 2015 by Daragh McCarthy

The latest NERI seminar, 'Ireland’s daunting climate change challenge in the period to 2030: how to respond?', was held on 2 December. Joseph Curtin, Research Fellow at the Institute of International and European Affairs on climate policy, provided an overview of Ireland’s climate change challenge within the context of the upcoming Paris COP 21 and EU climate 2030 negotiations. He reviewed Ireland’s progress to date, and presented options for meeting future international commitments. The seminar drew upon research papers on community energy schemes (co-authored with Dr. Celine McInerney, UCC) and on divestment for fossil fuels (co-authored with Dr. Paul Dean, UCC) along with IIEA research into the implications of climate change for the agriculture sector.

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Permanent link | Categories: Investment

What is a prudent fiscal space?

Posted on November 29, 2015 by Tom Healy

Tom Healy, Director NERI - Tom Healy, Director NERI
Tom Healy, Director NERI

One of the impacts of the recent economic crisis is that new expressions have been added to the English language, as spoken here. One such example is ‘fiscal space’. When the economy is growing there is, at one and the same time, more demand for public services (more school pupils and more demand for health services for examlpe) as well as less demand for other public services (when there are fewer persons unemployed). Rising or ageing population also impact on demand for public services and pensions.  Alongside changes in spending that are ‘cyclical’ revenue trends so that there is a natural jump in revenue as people spend more and receive higher incomes – boosting state coffers.  Separating out the temporary ‘cyclical’ effects and the ‘structural’ effects is not at all easy for economists and statisticians.

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Permanent link | Categories: Government SpendingInvestmentTaxation

NERI Seminar: Fiscal Priorities for Long-Run Growth

Posted on November 20, 2015 by Tom McDonnell

Neri poster - Nevin Economic Research Institute
Nevin Economic Research Institute

The latest NERI seminar  looked at the Irish economy’s recent performance and considered its medium-and-long-term prospects for growth. Over the course of the presentation a range of policy reforms to increase the economy’s long-run potential output were identified and discussed. Dr McDonnell set out the case for  increased investment in education and skills, particularly early years learning; to increase investment in the production, diffusion and use of new ideas. He showed how prudent investment in right types infrastructure is associated with long-run increases in productive capacity and argued that were capital markets are not well-functioning there is a strong case for a state investment bank to provide patient long-term finance to support innovative effort and technology diffusion.

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Permanent link | Categories: Government SpendingInvestmentMacroeconomicsTaxation

NERI Post Budget Seminar

Posted on October 22, 2015 by Daragh McCarthy

Post Budget Seminar, October 2015 - NERI Post Budget Seminar, October 2015
NERI Post Budget Seminar, October 2015

The NERI seminar series resumed yesterday with an analysis of Budget 2016—presentations from each of the three speakers are available below. The speakers outlined the budgetary choices facing Irish society with a special focus on issues related to childcare and housing. Thanks to Michael Taft ( UNITE ), John-Mark Cafferty ( Society of St. Vincent de Paul ) and Dáithi Downey ( Dublin City Council ) for their contribution. The next seminar in the series will take place on 18 November and will focus on ways to boost long-run growth in the economy— further details are available here .  

Slides

Michael Taft & ‘Clear Stark Choices—Budget 2016’ NERI Post-Budget Seminar , 21 October 2015, Dublin

John-Mark Cafferty & ‘Back to the Future’ NERI Post-Budget Seminar , 21 October 2015, Dublin

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Permanent link | Categories: Government SpendingInequalityInvestmentMacroeconomicsTaxation

Budget 2016, Taxes and Growth

Posted on October 08, 2015 by Tom McDonnell

QEO Autumn 2015 - Quarterly Economic Observer, Autumn 2015
Quarterly Economic Observer, Autumn 2015

Budget 2016 is close at hand and inevitably, and unfortunately, the debate has been characterised by loud and persistent campaigning by the anti-tax lobby. It seems every day brings new calls for tax breaks for one interest group or another. Yet there is limited fiscal space and we cannot afford to fritter away our precious resources in this way – we discuss the available fiscal space in depth in Section 4 of the Summer edition of the NERI's QEO. The received wisdom in the public sphere is that tax cuts raise growth. Yet each and every tax cut or tax break has an opportunity cost and theory and evidence suggests the relationship between tax cuts/breaks and economic growth is actually quite complicated.

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Permanent link | Categories: InvestmentMacroeconomicsTaxation

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