The Role of the Light-Touch Regulation of the Mortgage Lending System on the Irish Property Markets
By
ACKNOWLEDGEMENT
My thanks go out to all who have helped me complete this study and with whom this project may have not been possible. In particular, my gratitude goes out to friends, facilitator and family for extensive and helpful comments on early drafts. I am also deeply indebted to the authors who have shared my interest and preceded me. Their works provided me with a host of information to learn from and build upon, also served as examples to emulate.
DECLARATION
I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, and this thesis/dissertation has not been submitted for any examination at academic as well as professional level previously. It is also representing my very own views and not essentially which are associated with university.
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ABSTRACT
This research study is an attempt to study the role the light-touch regulation of the mortgage lending system on the Irish property markets. The global recession had left Ireland in a crisis of high fiscal deficits that had been brought on by low growth, high inflation, high unemployment and high interest rates in particular, with the added pressure of general low levels of income. The increase in demand for housing not only led to a spike in housing development, but also an increase in property prices. This research study adopted a qualitative method of research for the purpose of meeting the aim and objectives of this dissertation. The housing prices in the housing sector of Ireland started to increase during the period 1997-2002, in comparison to the years from 1990 to 1996.
TABLE OF CONTENTS
ACKNOWLEDGEMENTii
DECLARATIONiii
ABSTRACTiv
CHAPTER 01: INTRODUCTION8
1.1 Background of the Study8
1.2 Purpose of the Study9
1. 3 Research Question9
1.4 Aim10
1.5 Objectives10
1.6 Dissertation Outline10
CHAPTER 02: LITERATURE REVIEW12
2.1 Introduction12
2.2 Ireland 1970-199012
2.3 The Celtic Tiger16
2.3.1 Mortgage Availability17
2.3.2 Property Prices and Output19
2.4 The Irish Property Collapse20
2.4. 1 Causes of the Property Collapse22
2.5 State Regulation and the Property Market24
2.6 Light-touch Regulation27
2.6.1 Fiscal policies29
2.6.2 Monetary Policy33
2.6.3 Planning Policies35
2.6.4 Responses to the collapse38
CHAPTER 03: RESEARCH METHODOLOGY39
3.1 Introduction39
3.2 Data Collection Types39
3.3 Overview of the Research Approaches: Quantitative and Qualitative41
3.4 Research Method42
3.5 Justification of the Research Method42
3.6 Sample42
3.7 Ethical Considerations43
3.8 Conclusion44
CHAPTER 04: ANALYSIS AND DISCUSSION45
4.1 Introduction45
4.2. Overview of the Property Market in Ireland45
4.3 Limitations47
4.4 Interview Analysis47
CHAPTER 05: CONCLUSION AND RECOMMENDATIONS52
5.1 Recommendations54
5.2 Recommendations for Future Research54
REFERENCES56
APPENDICES62
Appendix 162
Appendix 263
Appendix 364
Appendix 464
Appendix 566
Appendix 667
Appendix 768
Appendix 869
Appendix 970
Appendix 1071
Appendix 1172
CHAPTER 01: INTRODUCTION
1.1 Background of the Study
Ireland is a prominent modern example of rapid economic growth, prosperity and expansion. Over the course of the last two decades or so Ireland has grown exponentially from an initially low base in the 1980s after a long and crippling depression, into a thriving EU economy, highlighted most notably by authors such as Robert Kitchen, Honohan, Morgan Kelly and O'Donoghue et al. The period between the early 1990s until 2007 had become known as the 'Celtic Tiger era' and brought major change in Ireland through falling interest and taxation rates, decreasing ...