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Catching the Celtic Tiger by its Tail: Unveiling the Causes Behind the Growth Success Story

Catching the Celtic Tiger by its Tail: Unveiling the Causes Behind the Growth Success Story . Luisa Ferreira EIB. WB Knowledge Economy Forum, Paris Feb, 19-22. Irish Growth performance cannot be attributed to a single factor. Human Capital

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Catching the Celtic Tiger by its Tail: Unveiling the Causes Behind the Growth Success Story

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  1. Catching the Celtic Tiger by its Tail: Unveiling the Causes Behind the Growth Success Story Luisa Ferreira EIB WB Knowledge Economy Forum, Paris Feb, 19-22

  2. Irish Growth performance cannot be attributed to a single factor • Human Capital (reflected in Increased Educational Attainment of the work force) • Inflows of FDI WB Knowledge Edconomy Forum, Paris Feb 19-22

  3. Irish Growth performance cannot be attributed to a single factor • Intangibles Social Partnership Agreements • Wage moderation • Peaceful Labour relations • Sound Budget Economic Policies • EU membership (access to single markets, rationalization of tough policies) • Demographic factors WB Knowledge Edconomy Forum, Paris Feb 19-22

  4. The Irish remarkable growth performance results from the interaction between all these factors in the context of a favourable external background. WB Knowledge Edconomy Forum, Paris Feb 19-22

  5. FDI and Education • Enabler not Driver • Quality of Education, not Volume • Composition of FDI not sheer inflows WB Knowledge Edconomy Forum, Paris Feb 19-22

  6. Quantity of Education?

  7. Quantity of Education? Unimpressive from a World Perspective • Years of Total Education • Ranked 16 in 1960 • Ranked 19 in 1988 • Ranked 17 in 1999 • Years of Higher Education • Ranked 10 in 1960 • Ranked 18 in 1988 • Ranked 13 in 1999 WB Knowledge Edconomy Forum, Paris Feb 19-22

  8. FDI was characterized by: • Concentration in relatively high-skill or high tech intensive activities in the Irish manufacturing sector • Concentration in activities with Increasing Returns at the firm level WB Knowledge Economy Forum, Paris Feb 19-22

  9. The Chicken and Egg Problem? FDI or Education? • Education was a enabler and without it there would have been no FDI in the sectors where it occurred but soon they became self-reinforcing factors. WB Knowledge Edconomy Forum, Paris Feb 19-22

  10. Tertiary Graduates by Field of Study (1999) WB Knowledge Edconomy Forum, Paris Feb 19-22

  11. Conclusions • Enabler not Driver • Not volume (quantity) but composition (quality) WB Knowledge Edconomy Forum, Paris Feb 19-22

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