Guest Post by Julien Mercille -The Political Economy and Media Coverage of the European Economic Crisis: The Case of Ireland

New book out:

The Political Economy and Media Coverage of the European Economic Crisis: The Case of Ireland (Routledge), by Julien Mercille, University College Dublin.

 

The media have played an important role in presenting government policies enacted in response to the economic crisis since 2008. This book shows that the media have largely conveyed government views uncritically, with only a few exceptions (some of which are contributors to irisheconomy!). Throughout, Ireland is compared with contemporary and historical examples to contextualise the arguments made. The book covers the housing bubble that led to the crash, the rescue of financial institutions by the state, the role of the European institutions and the International Monetary Fund, austerity, and the possibility of leaving the eurozone for Europe’s peripheral countries. The Irish Times, Indo, Sindo, Sunday Business Post, Sunday Times and RTE are all covered.

 

The book is available here (use code FLR40 for 20% discount) and here.

 

Reviews

 

“A book of record… An exceptionally rare example of an academically rigorous analysis forcing the powerful light of transparency and exposure into the murky world of Irish policy advocacy and punditry… A captivating account.”
Constantin Gurdgiev, Trinity College Dublin

“One of the most important political economy books of the year… Set to become the definitive account of the media’s role in Ireland’s boom and bust.”
Dr. Tom McDonnell, Macroeconomist at the Nevin Economic Research Institute (NERI)

“Tells the story of the economic crisis well and explains the media’s role in convincing the public that it was all very complicated and that government policy can do little to improve the situation.”
Dean Baker, Center for Economic and Policy Research

“Anyone who cares about democracy and economic policy should read this book and be deeply worried by it.”
Mark Blyth, Professor of International Political Economy, Brown University and author of Austerity: The History of a Dangerous Idea

 

“A stinging critique of how Irish media narrowed the debate on crisis and austerity.”
Seán Ó Riain, Author of The Rise and Fall of Ireland’s Celtic Tiger

 

“Outstanding research… Meticulous, balanced and clear.”

Costas Lapavitsas, Professor of Economics, School of Oriental and African Studies, University of London

 

“Engaging, lively, critical… A must read.”

Professor Rob Kitchin, National University of Ireland Maynooth


“An invaluable concise history of Ireland’s public discussion of economic issues.”
Terrence McDonough, Professor of Economics, National University of Ireland Galway

Shortlist announced for the New Statesman/SPERI prize in political economy

The list is here.  In addition to the obvious candidates, I was pleased to see the inclusion of Anne Wren (affiliated with the IIIS here at TCD), with the citation reading:

 

Anne Wren

Wren’s work on the service economy deserves to be better known.  The judges said that reading her work on low wages in the services sector had the effect of ‘turning on a light-bulb’ for them and noted that The Political Economy of the Service Transition was ‘a book for our times’.  As a research associate of the Institute for International Integration Studies at Trinity College, Dublin, she combines economic insight with political acuity.

Martin Wolf: The Shifts and the Shocks

Martin Wolf’s new book is reviewed here by The Economist;  here by Ken Rogoff; and here by Joe Stiglitz.

Draghi’s Bond Rally Means Bailed-Out Ireland Can Borrow for Free

Ireland’s two-year yield turns negative: Bloomberg article here.

Political Booms, Financial Crises

Political Booms, Financial Crises

Helios Herrera, Guillermo Ordonez, Christoph Trebesch

CESifo Working Paper No. 4935 (August 2014)

Download available here.

Abstract:
We show that political booms, measured by the rise in governments’ popularity, predict financial crises above and beyond other better-known early warning indicators, such as credit booms. This predictive power, however, only holds in emerging economies. We show that governments in emerging economies are more concerned about their reputation and tend to ride the short-term popularity benefits of weak credit booms rather than implementing politically costly corrective policies that would help prevent potential crises. We provide evidence of the relevance of this reputation mechanism.