Patrick Honohan
Biographic Data
| ID | 1089379 |
|---|---|
| NAME | Patrick Honohan |
| GIVEN NAMES | Patrick |
| FAMILY NAME | Honohan |
| SIGNATURE | HONOHAN P |
| AFFILIATIONS | World Bank |
| ORCID | 0000-0003-2095-1375 |
| VERIFIED | Yes |
| TOTAL WORKS | 16 |
| TOTAL CITATIONS | 13 |
| AUTHOR COUNT | 15 |
| EDITOR COUNT | 1 |
| FIRST PUBLICATION YEAR | 1984 |
| LATEST PUBLICATION YEAR | 2023 |
| H-INDEX | 2 |
Europe and the Transformation of the Irish Economy
Having stagnated for decades in the shadow of the UK, the Irish economy's performance improved after it joined the European Union (EEC) in 1973. This Element shows how the challenge of EU membership gave focus and direction to Irish economic policy. No longer dependent on low value-added agricultural exports to Britain, within the EU Ireland became a hub for multinational corporations in IT and pharmaceutical products. This export success require…
Rules versus principles for ethical market behaviour
In designing regulation, as has long been recognized in the academic literature, there is a tension between reliance on fixed mechanical “bright line” rules and the flexibility offered by granting a degree of discretion to the regulator subject to guiding principles. The failure of principles‐based financial regulation a decade ago reinforced a trend towards mechanical rules. This essay, drawing on practical experience gleaned in the years follow…
Hardy Perennials
In the long history of systemic banking crises—including, but not limited to, the Global Financial Crisis—the worst cases have been caused or at least severely exacerbated by what may be called bad banking and bad policies: those that permitted or encouraged excessive risk-taking and even “looting” of other people’s money. With each crisis there is an inevitable chorus of calls for more official prudential regulation and supervision to prevent a …
Cross-country variation in household access to financial services
Financial Liberalization
The goal of this volume is to bring a more broad-based empirical experience than has been customary to the theoretical debate on how financial systems should be managed. This is achieved not only with cross-country economic studies, but also with an account of carefully chosen and widely contrasting country cases, drawn from Europe, Latin America, Africa, East and South Asia and the former Soviet Union. The widespread financial crises of recent y…
Does Financial Reform Raise or Reduce Saving
ServŽn for useful suggestions. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. DOES FINANCIAL REFORM RAISE OR REDUCE SAVING? By Oriana Bandiera*, Gerard Caprio Jr.**, Patrick Honohan* * and Fabio Schiantarelli* (*Boston College, **World Bank) The effect of financial libe…
Mexico's Financial Sector Crisis
The sharp 1994 Mexican peso devaluation was followed by a financial‐sector crisis, forcing the Mexican government to retake control of several banks and to grant substantial assistance to many others. This paper tests several hypotheses concerning the impact of devaluation. First, event‐study methodology is used to test whether some sectors of Mexican economy were ‘devaluation‐gaining’ while others were ‘devaluation‐losing’. Second, we test wheth…
Fiscal Adjustment and Disinflation in Ireland
In a few short years in the latter half of the 1980s Ireland moved from a position of near-bankruptcy in the fiscal accounts to near balance. The improvement was sustained: having jumped to over 120 per cent in 1987, a decade later the debt-to-GDP ratio had fallen by almost one-half, and promised to slip below the demanding Maastricht target of 60 per cent by the start of EMU in 1999. These keywords were added by machine and not by the authors. T…
Restoring Banking Stability
Emerging economies have been particularly prone to financial sector crises, reflecting marked information asymmetries and political interference, as well as the substantial volatility in underlying economic conditions, and the vulnerability of banking and finance when structural economic changes create a new and uncharted operating environment. The standard regulatory paradigm relies mainly on supervised capital adequacy, but it may not be enough…
The Irish Macroeconomic Crisis of 1955-56
The macroeconomic crisis of 1955-56 was the defining event of post-war Irish economic history. What had been an underperforming economy slid into deep recession for reasons which were poorly understood. The long-term consequences were considerable: the reorientation of economic policy that resulted led to the restructuring and expansion of manufacturing on the basis of tax- and grant-aided foreign direct investment to a degree which today continu…
The Public Policy Role of the European Investment Bank within the EU
Despite the increasing sophistication of private financial markets in Europe, the European Investment Bank (EIB) has been expanding as never before. Is the Bank just one among many large banks prepared to provide project finance in Europe, or does it have a distinct public policy role? We argue that its main distinguishing role to date has been to bring competition and efficiency to the less efficient banking markets. But new initiatives envisage…
Inflation and the demand for money in developing countries
Excess liquidity and monetary overhangs
Intersectoral Financial Flows in Developing Countries
Journal Article Intersectoral Financial Flows in Developing Countries Get access Patrick Honohan, Patrick Honohan World Bank and Economic and Social Research Institute, Dublin Search for other works by this author on: Oxford Academic Google Scholar Izak Atiyas Izak Atiyas World Bank Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 103, Issue 418, 1 May 1993, Pages 666–679, https://doi.org/10.23…
Financial Sector Failures in Western Africa
At a time when radical reforms are being implemented not only in Eastern Europe and Russia, but also in a number of ex-socialist economies in Africa, a review of an earlier wave of relevant financial changes in the post-independence era can be instructive. Previously, currency and banking arrangements were largely equivalent to those of the colonial powers, but in or about 1960 for most states, and as late as 1975 for the ex-Portuguese territorie…
Monetary Restraint and the Exchange Rate
This paper examines the short-run response of the exchange rate and the level of interest rates to an unanticipated change in monetary policy.l In particular, a sudden reduction in the rate of monetary expansion is postulated in an economy with a floating exchange rate. Will the exchange rate overshoot its long-run path, as in the case of a discrete change in the nominal money stock? Will interest rates, traditional indicators of monetary conditi…
The Irish Macroeconomic Crisis of 1955-56
The macroeconomic crisis of 1955-56 was the defining event of post-war Irish economic history. What had been an underperforming economy slid into deep recession for reasons which were poorly understood. The long-term consequences were considerable: the reorientation of economic policy that resulted led to the restructuring and expansion of manufacturing on the basis of tax- and grant-aided foreign direct investment to a degree which today continu…
The Public Policy Role of the European Investment Bank within the EU
Despite the increasing sophistication of private financial markets in Europe, the European Investment Bank (EIB) has been expanding as never before. Is the Bank just one among many large banks prepared to provide project finance in Europe, or does it have a distinct public policy role? We argue that its main distinguishing role to date has been to bring competition and efficiency to the less efficient banking markets. But new initiatives envisage…
Intersectoral Financial Flows in Developing Countries
Journal Article Intersectoral Financial Flows in Developing Countries Get access Patrick Honohan, Patrick Honohan World Bank and Economic and Social Research Institute, Dublin Search for other works by this author on: Oxford Academic Google Scholar Izak Atiyas Izak Atiyas World Bank Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 103, Issue 418, 1 May 1993, Pages 666–679, https://doi.org/10.23…
Financial Sector Failures in Western Africa
At a time when radical reforms are being implemented not only in Eastern Europe and Russia, but also in a number of ex-socialist economies in Africa, a review of an earlier wave of relevant financial changes in the post-independence era can be instructive. Previously, currency and banking arrangements were largely equivalent to those of the colonial powers, but in or about 1960 for most states, and as late as 1975 for the ex-Portuguese territorie…
Monetary Restraint and the Exchange Rate
This paper examines the short-run response of the exchange rate and the level of interest rates to an unanticipated change in monetary policy.l In particular, a sudden reduction in the rate of monetary expansion is postulated in an economy with a floating exchange rate. Will the exchange rate overshoot its long-run path, as in the case of a discrete change in the nominal money stock? Will interest rates, traditional indicators of monetary conditi…
Excess liquidity and monetary overhangs
Intersectoral Financial Flows in Developing Countries
Journal Article Intersectoral Financial Flows in Developing Countries Get access Patrick Honohan, Patrick Honohan World Bank and Economic and Social Research Institute, Dublin Search for other works by this author on: Oxford Academic Google Scholar Izak Atiyas Izak Atiyas World Bank Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 103, Issue 418, 1 May 1993, Pages 666–679, https://doi.org/10.23…
Financial Sector Failures in Western Africa
At a time when radical reforms are being implemented not only in Eastern Europe and Russia, but also in a number of ex-socialist economies in Africa, a review of an earlier wave of relevant financial changes in the post-independence era can be instructive. Previously, currency and banking arrangements were largely equivalent to those of the colonial powers, but in or about 1960 for most states, and as late as 1975 for the ex-Portuguese territorie…
Inflation and the demand for money in developing countries
The Public Policy Role of the European Investment Bank within the EU
Despite the increasing sophistication of private financial markets in Europe, the European Investment Bank (EIB) has been expanding as never before. Is the Bank just one among many large banks prepared to provide project finance in Europe, or does it have a distinct public policy role? We argue that its main distinguishing role to date has been to bring competition and efficiency to the less efficient banking markets. But new initiatives envisage…
The Irish Macroeconomic Crisis of 1955-56
The macroeconomic crisis of 1955-56 was the defining event of post-war Irish economic history. What had been an underperforming economy slid into deep recession for reasons which were poorly understood. The long-term consequences were considerable: the reorientation of economic policy that resulted led to the restructuring and expansion of manufacturing on the basis of tax- and grant-aided foreign direct investment to a degree which today continu…
Fiscal Adjustment and Disinflation in Ireland
In a few short years in the latter half of the 1980s Ireland moved from a position of near-bankruptcy in the fiscal accounts to near balance. The improvement was sustained: having jumped to over 120 per cent in 1987, a decade later the debt-to-GDP ratio had fallen by almost one-half, and promised to slip below the demanding Maastricht target of 60 per cent by the start of EMU in 1999. These keywords were added by machine and not by the authors. T…
Restoring Banking Stability
Emerging economies have been particularly prone to financial sector crises, reflecting marked information asymmetries and political interference, as well as the substantial volatility in underlying economic conditions, and the vulnerability of banking and finance when structural economic changes create a new and uncharted operating environment. The standard regulatory paradigm relies mainly on supervised capital adequacy, but it may not be enough…
Does Financial Reform Raise or Reduce Saving
ServŽn for useful suggestions. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the World Bank, its Executive Directors, or the countries they represent. DOES FINANCIAL REFORM RAISE OR REDUCE SAVING? By Oriana Bandiera*, Gerard Caprio Jr.**, Patrick Honohan* * and Fabio Schiantarelli* (*Boston College, **World Bank) The effect of financial libe…
Mexico's Financial Sector Crisis
The sharp 1994 Mexican peso devaluation was followed by a financial‐sector crisis, forcing the Mexican government to retake control of several banks and to grant substantial assistance to many others. This paper tests several hypotheses concerning the impact of devaluation. First, event‐study methodology is used to test whether some sectors of Mexican economy were ‘devaluation‐gaining’ while others were ‘devaluation‐losing’. Second, we test wheth…
Financial Liberalization
The goal of this volume is to bring a more broad-based empirical experience than has been customary to the theoretical debate on how financial systems should be managed. This is achieved not only with cross-country economic studies, but also with an account of carefully chosen and widely contrasting country cases, drawn from Europe, Latin America, Africa, East and South Asia and the former Soviet Union. The widespread financial crises of recent y…
Cross-country variation in household access to financial services
Hardy Perennials
In the long history of systemic banking crises—including, but not limited to, the Global Financial Crisis—the worst cases have been caused or at least severely exacerbated by what may be called bad banking and bad policies: those that permitted or encouraged excessive risk-taking and even “looting” of other people’s money. With each crisis there is an inevitable chorus of calls for more official prudential regulation and supervision to prevent a …
Europe and the Transformation of the Irish Economy
Having stagnated for decades in the shadow of the UK, the Irish economy's performance improved after it joined the European Union (EEC) in 1973. This Element shows how the challenge of EU membership gave focus and direction to Irish economic policy. No longer dependent on low value-added agricultural exports to Britain, within the EU Ireland became a hub for multinational corporations in IT and pharmaceutical products. This export success require…
Rules versus principles for ethical market behaviour
In designing regulation, as has long been recognized in the academic literature, there is a tension between reliance on fixed mechanical “bright line” rules and the flexibility offered by granting a degree of discretion to the regulator subject to guiding principles. The failure of principles‐based financial regulation a decade ago reinforced a trend towards mechanical rules. This essay, drawing on practical experience gleaned in the years follow…
Economics (15 works) · Monetary economics (8 works) · Banking stability, regulation, efficiency (7 works) · Business (7 works) · Financial system (7 works) · Political science (7 works) · Global Financial Crisis and Policies (6 works) · Finance (5 works) · Finance (5 works) · Macroeconomics (5 works)