文档介绍：1Irish Economy Note No. 10“The . and Irish Credit Crises: Their Distinctive Differences mon Features”Gregory ConnorThomasFlavinBrian O’KellyNUI MaynoothNUI MaynoothDublin City UniversityMarch2010es/ . and Irish Credit Crises: Their Distinctive Differences mon Features1Gregory ConnorThomasFlavinBrian O’KellyNUI MaynoothNUI MaynoothDublin City UniversityMarch, ments :Although the US credit crisis precipitated it, the Irish credit crisis is an identifiably separate one, which might have occurred in the absence of the . distinctive differences between them are all the apparentcausal factors of the . crisis are missing in the Irish case; and the same applies vice-versa. At a deeper level, we identify mon features of the two credit crises: capital bonanzas, irrational exuberance,regulatory imprudence,and moral hazard. The particularmanifestations of thesefour “deep” common features are quite different in the two addresses: gregory.******@, thomas.******@, brian.******@. We wish to acknowledge support from the Science Foundation of Ireland under grant 08/SRC/FM1389. 2IntroductionThis pares the two linked, but separate, credit crises in the . and Ireland, explores the differences between them, and reaches some tentative conclusions about the “deep” common features which two crises are interesting theoretically since, although they occurred near-simultaneously in two closely linked economies,from a superficial perspectivethey are quite different. The two main building blocks for explaining the . crisis, subprime mortgages and mortgage-related securities, are almost entirely absent from the Irish capital market and from Irish financial institutions’ balance sheets. Three of the four main catalysts for the Irish crises are absent from the . case: borrowing by the banking sector in foreign debt markets, stratospherically overpriced property market