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A past exam paper from the national university of ireland, galway for the irish economy module in the academic year 2009/10. The exam covers various topics related to the irish and global economy, including economic indicators, the great moderation, the irish banking system, and public finances. Students were required to answer three out of seven questions. The exam was overseen by prof cillian ryan (external examiner), dr aidan kane, and prof john mchale (head of economics).
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National University of Ireland, Galway Ollscoil na hEireann, Gaillimh Semester I Exams 2009/ EC409 Irish Economy Final BA, BA (Int’l), BA (PSP), H.Dip.Econ.Sc., Visiting Students Prof Cillian Ryan (External Examiner) Dr Aidan Kane Prof John McHale (Head of Economics) Time allowed: TWO hours. Please answer three of the following questions. All questions carry equal marks. Q.1 Identify and briefly explain some key indicators of short-run global economic performance which are closely monitored by international agencies such as the IMF and the OECD. Q.2 What was the ‘Great Moderation’ in world economic performance and in what senses may it have contributed to the recent global financial crisis? Q.3 Characterise and explain some the key features of the Irish banking system which has led to the crisis in that system and the wider economy. Q.4 Briefly describe the main elements of the Irish Government’s NAMA (National Asset Management Agency) proposal and comment on the risks to the public finances associated with it. Q.5 What economic rationales underpin the commitment of Irish governments to the promotion of innovation? Identify one instance where these rationales may be open to criticism from economic reasoning. Q.6 Identify and explain some of the key indicators which are used to monitor the performance of Irish public finances. Q.7 Outline some key elements of the current debate on restoring order to the Irish public finances, and comment in particular on the debate on the optimal timing of fiscal adjustment.