An evaluation of the bubble and bust cycle of the Irish property market through applicaton of the Kindleberger-Aliber-Minsky model

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Lyons, Hugh
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MBA in Business Management
Dublin Business School
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This Dissertation critically analyses and evaluates the Irish property bubble of the late 20th and early 21st centuries. The evaluation was done through the application of a model based on the works of Hyman Minsky, Charles P. Kindleberger, and Robert Z. Aliber. The first chapter contains a brief summary of the research problem, the research objective and the justification for the Dissertation. The scope and limitation of the Dissertation is also discussed, as well as the suitability of the researcher. The second chapter is the Literature Review, which covers the macroeconomic theory on financial instability, along with the academic literature available on the Irish property bubble. The third chapter outlines the Research Methodology which the Dissertation employed. This chapter comprehensively discusses the approach and techniques used to complete the primary research, along with ethical and practical concerns. Chapter four is the Research Findings, wherein the findings from the research interviews are outlined. Little or no analysis takes place in this chapter; rather the views and opinions of the research participants are outlined. The discussion on the primary research takes place in the sixth chapter, the Conclusion. Here, the findings from the previous chapter are evaluated and analysed through comparison to the comments of the interviewees, the theory literature, and the contextual literature. In this chapter, the Dissertation comes to a conclusion on the research objective, and makes recommendations as to areas of further research and policy change. The sixth and final chapter reflects on the learning that the researcher has experienced through the completion of the Dissertation research process and through the MBA programme in Dublin Business School. This chapter initially discussed the central theory on reflective theory, followed by the research outlining their reflective learning journey and plans for future learning and development. Career goals and advancement are also discussed in this chapter. Author keywords: Ireland, property, bubble, real estate, housing market, boom, bust, Kindleberger, Aliber, Minsky