The dampening of the cycle is also facilitated by international financial risk sharing, with domestic risks partly transferred to foreign investors through  direct ownership and portfolio equity claims and domestic residents holding diversified foreign portfolios (Lane 2000a, Benetrix 2015). Both amplification and dampening forces have been active in shaping Irish economic performance.
If we focus on the last fifteen years, the construction and lending booms were clearly amplified by the pulling in of foreign funding, foreign inputs and foreign workers during the 2004-2007 period.