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The Icelandic Financial Crisis

This book presents a detailed account of Iceland’s recovery from the tumultuous banking collapse that overturned its financial industry in 2008. Early chapters recount how Iceland’s central bank was unable to follow the quantitative easing policies of the time to print money and save the banks, while serving the world´s smallest currency area. The book goes on to explore how the government exercised force majeure rights to implement emergency legislation aimed at preventing the “socialization of losses”. Later chapters investigate how, eight years later, these policies have yielded renewed growth and reinvigorated liquidity streams for the financial system. The authors argue that Iceland, long-called the ‘canary in the coal mine’ of the developed world, offers important lessons for the future. This book will be useful to all readers interested in better understanding the unique history of Iceland’s banking crisis and the phenomena of its recovery.

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Detail Information
Series Title
Palgrave Macmillan Studies in Banking and Financial Institutions
Call Number
-
Publisher
Palgrave Macmillan London : Palgrave Macmillan London.,
Collation
XVI, 349, 23 illustrations in colour
Language
English
ISBN/ISSN
978-1-137-39455-2
Classification
NONE
Content Type
text
Media Type
computer
Carrier Type
-
Edition
1
Subject(s)
Financial Services
Specific Detail Info
-
Statement of Responsibility
Other Information
Cataloger
Suwardi
Source
https://link.springer.com/book/10.1057/978-1-137-39455-2
Validator
-
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  • The Icelandic Financial Crisis
    This book presents a detailed account of Iceland’s recovery from the tumultuous banking collapse that overturned its financial industry in 2008. Early chapters recount how Iceland’s central bank was unable to follow the quantitative easing policies of the time to print money and save the banks, while serving the world´s smallest currency area. The book goes on to explore how the government exercised force majeure rights to implement emergency legislation aimed at preventing the “socialization of losses”. Later chapters investigate how, eight years later, these policies have yielded renewed growth and reinvigorated liquidity streams for the financial system. The authors argue that Iceland, long-called the ‘canary in the coal mine’ of the developed world, offers important lessons for the future. This book will be useful to all readers interested in better understanding the unique history of Iceland’s banking crisis and the phenomena of its recovery.
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