INSTITUTE OF ECONOMIC STUDIES Evolution of Financial Institutions: Iceland's Path from Repression to Eruption Evolution of Financial Institutions: Iceland's Path from Repression to Eruption

Abstract Iceland is the smallest sovereign state in the world that has an independent monetary policy. In the last 120 years the country has experienced four types of financial institutions: barter, an immature liberal system, a repressed financial market, and a full-fledged liberal market. The exam...

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Bibliographic Details
Main Authors: Thrainn Eggertsson, Tryggvi Þór Herbertsson, Tryggvi Thor Herbertsson, Thráinn Eggertsson
Other Authors: The Pennsylvania State University CiteSeerX Archives
Format: Text
Language:English
Subjects:
Iceland
Online Access:http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.1077.1103
http://hhi.hi.is/sites/hhi.hi.is/files/W-series/2005/w0510.pdf
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Summary:Abstract Iceland is the smallest sovereign state in the world that has an independent monetary policy. In the last 120 years the country has experienced four types of financial institutions: barter, an immature liberal system, a repressed financial market, and a full-fledged liberal market. The examination of institutional change in Iceland in the financial area provides interesting empirical evidence on the role of alternative financial institutions in economic development. The financial liberalization in the 1990s has generated a startling internationalization of Icelandic businesses.

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