Iceland's Financial Crisis
On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Following the IMF decision, Denmark, Finland, Norway, and Sweden agreed to provide an additional $2.5 billion....
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ftdtic:ADA490377 2023-05-15T16:47:36+02:00 Iceland's Financial Crisis Jackson, James K. LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE 2008-11-20 text/html http://www.dtic.mil/docs/citations/ADA490377 http://oai.dtic.mil/oai/oai?&verb=getRecord&metadataPrefix=html&identifier=ADA490377 en eng http://www.dtic.mil/docs/citations/ADA490377 Approved for public release; distribution is unlimited. DTIC Economics and Cost Analysis *ICELAND *BANKING *ECONOMICS MONEY FINANCE DOMESTIC FAILURE INTERNATIONAL Text 2008 ftdtic 2016-02-22T17:41:55Z On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Following the IMF decision, Denmark, Finland, Norway, and Sweden agreed to provide an additional $2.5 billion. Iceland's banking system had collapsed as a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets. Such supervision is important for banks that are headquartered in small economies, but operate across national borders. If such banks become so overexposed in foreign markets that a financial disruption threatens the solvency of the banks, the collapse of the banks can overwhelm domestic credit markets and outstrip the ability of the central bank to serve as the lender of last resort. This report will be updated as warranted by events. CRS Report for Congress. Text Iceland Defense Technical Information Center: DTIC Technical Reports database Norway |
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Defense Technical Information Center: DTIC Technical Reports database |
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English |
topic |
Economics and Cost Analysis *ICELAND *BANKING *ECONOMICS MONEY FINANCE DOMESTIC FAILURE INTERNATIONAL |
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Economics and Cost Analysis *ICELAND *BANKING *ECONOMICS MONEY FINANCE DOMESTIC FAILURE INTERNATIONAL Jackson, James K. Iceland's Financial Crisis |
topic_facet |
Economics and Cost Analysis *ICELAND *BANKING *ECONOMICS MONEY FINANCE DOMESTIC FAILURE INTERNATIONAL |
description |
On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Following the IMF decision, Denmark, Finland, Norway, and Sweden agreed to provide an additional $2.5 billion. Iceland's banking system had collapsed as a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets. Such supervision is important for banks that are headquartered in small economies, but operate across national borders. If such banks become so overexposed in foreign markets that a financial disruption threatens the solvency of the banks, the collapse of the banks can overwhelm domestic credit markets and outstrip the ability of the central bank to serve as the lender of last resort. This report will be updated as warranted by events. CRS Report for Congress. |
author2 |
LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE |
format |
Text |
author |
Jackson, James K. |
author_facet |
Jackson, James K. |
author_sort |
Jackson, James K. |
title |
Iceland's Financial Crisis |
title_short |
Iceland's Financial Crisis |
title_full |
Iceland's Financial Crisis |
title_fullStr |
Iceland's Financial Crisis |
title_full_unstemmed |
Iceland's Financial Crisis |
title_sort |
iceland's financial crisis |
publishDate |
2008 |
url |
http://www.dtic.mil/docs/citations/ADA490377 http://oai.dtic.mil/oai/oai?&verb=getRecord&metadataPrefix=html&identifier=ADA490377 |
geographic |
Norway |
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Norway |
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Iceland |
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Iceland |
op_source |
DTIC |
op_relation |
http://www.dtic.mil/docs/citations/ADA490377 |
op_rights |
Approved for public release; distribution is unlimited. |
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1766037685966733312 |