Indexation, national consent, and collective bargaining agreements
Indexation of financial liabilities was introduced in Iceland in face of an almost total collapse of the islands monetary system. The demise of the financial system was caused by long lasting and high episode of price inflation in the late 1960’s and the 1970’s. The article traces some of the negati...
Published in: | Veftímaritið Stjórnmál og stjórnsýsla |
---|---|
Main Author: | |
Format: | Article in Journal/Newspaper |
Language: | Icelandic |
Published: |
Stjórnsýslustofnun
2013
|
Subjects: | |
Online Access: | http://www.irpa.is/article/view/a.2013.9.2.12 https://doi.org/10.13177/irpa.a.2013.9.2.12 |
id |
fticelandunivojs:oai:ojs.hi.is:article/1219 |
---|---|
record_format |
openpolar |
spelling |
fticelandunivojs:oai:ojs.hi.is:article/1219 2023-05-15T16:51:33+02:00 Indexation, national consent, and collective bargaining agreements Verðtrygging, þjóðarsátt og inntak kjarasamninga Matthíasson, Þórólfur 2013-12-15 application/pdf http://www.irpa.is/article/view/a.2013.9.2.12 https://doi.org/10.13177/irpa.a.2013.9.2.12 isl ice Stjórnsýslustofnun http://www.irpa.is/article/view/a.2013.9.2.12/pdf_295 http://www.irpa.is/article/view/a.2013.9.2.12 doi:10.13177/irpa.a.2013.9.2.12 Icelandic Review of Politics & Administration; Árg. 9, Nr 2 (2013); 489-508 Stjórnmál og stjórnsýsla; Árg. 9, Nr 2 (2013); 489-508 1670-679X 1670-6803 Indexation of financial liabilities collective agreements application of game theory Verðtrygging fjárhagsskuldbindinga kjarasamningar leikjafræðileg nálgun info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer-reviewed Article 2013 fticelandunivojs https://doi.org/10.13177/irpa.a.2013.9.2.12 2022-09-21T13:39:24Z Indexation of financial liabilities was introduced in Iceland in face of an almost total collapse of the islands monetary system. The demise of the financial system was caused by long lasting and high episode of price inflation in the late 1960’s and the 1970’s. The article traces some of the negative consequences of inflation for the economy. The paper also presents a theoretical setting where a simple game-theoritical model is used to explain how the invention of indexation of financial liabilities changed the landscape of collective bargaining. Before the invention of indexation the actors in the bargaining game were more likely to gain from inflation compared to a situation with stable prices. Indexation changed that slowly but steadily. Indexation has thus been an stabilizing institution in Icelandic economic live. Verðtryggingu fjárhagsskuldbindinga var komið á á Íslandi vegna þess að peningakerfi landsins hætti að virka vegna viðvarandi og mikillar verðbólgu á áratugunum fyrir árið 1979. Í greininni eru óheppilegar afleiðingar mikillar og langvarandi verðbólgu á efnahagslífið raktar. Í fræðilega hluta greinarinnar er gerð tilraun til að beita leikjafræði til að skýra hvernig verðtryggingin breytti aðstæðum og samningsumgjörð á vinnumarkaði. Verðtryggingin breytti kjarasamningsferlinu í grundvallaratriðum. Fyrir tíma verðtryggingar höfðu samningsaðilar á vinnumarkaði takmarkaðan hag af að semja á hófsömum nótum. Þetta breytist hægt og sígandi eftir að verðtryggingunni hafði verið komið á. Verðtrygging fjárskuldbindinga hefur því lagt sitt að mörkum til að stuðla að stöðugleika í efnahagslífinu á Íslandi. Article in Journal/Newspaper Iceland University of Iceland: Peer Reviewed Journals Veftímaritið Stjórnmál og stjórnsýsla 9 2 489 |
institution |
Open Polar |
collection |
University of Iceland: Peer Reviewed Journals |
op_collection_id |
fticelandunivojs |
language |
Icelandic |
topic |
Indexation of financial liabilities collective agreements application of game theory Verðtrygging fjárhagsskuldbindinga kjarasamningar leikjafræðileg nálgun |
spellingShingle |
Indexation of financial liabilities collective agreements application of game theory Verðtrygging fjárhagsskuldbindinga kjarasamningar leikjafræðileg nálgun Matthíasson, Þórólfur Indexation, national consent, and collective bargaining agreements |
topic_facet |
Indexation of financial liabilities collective agreements application of game theory Verðtrygging fjárhagsskuldbindinga kjarasamningar leikjafræðileg nálgun |
description |
Indexation of financial liabilities was introduced in Iceland in face of an almost total collapse of the islands monetary system. The demise of the financial system was caused by long lasting and high episode of price inflation in the late 1960’s and the 1970’s. The article traces some of the negative consequences of inflation for the economy. The paper also presents a theoretical setting where a simple game-theoritical model is used to explain how the invention of indexation of financial liabilities changed the landscape of collective bargaining. Before the invention of indexation the actors in the bargaining game were more likely to gain from inflation compared to a situation with stable prices. Indexation changed that slowly but steadily. Indexation has thus been an stabilizing institution in Icelandic economic live. Verðtryggingu fjárhagsskuldbindinga var komið á á Íslandi vegna þess að peningakerfi landsins hætti að virka vegna viðvarandi og mikillar verðbólgu á áratugunum fyrir árið 1979. Í greininni eru óheppilegar afleiðingar mikillar og langvarandi verðbólgu á efnahagslífið raktar. Í fræðilega hluta greinarinnar er gerð tilraun til að beita leikjafræði til að skýra hvernig verðtryggingin breytti aðstæðum og samningsumgjörð á vinnumarkaði. Verðtryggingin breytti kjarasamningsferlinu í grundvallaratriðum. Fyrir tíma verðtryggingar höfðu samningsaðilar á vinnumarkaði takmarkaðan hag af að semja á hófsömum nótum. Þetta breytist hægt og sígandi eftir að verðtryggingunni hafði verið komið á. Verðtrygging fjárskuldbindinga hefur því lagt sitt að mörkum til að stuðla að stöðugleika í efnahagslífinu á Íslandi. |
format |
Article in Journal/Newspaper |
author |
Matthíasson, Þórólfur |
author_facet |
Matthíasson, Þórólfur |
author_sort |
Matthíasson, Þórólfur |
title |
Indexation, national consent, and collective bargaining agreements |
title_short |
Indexation, national consent, and collective bargaining agreements |
title_full |
Indexation, national consent, and collective bargaining agreements |
title_fullStr |
Indexation, national consent, and collective bargaining agreements |
title_full_unstemmed |
Indexation, national consent, and collective bargaining agreements |
title_sort |
indexation, national consent, and collective bargaining agreements |
publisher |
Stjórnsýslustofnun |
publishDate |
2013 |
url |
http://www.irpa.is/article/view/a.2013.9.2.12 https://doi.org/10.13177/irpa.a.2013.9.2.12 |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Icelandic Review of Politics & Administration; Árg. 9, Nr 2 (2013); 489-508 Stjórnmál og stjórnsýsla; Árg. 9, Nr 2 (2013); 489-508 1670-679X 1670-6803 |
op_relation |
http://www.irpa.is/article/view/a.2013.9.2.12/pdf_295 http://www.irpa.is/article/view/a.2013.9.2.12 doi:10.13177/irpa.a.2013.9.2.12 |
op_doi |
https://doi.org/10.13177/irpa.a.2013.9.2.12 |
container_title |
Veftímaritið Stjórnmál og stjórnsýsla |
container_volume |
9 |
container_issue |
2 |
container_start_page |
489 |
_version_ |
1766041664834502656 |