Iceland's meltdown: the rise and fall of international banking in the North Atlantic

This paper shows how rapid privatization and liberalization of Iceland's small local banks around 2000, combined with well-developed crony relations among the elite, enabled a small group of financiers to leverage government-guaranteed deposits into a vast wave of mergers and acquisitions abroa...

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Bibliographic Details
Main Authors: Wade,Robert H., Sigurgeirsdottir,Silla
Format: Article in Journal/Newspaper
Language:English
Published: Editora 34 2011
Subjects:
Iceland
financial crisis
privatization
banking crisis
North Atlantic
Online Access:http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001
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spelling ftjscielo:oai:scielo:S0101-31572011000500001 2023-05-15T16:48:15+02:00 Iceland's meltdown: the rise and fall of international banking in the North Atlantic Wade,Robert H. Sigurgeirsdottir,Silla 2011-01-01 text/html http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001 en eng Editora 34 Revista de Economia Política v.31 n.5 2011 Iceland financial crisis privatization banking crisis journal article 2011 ftjscielo 2015-10-26T19:06:44Z This paper shows how rapid privatization and liberalization of Iceland's small local banks around 2000, combined with well-developed crony relations among the elite, enabled a small group of financiers to leverage government-guaranteed deposits into a vast wave of mergers and acquisitions abroad, and redistribute enough of the profits back home to make the economy boom. Negative policy feedback loops were systematically undermined. The incoming left-wing government, with IMF support, has managed to protect the bulk of the population from the worst of the effects. Article in Journal/Newspaper Iceland North Atlantic SciELO Brazil (Scientific Electronic Library Online)
institution Open Polar
collection SciELO Brazil (Scientific Electronic Library Online)
op_collection_id ftjscielo
language English
topic Iceland
financial crisis
privatization
banking crisis
spellingShingle Iceland
financial crisis
privatization
banking crisis
Wade,Robert H.
Sigurgeirsdottir,Silla
Iceland's meltdown: the rise and fall of international banking in the North Atlantic
topic_facet Iceland
financial crisis
privatization
banking crisis
description This paper shows how rapid privatization and liberalization of Iceland's small local banks around 2000, combined with well-developed crony relations among the elite, enabled a small group of financiers to leverage government-guaranteed deposits into a vast wave of mergers and acquisitions abroad, and redistribute enough of the profits back home to make the economy boom. Negative policy feedback loops were systematically undermined. The incoming left-wing government, with IMF support, has managed to protect the bulk of the population from the worst of the effects.
format Article in Journal/Newspaper
author Wade,Robert H.
Sigurgeirsdottir,Silla
author_facet Wade,Robert H.
Sigurgeirsdottir,Silla
author_sort Wade,Robert H.
title Iceland's meltdown: the rise and fall of international banking in the North Atlantic
title_short Iceland's meltdown: the rise and fall of international banking in the North Atlantic
title_full Iceland's meltdown: the rise and fall of international banking in the North Atlantic
title_fullStr Iceland's meltdown: the rise and fall of international banking in the North Atlantic
title_full_unstemmed Iceland's meltdown: the rise and fall of international banking in the North Atlantic
title_sort iceland's meltdown: the rise and fall of international banking in the north atlantic
publisher Editora 34
publishDate 2011
url http://www.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001
genre Iceland
North Atlantic
genre_facet Iceland
North Atlantic
op_source Revista de Economia Política v.31 n.5 2011
_version_ 1766038358028451840

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