Icelands 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: Robert Wade, Silla Sigurgeirsdottir
Format: Article in Journal/Newspaper
Language:unknown
Subjects:
Iceland
North Atlantic
Online Access:https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/379/372
id ftrepec:oai:RePEc:ekm:repojs:v:31:y:2011:i:5:p:684-698:id:379
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spelling ftrepec:oai:RePEc:ekm:repojs:v:31:y:2011:i:5:p:684-698:id:379 2024-04-14T08:13:37+00:00 Icelands Meltdown: The rise and fall of international banking in the North Atlantic Robert Wade Silla Sigurgeirsdottir https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/379/372 unknown https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/379/372 article ftrepec 2024-03-19T10:41:32Z 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. JEL Classification: E5. Iceland, financial crisis, privatization, banking crisis Article in Journal/Newspaper Iceland North Atlantic RePEc (Research Papers in Economics)
institution Open Polar
collection RePEc (Research Papers in Economics)
op_collection_id ftrepec
language unknown
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. JEL Classification: E5. Iceland, financial crisis, privatization, banking crisis
format Article in Journal/Newspaper
author Robert Wade
Silla Sigurgeirsdottir
spellingShingle Robert Wade
Silla Sigurgeirsdottir
Icelands Meltdown: The rise and fall of international banking in the North Atlantic
author_facet Robert Wade
Silla Sigurgeirsdottir
author_sort Robert Wade
title Icelands Meltdown: The rise and fall of international banking in the North Atlantic
title_short Icelands Meltdown: The rise and fall of international banking in the North Atlantic
title_full Icelands Meltdown: The rise and fall of international banking in the North Atlantic
title_fullStr Icelands Meltdown: The rise and fall of international banking in the North Atlantic
title_full_unstemmed Icelands Meltdown: The rise and fall of international banking in the North Atlantic
title_sort icelands meltdown: the rise and fall of international banking in the north atlantic
url https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/379/372
genre Iceland
North Atlantic
genre_facet Iceland
North Atlantic
op_relation https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/379/372
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