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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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) |
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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 |
_version_ |
1796311641518768128 |