The Dutch disease in reverse: Iceland's natural experiment

Abundant natural resources brought Iceland a systemically overvalued currency, with adverse effects on the secondary tradable sector. During 2003-2008 another national treasure, the sovereign's AAA rating, was used to attract foreign capital, elevating the real exchange rate even further. The f...

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Bibliographic Details
Main Authors: Gylfason, T, Zoega, G
Format: Report
Language:unknown
Published: University of Oxford 2020
Subjects:
Iceland
Online Access:https://ora.ox.ac.uk/objects/uuid:292ffa98-285e-4cf7-9a7e-d45d14e12656
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spelling ftuloxford:oai:ora.ox.ac.uk:uuid:292ffa98-285e-4cf7-9a7e-d45d14e12656 2024-10-06T13:49:57+00:00 The Dutch disease in reverse: Iceland's natural experiment Gylfason, T Zoega, G 2020-12-16 https://ora.ox.ac.uk/objects/uuid:292ffa98-285e-4cf7-9a7e-d45d14e12656 unknown University of Oxford https://ora.ox.ac.uk/objects/uuid:292ffa98-285e-4cf7-9a7e-d45d14e12656 info:eu-repo/semantics/openAccess Working paper 2020 ftuloxford 2024-09-06T07:47:30Z Abundant natural resources brought Iceland a systemically overvalued currency, with adverse effects on the secondary tradable sector. During 2003-2008 another national treasure, the sovereign's AAA rating, was used to attract foreign capital, elevating the real exchange rate even further. The financial collapse in 2008 left the country with a large foreign debt without the possibility of rollovers in international capital markets. This offset some of the effect of the natural resources on the real exchange rate; in effect, this was the Dutch disease in reverse as witnessed, in particular, by a massive increase in the number of tourists in recent years. Report Iceland ORA - Oxford University Research Archive
institution Open Polar
collection ORA - Oxford University Research Archive
op_collection_id ftuloxford
language unknown
description Abundant natural resources brought Iceland a systemically overvalued currency, with adverse effects on the secondary tradable sector. During 2003-2008 another national treasure, the sovereign's AAA rating, was used to attract foreign capital, elevating the real exchange rate even further. The financial collapse in 2008 left the country with a large foreign debt without the possibility of rollovers in international capital markets. This offset some of the effect of the natural resources on the real exchange rate; in effect, this was the Dutch disease in reverse as witnessed, in particular, by a massive increase in the number of tourists in recent years.
format Report
author Gylfason, T
Zoega, G
spellingShingle Gylfason, T
Zoega, G
The Dutch disease in reverse: Iceland's natural experiment
author_facet Gylfason, T
Zoega, G
author_sort Gylfason, T
title The Dutch disease in reverse: Iceland's natural experiment
title_short The Dutch disease in reverse: Iceland's natural experiment
title_full The Dutch disease in reverse: Iceland's natural experiment
title_fullStr The Dutch disease in reverse: Iceland's natural experiment
title_full_unstemmed The Dutch disease in reverse: Iceland's natural experiment
title_sort dutch disease in reverse: iceland's natural experiment
publisher University of Oxford
publishDate 2020
url https://ora.ox.ac.uk/objects/uuid:292ffa98-285e-4cf7-9a7e-d45d14e12656
genre Iceland
genre_facet Iceland
op_relation https://ora.ox.ac.uk/objects/uuid:292ffa98-285e-4cf7-9a7e-d45d14e12656
op_rights info:eu-repo/semantics/openAccess
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