Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis
In 2008, the three main banks in Iceland collapsed. There is strong evidence that the banks would have become insolvent even without the subprime crisis. Yet there was a marked difference in opinion at the time about the viability of the Icelandic banks. A clean bill of health was given by the commi...
Published in: | European Journal of Economics and Economic Policies: Intervention |
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Online Access: | http://hdl.handle.net/10807/99179 https://doi.org/10.4337/ejeep.2016.03.06 |
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ftunicattolicair:oai:publicatt.unicatt.it:10807/99179 2024-04-21T08:05:40+00:00 Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis Mccombie, John Stuart Landreth Spreafico, Marta Mccombie, John Stuart Landreth Spreafico, Marta 2016 http://hdl.handle.net/10807/99179 https://doi.org/10.4337/ejeep.2016.03.06 eng eng Edward Elgar Publishing Ltd. info:eu-repo/semantics/altIdentifier/wos/WOS:000410852000006 volume:13 issue:3 firstpage:323 lastpage:338 numberofpages:16 issueyear:2016 journal:European Journal of Economics and Economic Policies: Intervention http://hdl.handle.net/10807/99179 doi:10.4337/ejeep.2016.03.06 info:eu-repo/semantics/altIdentifier/scopus/2-s2.0-85070890245 2008 Icelandic banking crisis financial regulation rating agencies role of economists Special Investigation Commission Settore SECS-P/01 - ECONOMIA POLITICA Settore SECS-P/02 - politica economica info:eu-repo/semantics/article 2016 ftunicattolicair https://doi.org/10.4337/ejeep.2016.03.06 2024-03-27T18:02:01Z In 2008, the three main banks in Iceland collapsed. There is strong evidence that the banks would have become insolvent even without the subprime crisis. Yet there was a marked difference in opinion at the time about the viability of the Icelandic banks. A clean bill of health was given by the commissioned reports of Mishkin in 2007 and Portes in 2008, just prior to the collapse, whereas severe reservations about the Icelandic financial system were expressed by Wade, inter alios. These contrasting views were widely debated and may well have influenced both potential and actual foreign depositors in the banks. This paper analyses the disparate arguments put forward and contrasts it with the actual outcome. It considers the influence of economists in public policy debates and draws some methodological conclusions. Article in Journal/Newspaper Iceland Università Cattolica del Sacro Cuore: PubliCatt European Journal of Economics and Economic Policies: Intervention 13 3 323 338 |
institution |
Open Polar |
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Università Cattolica del Sacro Cuore: PubliCatt |
op_collection_id |
ftunicattolicair |
language |
English |
topic |
2008 Icelandic banking crisis financial regulation rating agencies role of economists Special Investigation Commission Settore SECS-P/01 - ECONOMIA POLITICA Settore SECS-P/02 - politica economica |
spellingShingle |
2008 Icelandic banking crisis financial regulation rating agencies role of economists Special Investigation Commission Settore SECS-P/01 - ECONOMIA POLITICA Settore SECS-P/02 - politica economica Mccombie, John Stuart Landreth Spreafico, Marta Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis |
topic_facet |
2008 Icelandic banking crisis financial regulation rating agencies role of economists Special Investigation Commission Settore SECS-P/01 - ECONOMIA POLITICA Settore SECS-P/02 - politica economica |
description |
In 2008, the three main banks in Iceland collapsed. There is strong evidence that the banks would have become insolvent even without the subprime crisis. Yet there was a marked difference in opinion at the time about the viability of the Icelandic banks. A clean bill of health was given by the commissioned reports of Mishkin in 2007 and Portes in 2008, just prior to the collapse, whereas severe reservations about the Icelandic financial system were expressed by Wade, inter alios. These contrasting views were widely debated and may well have influenced both potential and actual foreign depositors in the banks. This paper analyses the disparate arguments put forward and contrasts it with the actual outcome. It considers the influence of economists in public policy debates and draws some methodological conclusions. |
author2 |
Mccombie, John Stuart Landreth Spreafico, Marta |
format |
Article in Journal/Newspaper |
author |
Mccombie, John Stuart Landreth Spreafico, Marta |
author_facet |
Mccombie, John Stuart Landreth Spreafico, Marta |
author_sort |
Mccombie, John Stuart Landreth |
title |
Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis |
title_short |
Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis |
title_full |
Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis |
title_fullStr |
Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis |
title_full_unstemmed |
Could the Icelandic banking collapse of 2008 have been prevented? The role of economists prior to the crisis |
title_sort |
could the icelandic banking collapse of 2008 have been prevented? the role of economists prior to the crisis |
publisher |
Edward Elgar Publishing Ltd. |
publishDate |
2016 |
url |
http://hdl.handle.net/10807/99179 https://doi.org/10.4337/ejeep.2016.03.06 |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
info:eu-repo/semantics/altIdentifier/wos/WOS:000410852000006 volume:13 issue:3 firstpage:323 lastpage:338 numberofpages:16 issueyear:2016 journal:European Journal of Economics and Economic Policies: Intervention http://hdl.handle.net/10807/99179 doi:10.4337/ejeep.2016.03.06 info:eu-repo/semantics/altIdentifier/scopus/2-s2.0-85070890245 |
op_doi |
https://doi.org/10.4337/ejeep.2016.03.06 |
container_title |
European Journal of Economics and Economic Policies: Intervention |
container_volume |
13 |
container_issue |
3 |
container_start_page |
323 |
op_container_end_page |
338 |
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