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

Revista de Economia Política

Robert H. Wade²  Silla Sigurgeirsdottir¹ 

[1] ,London School of Economics

关键词: Iceland;    financial crisis;    privatization;    banking crisis;   

DOI  :  10.1590/S0101-31572011000500001

来源: SciELO

【 摘 要 】

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.

【 授权许可】

CC BY   
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