Wade, Robert Hunter 
ORCID: 0009-0005-8584-8258 and Sigurgeirsdottir, Silla
(2011)
Iceland's meltdown: the rise and fall of international banking in the North Atlantic.
Brazilian Journal of Political Economy, 31 (5).
pp. 684-697.
ISSN 0101-3157
Abstract
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.
| Item Type: | Article |
|---|---|
| Official URL: | http://www.scielo.br/scielo.php?script=sci_serial&... |
| Additional Information: | © 2011 Centro de Economia Política; Creative Commons Attribution-NonCommercial 3.0 Unported (CC BY-NC 3.0) |
| Divisions: | International Development |
| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HG Finance |
| JEL classification: | E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit |
| Date Deposited: | 28 Jun 2012 10:36 |
| Last Modified: | 04 Oct 2025 21:18 |
| URI: | http://eprints.lse.ac.uk/id/eprint/44541 |
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