Iceland's meltdown: the rise and fall of international banking in the North Atlantic
Autor(a) principal: | |
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Data de Publicação: | 2011 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista de Economia Política |
Texto Completo: | http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001 |
Resumo: | 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. |
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Iceland's meltdown: the rise and fall of international banking in the North AtlanticIcelandfinancial crisisprivatizationbanking crisisThis 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.Centro de Economia Política2011-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001Brazilian Journal of Political Economy v.31 n.5 2011reponame:Revista de Economia Políticainstname:EDITORA 34instacron:EDITORA_3410.1590/S0101-31572011000500001info:eu-repo/semantics/openAccessWade,Robert H.Sigurgeirsdottir,Sillaeng2012-02-28T00:00:00Zoai:scielo:S0101-31572011000500001Revistahttps://centrodeeconomiapolitica.org.br/repojs/index.php/journalONGhttps://centrodeeconomiapolitica.org.br/repojs/index.php/journal/oai||cecilia.heise@bjpe.org.br1809-45380101-3157opendoar:2012-02-28T00:00Revista de Economia Política - EDITORA 34false |
dc.title.none.fl_str_mv |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
title |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
spellingShingle |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic Wade,Robert H. Iceland financial crisis privatization banking crisis |
title_short |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
title_full |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
title_fullStr |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
title_full_unstemmed |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
title_sort |
Iceland's meltdown: the rise and fall of international banking in the North Atlantic |
author |
Wade,Robert H. |
author_facet |
Wade,Robert H. Sigurgeirsdottir,Silla |
author_role |
author |
author2 |
Sigurgeirsdottir,Silla |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Wade,Robert H. Sigurgeirsdottir,Silla |
dc.subject.por.fl_str_mv |
Iceland financial crisis privatization banking crisis |
topic |
Iceland financial crisis privatization banking crisis |
description |
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. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-01-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001 |
url |
http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-31572011000500001 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
10.1590/S0101-31572011000500001 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
text/html |
dc.publisher.none.fl_str_mv |
Centro de Economia Política |
publisher.none.fl_str_mv |
Centro de Economia Política |
dc.source.none.fl_str_mv |
Brazilian Journal of Political Economy v.31 n.5 2011 reponame:Revista de Economia Política instname:EDITORA 34 instacron:EDITORA_34 |
instname_str |
EDITORA 34 |
instacron_str |
EDITORA_34 |
institution |
EDITORA_34 |
reponame_str |
Revista de Economia Política |
collection |
Revista de Economia Política |
repository.name.fl_str_mv |
Revista de Economia Política - EDITORA 34 |
repository.mail.fl_str_mv |
||cecilia.heise@bjpe.org.br |
_version_ |
1754122481062379520 |