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

Detalhes bibliográficos
Autor(a) principal: Wade,Robert H.
Data de Publicação: 2011
Outros Autores: Sigurgeirsdottir,Silla
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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spelling 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
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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
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