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Table of contents

  1. Front Matter
    Pages i-xvi
  2. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 1-33
  3. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 35-66
  4. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 67-101
  5. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 103-138
  6. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 139-171
  7. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 173-208
  8. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 209-249
  9. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 251-287
  10. Ásgeir Jónsson, Hersir Sigurgeirsson
    Pages 289-316
  11. Back Matter
    Pages 317-349

About this book

Introduction

This book presents a detailed account of Iceland’s recovery from the tumultuous banking collapse that overturned its financial industry in 2008. Early chapters recount how Iceland’s central bank was unable to follow the quantitative easing policies of the time to print money and save the banks, while serving the world´s smallest currency area. The book goes on to explore how the government exercised force majeure rights to implement emergency legislation aimed at preventing the “socialization of losses”. Later chapters investigate how, eight years later, these policies have yielded renewed growth and reinvigorated liquidity streams for the financial system. The authors argue that Iceland, long-called the ‘canary in the coal mine’ of the developed world, offers important lessons for the future. This book will be useful to all readers interested in better understanding the unique history of Iceland’s banking crisis and the phenomena of its recovery.

Keywords

banking finance Capital Controls Quantitative Easing Vulture Funds Icelandic Financial Crisis Cost of Financial Crisis Transfer Problem

Authors and affiliations

  • Ásgeir Jónsson
    • 1
  • Hersir Sigurgeirsson
    • 2
  1. 1.University of IcelandReykjavikIceland
  2. 2.University of IcelandReykjavikIceland

Bibliographic information

  • DOI https://doi.org/10.1057/978-1-137-39455-2
  • Copyright Information The Editor(s) (if applicable) and The Author(s) 2016
  • Publisher Name Palgrave Macmillan, London
  • eBook Packages Economics and Finance
  • Print ISBN 978-1-137-39454-5
  • Online ISBN 978-1-137-39455-2
  • Buy this book on publisher's site