Lessons from Iceland’s Financial Crisis

BY NINA EICHACKER | March/April 2016

This article is from Dollars & Sense: Real World Economics, available at http://www.dollarsandsense.org


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Robert Aliber, “Monetary Turbulence and the Icelandic Economy,” in Robert Aliber and Gylfi Zoega, eds., Preludes to the Icelandic Financial Crisis (Palgrave MacMillan, 2011); Anna Andersen, “The Watchdog That Didn’t Bark,” Reykjavik Grapevine, October 2010 (grapevine.is); Daniel Chartier, The End of Iceland’s Innocence: The Image of Iceland in the Foreign Media During the Financial Crisis (University of Ottawa Press, 2011); V. Corbo and J. De Melo, “Lessons from the Southern Cone Policy Reforms.” The World Bank Research Observer, 2(2), 1987; Jon Danielsson and Gylfi Zoega, “The Collapse of a Country,” Working Paper 09:03, Institute of Economic Studies (hhi.hi.is); C. Diaz-Alejandro, “Good-Bye Financial Repression, Hello Financial Crash.” Journal of Development Economics, 19(1), 1985; Gudrun Johnsen, Bringing Down the Banking System (Palgrave MacMillan, 2014); John Maynard Keynes, “National Self-Sufficiency,” The Yale Review 22, 1933; Charles Kindleberger and Robert Aliber, Manias, Panics, and Crashes: A History of Financial Crises (Wiley, 2005); E. G. Mendoza and M.E. Terrones, An Anatomy of Credit Booms and Their Demise (No. w18379), National Bureau of Economic Research, 2012 (nber.org); Hyman Minsky, Stabilizing An Unstable Economy (McGraw-Hill, 2008); Hyman Minsky, “The Financial Instability Hypothesis,” The Levy Institute, Working Paper No. 74, May 1992 (levyinstitute.org); Hyman Minsky, Can ‘It’ Happen Again? Essays on Instability and Finance (M.E. Sharpe, Inc., 1982); Frederic Mishkin and Tryggvi Herbertsson, “Financial Stability in Iceland,” Iceland Chamber of Commerce Publication, 2006 (vi.is); F. S. Mishkin, Inflation Targeting in Emerging Market Countries (No. w7618), National Bureau of Economic Research (nber.org); D. Rodrik, “Growth Strategies,” in P. Aghion and S.N. Durlauf, eds., Handbook of Economic Growth, Volume 1 (Elsevier, 2005); Throstur Sigurjonsson, “Privatization and Deregulation: A Chronology of Events,” in Robert Aliber and Gylfi Zoega, eds., Preludes to the Icelandic Financial Crisis (Palgrave Macmillan, 2011); Robert Wade, “Iceland as Icarus,” Challenge 52, 2009; Robert Wade and Silla Sigurgeirsdottir, “Lessons from Iceland,” New Left Review 65, 2010; Robert Wade and Silla Sigurgeirsdottir, “Iceland’s Rise, Fall, Stabilization, and Beyond,” Cambridge Journal of Economics 36, 2011; Gylfi Zoega, “A Spending Spree,” in Robert Aliber and Gylfi Zoega, eds., Preludes to the Icelandic Financial Crisis (Palgrave Macmillan, 2011).

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