Icelands Meltdown: The rise and fall of international banking in the North Atlantic
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 abroa...
| Autores: | , |
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| Tipo de documento: | artigo |
| Estado: | Versão publicada |
| Data de publicação: | 2011 |
| País: | Brasil |
| Recursos: | EDITORA 34 |
| Repositório: | Revista de Economia Política |
| Idioma: | inglês |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/379 |
| Acesso em linha: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/379 |
| Access Level: | Acceso aberto |
| Palavra-chave: | Islândia crise financeira privatizações crise bancária Iceland financial crisis privatization banking crisis |
| 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. JEL Classification: E5. |
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