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Six myths and few facts, Recovery of the Icelandic economy post October 2008

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  • Þórólfur Matthíasson

    (Department of Economics, University of Iceland)

Abstract

The relative success of the Icelandic road to recovery in the wake of the 2008 Financial Crisis has been a source of some myth-making. This paper discusses to which extent Iceland refused to bail out bankers and sheltered the sovereign from financial losses. I also argue that Iceland responded to the crisis by Keynesian expansionary policy rather than austerity. Furthermore, I argue that the debt-relief program that the government initiated also was a key factor in cushioning the effect of the collapse of the Icelandic financial system.

Suggested Citation

  • Þórólfur Matthíasson, 2015. "Six myths and few facts, Recovery of the Icelandic economy post October 2008," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 40, pages 1-1.
    • Handle: RePEc:noj:journl:v:40:y:2015:p:1
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    References listed on IDEAS

    as
    1. Thorolfur Matthiasson, 2008. "Spinning out of control, Iceland in crisis," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 34, pages 1-3.
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    More about this item

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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