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Managing the Crisis in Iceland and the Dishonesty of the International Community?

Author

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  • Hilmar Tór HILMARSSON

    (University of Akureyri, Iceland)

Abstract

The 2008 global crisis hit hard in Iceland. During the crisis its three largest banks all collapsed in just a few days. This article focuses on the actions of the international community when the Icelandic authorities, during a period of great need and uncertainty, sought international assistance to protect the Icelandic economy before the banking system fell. Considering those actions is important because they had consequences not only for Iceland but also for the citizens of other countries. The article also reviews the response of the European Central Bank, the Federal Reserve as well actions of the Nordic countries which Iceland, as the smallest member of that group, sometimes naively tends to rely upon for support during difficult times. Was the international community dishonest in its response to Iceland?

Suggested Citation

  • Hilmar Tór HILMARSSON, 2014. "Managing the Crisis in Iceland and the Dishonesty of the International Community?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(5), pages 601-612, December.
    • Handle: RePEc:rom:rmcimn:v:15:y:2014:i:5:p:601-612
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    File URL: https://rmci.ase.ro/no15vol5/08.pdf
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    References listed on IDEAS

    as
    1. Hilmar Tór HILMARSSON, 2014. "Managing Financial Crisis: The Case of Iceland and Latvia," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(2), pages 200-214, May.
    2. Commission on Growth and Development, 2008. "The Growth Report : Strategies for Sustained Growth and Inclusive Development," World Bank Publications - Books, The World Bank Group, number 6507, December.
    3. Hilmar Þór Hilmarsson, 2013. "Small states and big banks – the case of Iceland," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 13(1), pages 31-48, July.
    4. Susan Rose-Ackerman, "undated". "Trust, Honesty, and Corruption: Reflection on the State-Building Process," Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy Working Paper Series yale_lepp-1013, Yale Law School John M. Olin Center for Studies in Law, Economics, and Public Policy.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Small states; Iceland; global crisis; economic policy; privatization.;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out

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