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From Collapse to Constitution: The Case of Iceland

  • Thorvaldur Gylfason

Most of the time, crises precede constitutions. Following a brief review of relevant historical background, this article aims to show why Iceland, after its financial collapse in 2008, is now at last on the road to adopting a new constitution to replace the provisional constitution from 1944. The aim is also to show how the constitutional bill of 2011 came into being with significant help from the general public. Further, the article outlines some of the key provisions of the bill as well as why and how it differs from the current constitution. The article concludes by offering a brief discussion of some potential obstacles to the adoption of the bill in parliament, the role of the public, and some lessons from, and for, other countries.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2012/wp-cesifo-2012-03/cesifo1_wp3770.pdf
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Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3770.

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Date of creation: 2012
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Handle: RePEc:ces:ceswps:_3770
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  1. Daron Acemoglu & Georgy Egorov & Konstantin Sonin, 2008. "Dynamics and Stability of Constitutions, Coalitions, and Clubs," NBER Working Papers 14239, National Bureau of Economic Research, Inc.
  2. Benedikt Goderis & Mila Versteeg, 2009. "Human Rights Violations After 9/11 and the Role of Constitutional Constraints," Economics of Security Working Paper Series 11, DIW Berlin, German Institute for Economic Research.
  3. Daron Acemoglu & James A. Robinson & Ragnar Torvik, 2013. "Why Do Voters Dismantle Checks and Balances?," Review of Economic Studies, Oxford University Press, vol. 80(3), pages 845-875.
  4. Ticchi, Davide & Vindigni, Andrea, 2003. "Endogenous Constitutions," Seminar Papers 726, Stockholm University, Institute for International Economic Studies.
  5. Jørgen Juel Andersen & Silje Aslaksen, 2006. "Constitutions and the resource curse," Working Paper Series 7506, Department of Economics, Norwegian University of Science and Technology.
  6. Brad M. Barber & Terrance Odean, 2001. "Boys Will Be Boys: Gender, Overconfidence, And Common Stock Investment," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 261-292, February.
  7. Ackerman, John, 2004. "Co-Governance for Accountability: Beyond "Exit" and "Voice"," World Development, Elsevier, vol. 32(3), pages 447-463, March.
  8. Daron Acemoglu & James A. Robinson, 2000. "Why Did The West Extend The Franchise? Democracy, Inequality, And Growth In Historical Perspective," The Quarterly Journal of Economics, MIT Press, vol. 115(4), pages 1167-1199, November.
  9. Torsten Persson & Guido Tabellini, 2005. "The Economic Effects of Constitutions," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262661926, June.
  10. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  11. Brennan, Geoffrey & Buchanan, James M., 1977. "Towards a tax constitution for Leviathan," Journal of Public Economics, Elsevier, vol. 8(3), pages 255-273, December.
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