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Iceland: Selected Issues

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  • International Monetary Fund

Abstract

This Selected Issues paper estimates the gap between the real effective exchange rate (REER) and its equilibrium (medium-term) value. The paper explores certain features of fiscal policy in Iceland, and examines various aspects of fiscal frameworks in other European countries that are possibly worthy of emulation. It provides a detailed summary of the key issues affecting fiscal policy in Iceland. It argues that political economy factors lead to procyclical fiscal trends, and this is exacerbated by macroeconomic volatility. The paper also provides an overview of the structure of the banking sector of Iceland.

Suggested Citation

  • International Monetary Fund, 2007. "Iceland: Selected Issues," IMF Staff Country Reports 2007/296, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2007/296
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21292
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    Citations

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    Cited by:

    1. Thorvaldur Gylfason & Gylfi Zoega, 2017. "The Dutch Disease in Reverse: Iceland's Natural Experiment," CESifo Working Paper Series 6513, CESifo.
    2. Erik Larson, 2017. "Demand for credit, international financial legitimacy, and vulnerability to crises: Regulatory change and the social origins of Iceland's collapse," Regulation & Governance, John Wiley & Sons, vol. 11(2), pages 185-202, June.

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