Preludes to the Icelandic Financial Crisis

1. Front Matter

   Pages i-xiii

   PDF

2. Introduction

   1. Introduction

      • Robert Z. Aliber

      Pages 1-12

3. The Chapters in this Volume

   1. The Chapters in this Volume

      • Gylfi Zoega

      Pages 13-25

4. Privatization and Deregulation: a Chronology of Events

   1. Privatization and Deregulation: a Chronology of Events

      • Throstur Olaf Sigurjonsson

      Pages 26-40

5. International Organizations and the Central Bank of Iceland

   1. Front Matter

      Pages 41-41

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   2. International Monetary Fund, Article IV Consultations 2006 and 2008

      • Robert Z. Aliber, Gylfi Zoega

      Pages 43-49

   3. OECD Economic Survey of Iceland, 2006 and 2008

      • Robert Z. Aliber, Gylfi Zoega

      Pages 50-53

   4. Central Bank of Iceland Financial Stability Reports 2006–8

      • Robert Z. Aliber, Gylfi Zoega

      Pages 54-73

6. Other Reports

   1. Front Matter

      Pages 75-75

      PDF

   2. Iceland — Macro Imbalances Trigger Negative Outlook

      • Fitch Ratings

      Pages 77-88

   3. Iceland: Geyser Crisis

      • Lars Christiansen

      Pages 89-106

   4. Financial Stability in Iceland

      • Frederic S. Mishkin, Tryggvi T. Herbertsson

      Pages 107-159

   5. The Internationalization of Iceland’s Financial Sector

      • Richard Portes, Friđrik Már Baldursson, Frosti Ólafsson

      Pages 160-240

   6. The Icelandic Banking Crisis and What to Do about it: the Lender of Last Resort Theory of Optimal Currency Areas

      • Willem H. Buiter, Anne C. Sibert

      Pages 241-275

   7. Iceland on the Brink? Options for a Small, Financially Active Economy in the Current Financial Crisis Environment

      • Daniel Gros

      Pages 276-289

   8. Events in Iceland: Skating on Thin Ice?

      • Thorvaldur Gylfason

      Pages 290-295

   9. A Spending Spree

      • Gylfi Zoega

      Pages 296-301

   10. Monetary Turbulence and the Icelandic Economy

       • Robert Z. Aliber

       Pages 302-326

7. Lessons for Other Countries

   1. Front Matter

      Pages 327-327

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   2. Overbanked and Undersized: Lessons from Iceland

      • Anne C. Sibert

      Pages 329-340

Iceland became one of the symbols of the global financial crisis. It provides an ideal test case for the perceptions of economists, in particular their ability to anticipate crises. The book contains papers and reports, written prior to the collapse of Iceland's financial system, about the economy. What did and didn't they see coming, and why?

• bank
• international organizations
• internationalization
• banking

• Booth Graduate School of Business, University of Chicago, USA

  Robert Z. Aliber

• Department of Economics, University of Iceland, Iceland

  Gylfi Zoega

FRIDRIK M. BALDURSSON Professor, School of Business, Reykjavik University, Iceland WILLEM BUITER Chief Economist, Citigroup, USA LARS CHRISTIANSEN Senior Analyst, Danske Bank, Denmark DANIEL GROS Director, Centre for European Policy Studies, Brussels, Belgium THORVALDUR GYLFASON Professor of Economics, University of Iceland, Iceland TRYGGVI T. HERBERTSSON Member of Icelandic Parliament and a former Professor of Economics at the University of Iceland, Iceland FREDERIC MISHKIN Alfred Lerner Professor of Banking and Financial Institutions, Graduate School of Business, Columbia University, USA RICHARD PORTES Professor of Economics, London Business School, UK ANNE SIBERT Professor of Economics, Department of Economics, Mathematics and Statistics, Birkbeck College, University of London, UK THROSTUR O SIGURJONSSON Assistant Professor, School of Business, Reykjavik University, Iceland GYLFI ZOEGA Professor of Economics, Department of Economics, University of Iceland, Iceland CARSTEN VALGREEN Chief Economist, Danske Bank, Denmark

Policies and ethics