- Title Pages
- List of Figures
- List of Tables
- List of Contributors
- 1 Macroeconomic Perspectives on the Nordic Economies
- 2 Collective Risk Sharing
- Comments on ‘Collective Risk Sharing’
- 3 Missing the Link?
- Comments on ‘Missing the Link?’
- 4 Labour Market Policies in Denmark
- Comments on ‘Labour Market Policies in Denmark’
- 5 What Scope for Monetary Policy?
- Comments on ‘What Scope for Monetary Policy?’
- 6 Monetary Policy and Exchange Rate Stabilization in Norway and Sweden
- Comments on ‘Monetary Policy and Exchange Rate Stabilization in Norway and Sweden’
- 7 House Prices in Denmark and Sweden
- Comments on ‘House Prices in Denmark and Sweden’
- 8 Reforming the Fiscal Framework
- Comments on ‘Reforming the Fiscal Framework’
- 9 Shaping the Fiscal Policy Framework
- Comments on ‘Shaping the Fiscal Policy Framework’
- 10 A Crisis Not Wasted
- Comments on ‘A Crisis Not Wasted’
- 11 Finland and Sweden in a Cross-Country Comparison
- Comments on ‘Finland and Sweden in Cross-Country Comparison’
- 12 Iceland
- Comments on ‘Iceland’
- 13 Challenges to the Nordic Model
How Could This Happen?
- (p.310) 12 Iceland
- Reform Capacity and Macroeconomic Performance in the Nordic Countries
- Oxford University Press
This chapter reviews economic developments in Iceland following its financial collapse in 2008, focusing on causes and consequences of the crash. The review is presented in the context of the Nordic region, with broad comparisons also with developments elsewhere on the periphery of Europe; in Greece, Ireland, and Portugal. In some ways, however, Iceland resembles Italy, Japan, and Russia more than it resembles its Nordic neighbours or even Ireland. The paper also considers the uncertain prospects for reforms and restoration as well as the possible effects of the crash on social, human, and real capital and on long-term economic growth.
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
If you think you should have access to this title, please contact your librarian.