- Title Pages
- List of Figures
- List of Tables
- List of Contributors
1Macroeconomic Perspectives on the Nordic Economies
2Collective Risk Sharing
- Comments on ‘Collective Risk Sharing’
3Missing the Link?
- Comments on ‘Missing the Link?’
4Labour Market Policies in Denmark
- Comments on ‘Labour Market Policies in Denmark’
5What Scope for Monetary Policy?
- Comments on ‘What Scope for Monetary Policy?’
6Monetary Policy and Exchange Rate Stabilization in Norway and Sweden
- Comments on ‘Monetary Policy and Exchange Rate Stabilization in Norway and Sweden’
7House Prices in Denmark and Sweden
- Comments on ‘House Prices in Denmark and Sweden’
8Reforming the Fiscal Framework
- Comments on ‘Reforming the Fiscal Framework’
9Shaping the Fiscal Policy Framework
- Comments on ‘Shaping the Fiscal Policy Framework’
10A Crisis Not Wasted
- Comments on ‘A Crisis Not Wasted’
11Finland and Sweden in a Cross-Country Comparison
- Comments on ‘Finland and Sweden in Cross-Country Comparison’
- Comments on ‘Iceland’
13Challenges 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.
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