| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24005 |
| 来源ID | Working Paper 24005 |
| The Rise, the Fall, and the Resurrection of Iceland | |
| Sigríður Benediktsdóttir; Gauti B. Eggertsson; Eggert Þórarinsson | |
| 发表日期 | 2017-11-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper documents how the Icelandic banking system grew from 100 percent of GDP in 1998 to 9 times GDP in 2008 when it failed. We base the analysis on data from the banks that was made public when the Icelandic parliament lifted among others bank secrecy laws to investigate the run up to the financial crisis. We document how the banks were funded, and where the money went with a comprehensive analysis of their lending. We also analyze policies implemented after the crash, including emergency legislation, capital control, alleviation of balance of payment risks and preservation of the financial stability. We estimate the output costs of the crisis, which was about average relative to the 147 banking crisis documented Laeven and Valencia (2012) and the 100 banking crisis documented by Reinhart and Rogoff (2014). Our computation of the governments direct costs, reveals that the recently concluded negotiation with foreign creditors may leave the Icelandic government in net surplus as a consequence of the crisis, although there is still some uncertainty about the ultimate cost and our benchmark estimate is a cost corresponding to 5 percent of GDP. We summarize several lessons from the episode. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; International Economics ; International Finance ; Globalization and International Relations ; Financial Economics ; Financial Institutions ; Corporate Finance ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w24005 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581679 |
| 推荐引用方式 GB/T 7714 | Sigríður Benediktsdóttir,Gauti B. Eggertsson,Eggert Þórarinsson. The Rise, the Fall, and the Resurrection of Iceland. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24005.pdf（1293KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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