Ten Years After: Iceland's Unfinished Business

30 Pages Posted: 21 Feb 2019

See all articles by Thorvaldur Gylfason

Thorvaldur Gylfason

University of Iceland - Faculty of Economics and Business Administration; Centre for Economic Policy Research (CEPR); CESifo (Center for Economic Studies and Ifo Institute)

Date Written: 2018

Abstract

This study discusses the economic, political, and judicial aftermath of Iceland's financial collapse in 2008. It considers lessons learned, or not learned, with emphasis on unsettled issues concerning the distribution of incomes and wealth, banking, and politics. The study makes three main points. First, the measurement of income flows and living standards needs to be adjusted in two respects. Second, since the crisis, Ireland has made a significantly stronger recovery than Iceland in terms of per capita income. Third, Iceland's economic recovery from the crisis is marred by a visible deterioration of various components of the country's social capital.

Keywords: financial crisis, social capital, Iceland

JEL Classification: G010

Suggested Citation

Gylfason, Thorvaldur, Ten Years After: Iceland's Unfinished Business (2018). Available at SSRN: https://ssrn.com/abstract=3338647 or http://dx.doi.org/10.2139/ssrn.3338647

Thorvaldur Gylfason (Contact Author)

University of Iceland - Faculty of Economics and Business Administration ( email )

IS-101 Reykjavik
Iceland
+354 525 4533/00 (Phone)
+354 552 6806 (Fax)

HOME PAGE: http://www.hi.is/~gylfason/inenglish.htm)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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