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The Collapse of the Icelandic Banking System and the Inaction of the International Community

Hilmar Þór Hilmarsson
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Hilmar Þór Hilmarsson: University of Akureyri, Iceland

Journal of Applied Management and Investments, 2015, vol. 4, issue 3, 156-162

Abstract: The 2008 global economic and financial crisis hit hard in Iceland. During the crisis its three largest banks all collapsed in just a few days with severe consequences for the economy and the people. Prior to the crisis, Iceland, a high income OECD country, had experienced strong growth and unprecedented expansion in overseas investments and activities, especially in the financial sector. This article focuses on the actions of the international community when the Icelandic authorities, during a period of great uncertainty and need, sought assistance to protect the Icelandic economy before the banking system fell.

Keywords: economic and financial crisis; economic policy; international expansion of firms; risk management (search for similar items in EconPapers)
Date: 2015
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Handle: RePEc:ods:journl:v:4:y:2015:i:3:p:156-162