The Chapters in this Volume

Gylfi Zoega

Chapter 2 in Preludes to the Icelandic Financial Crisis, 2011, pp 13-25 from Palgrave Macmillan

Abstract: Abstract The collapse of Iceland’s banking system in the autumn of 2008 became a symbol of the global credit crunch. This volume contains essays and reports that were written before the collapse. The chapters provide insights into how economists saw Iceland’s economy. Did they see the crash coming? Did they choose to ignore it? Clearly, economists do not work in a vacuum. The application of subjective judgement in the presence of social incentives can lead economists astray. Iceland’s close-knit society values loyalty and is not conducive to dissent. Economists from other countries may have to be recruited. This book is a case study of the economics profession prior to a collapse of a financial system.

Keywords: Monetary Policy; Central Bank; Asset Price; International Monetary Fund; Banking System (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-30714-8_2

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DOI: 10.1057/9780230307148_2

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