The International Financial Crisis: THE CASE OF ICELAND – Are there Lessons to be Learnt?

Jón Baldvin Hannibalsson

No 248, Working Papers from Työn ja talouden tutkimus LABORE, Labour Institute for Economic Research LABORE

Abstract: Iceland became the first developed economy to fall victim to the current international financial crisis. An experiment with the smallest independent currency area in the world (pop: 300 thousand), based on the króna as a national currency, has ended in a national disaster. Iceland suffered a twin- crisis, with the value of the currency in a free fall and the national financial system in ruins.

Pages: 15 pages
Date: 2009-03-01
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Persistent link: https://EconPapers.repec.org/RePEc:pst:wpaper:248

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