%0 Journal Article
%T Iceland's meltdown: the rise and fall of international banking in the North Atlantic
%A Wade
%A Robert H.
%A Sigurgeirsdottir
%A Silla
%J Revista de Economia Pol¨ªtica
%D 2011
%I Editora 34
%R 10.1590/S0101-31572011000500001
%X this paper shows how rapid privatization and liberalization of iceland's small local banks around 2000, combined with well-developed crony relations among the elite, enabled a small group of financiers to leverage government-guaranteed deposits into a vast wave of mergers and acquisitions abroad, and redistribute enough of the profits back home to make the economy boom. negative policy feedback loops were systematically undermined. the incoming left-wing government, with imf support, has managed to protect the bulk of the population from the worst of the effects.
%K iceland
%K financial crisis
%K privatization
%K banking crisis.
%U http://www.scielo.br/scielo.php?script=sci_abstract&pid=S0101-31572011000500001&lng=en&nrm=iso&tlng=en