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Iceland and Latvia During the 2008 Global Economic and Financial Crisis: Economic Policy Response and Post Crisis Results

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  • Hilmar Þór Hilmarsson

    (University of Akureyri, Iceland)

Abstract

Iceland and Latvia are small countries in Europe hit hard by the 2008 global economic and financial crisis. Both responded, but differently, especially when it comes to exchange rate policy. In Iceland the locally owned banking system collapsed while in Latvia the foreign owned banking system survived. After more than 5 years since the crisis erupted, sufficient time has passed for observers to begin seeing some outcomes from the different policy responses, both in terms of economic and social progress, and it is maybe time to see what lessons can be learned, for Latvia and Iceland and perhaps also for the European Union and the Euro area.

Suggested Citation

  • Hilmar Þór Hilmarsson, 2014. "Iceland and Latvia During the 2008 Global Economic and Financial Crisis: Economic Policy Response and Post Crisis Results," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 3(3), pages 146-154.
    • Handle: RePEc:ods:journl:v:3:y:2014:i:3:p:146-154
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    Cited by:

    1. Siyu Wu & Xiaosong Zheng, 2016. "An Exploratory Study of Enterprise Risk Management in Northern Europe," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(4), pages 280-289, November.

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