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

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  • Hilmar Þór Hilmarsson

    (University of Akureyri, Iceland)

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.

Suggested Citation

  • Hilmar Þór Hilmarsson, 2015. "The Collapse of the Icelandic Banking System and the Inaction of the International Community," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(3), pages 156-162.
    • Handle: RePEc:ods:journl:v:4:y:2015:i:3:p:156-162
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    File URL: http://www.jami.org.ua/Papers/JAMI_4_3_156-162.pdf
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    References listed on IDEAS

    as
    1. Anatoliy G. Goncharuk, 2012. "What investments are most effective during the financial crisis?," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 1(1), pages 5-7.
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    Cited by:

    1. Mihir Dash & Ravi Pathak, 2016. "Canonical Correlation Analysis of Asset-Liability Management of Indian Banks," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(2), pages 75-81, May.
    2. Anatoliy G. Goncharuk, 2016. "Banking Sector Challenges in Research," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(1), pages 34-39, February.
    3. Hilmarsson, H. Þ., 2019. "The Nordic Baltic Region and European Integration: Economic, Political and Security Concerns," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 8(3), pages 147-158, September.
    4. Andri Dan Traustason & Hilmar Þór Hilmarsson, 2016. "Iceland-UK Interconnector: A Brief Analysis of Possible Political Risk Mitigation and Dispute Settlement," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 5(1), pages 66-74, February.
    5. Mihir Dash, 2021. "Non-Performing Loans and Systemic Risk of Indian Banks," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 10(1), pages 10-20, April.

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