By R. Aliber, G. Zoega
Iceland turned one of many symbols of the worldwide monetary challenge. It offers an excellent test case for the perceptions of economists, particularly their skill to expect crises. The ebook includes papers and experiences, written ahead of the cave in of Iceland's economy, concerning the economic climate. What did and did not they see coming, and why?
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Extra info for Preludes to the Icelandic Financial Crisis
5%. New laws regarding the CBI come into effect. The foreign currency reserve of the CBI is 36 billion ISK. The CBI enforces rules on balance of foreign currency accounts for financial institutions, with permissible balance between exchange-rate-adjusted assets and liabilities 15% of equity. The Minister of Trade grants permission for the Karahnjukar hydropower project. 3 billion ISK. State ownership after this becomes minimal. The privatization of Landsbanki is completed. 1057/9780230307148 - Preludes to the Icelandic Financial Crisis, Edited by Robert Z.
Kaupthing was then put into receivership on 9 October. 1 shows the evolution of the banks’ share prices from privatization to the collapse). Three new state banks were erected from the ruins of the old; NBI hf (New Bank of Iceland/Landsbanki), Nyi Kaupthing Banki hf (the New Kaupthing Bank, which changed its name to Arion bank in November 2009) and Nyi Glitnir (the New Glitnir, which changed its name as well, to Islandsbanki at end of March 2009). 1 gives a chronology of these events. 1057/9780230307148 - Preludes to the Icelandic Financial Crisis, Edited by Robert Z.
The Central Bank of Iceland was unable to act as an effective lender of last resort to the Icelandic banks as it simply did not hold enough foreign currency to do this and Glitnir was the first bank affected. With its short-run credit lines closed, Glitnir had to request a short-term loan from the Central Bank of Iceland, which refused. The government put Glitnir into receivership on 6 October 2008, which was the first step towards a formal bankruptcy. The bank was not nationalized, as the state would have become responsible for the bank’s huge liabilities.