MACMILLAN Macmillan The Icelandic Financial Crisis - Banking Study

Understand the mechanics of a nation's recovery with this detailed account of the 2008 banking collapse in Iceland. This study examines how the world's smallest currency area faced a total financial industry breakdown and the unique challenges that followed. Readers will learn about the limitations of the central bank, which could not use quantitative easing or print money to save the banks as other nations did. The text explores how the government used force majeure rights to pass emergency legislation, specifically designed to stop the socialization of losses during the crisis. By looking at the events eight years after the collapse, this book provides a perspective on how these specific policy decisions helped lead to renewed growth. It is a necessary resource for those studying business and economic history, banking institutions, and the realities of managing a small currency area during a global financial meltdown.