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Ten Years After: Iceland's Unfinished Business

Author

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  • Thorvaldur Gylfason
Abstract
This study discusses the economic, political, and judicial aftermath of Iceland´s financial collapse in 2008. It considers lessons learned, or not learned, with emphasis on unsettled issues concerning the distribution of incomes and wealth, banking, and politics. The study makes three main points. First, the measurement of income flows and living standards needs to be adjusted in two respects. Second, since the crisis, Ireland has made a significantly stronger recovery than Iceland in terms of per capita income. Third, Iceland´s economic recovery from the crisis is marred by a visible deterioration of various components of the country´s social capital.

Suggested Citation

  • Thorvaldur Gylfason, 2018. "Ten Years After: Iceland's Unfinished Business," CESifo Working Paper Series 7318, CESifo.
    • Handle: RePEc:ces:ceswps:_7318
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    File URL: https://www.cesifo.org/DocDL/cesifo1_wp7318.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    financial crisis; social capital; Iceland;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises

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