The Liberty Archive FREECAPITALISTS.ORG

Chapter 12 of 13 · Deep Freeze: Iceland's Economic Collapse by Philipp Bagus

References

1,966 words · All 13 chapters

Adrian, Tobias, and Hyun Song Shin. 2008. “Financial Intermediaries, Financial Stability, and Monetary Policy.” Paper presented at the Federal Reserve Bank of Kansas City Symposium at Jackson Hole. August 21–23. http://www.kc.frb.org/publicat/sympos/2008/Shin.08.06.08.pdf.

Andersen, Camilla. 2008. “Iceland Gets Help to Recover from Historic Crisis.” IMF Survey Magazine 37, no. 12. (December 2). http://www.imf.org/external/pubs/ft/survey/so/2008/int111908a.htm.

Aninat, Eduardo. 2001. “IMF Welcomes Flotation of Iceland’s Króna.” IMF News Brief no. 01/29. March 28. http://www.imf.org/external/np/sec/nb/2001/nb0129.htm.

Bagus, Philipp. 2007. “Asset Prices–An Austrian Perspective.” Procesos de Mercado: Revista Europea de Economía Política 4, no. 2: pp. 57–93.

——. 2009. “Monetary Policy as Bad Medicine: The Volatile Relationship Between Business Cycles and Asset Prices.” Review of Austrian Economics 21, no. 4: pp. 283–300.

——. 2010. “Austrian Business Cycle Theory: Are 100 Percent Reserves Sufficient to Prevent a Business Cycle?” Libertarian Papers 2, no. 2.

Bagus, Philipp, and David Howden. 2009. “Iceland’s Banking Crisis: The Meltdown of an Interventionist Financial System.” Ludwig von Mises Institute, Daily Article. June 9. http://mises.org/story/3499.

——. 2009. “Qualitative Easing in Support of a Tumbling Financial System: A Look at the Eurosystem’s Recent Balance Sheet Policies.” Economic Affairs 29, no. 4: pp. 60–65.

——. 2009. “The Legitimacy of Loan Maturity Mismatching: A Risky, but Not Fraudulent, Undertaking.” The Journal of Business Ethics 90, no. 3: pp. 399–406.

——. 2009. “The Federal Reserve and Eurosystem’s Balance Sheet Policies During the Financial Crisis: A Comparative Analysis.” Romanian Economic and Business Review 4, no. 3: pp. 165–85.

——. 2010. “The Term Structure of Savings, the Yield Curve, and Maturity Mismatching.” Quarterly Journal of Austrian Economics 13, no. 3: pp. 64–85.

Bagus, Philipp, and Markus H. Schiml. 2009. “New Modes of Monetary Policy: Qualitative Easing by the Fed.” Economic Affairs 29, no. 2: pp. 46–49.

Baxendale, Toby, and Anthony Evans. 2008. “Austrian Business Cycle Theory in Light of Rational Expectations: The Role of Heterogeneity, the Monetary Footprint, and Adverse Selection in Monetary Expansion.” Quarterly Journal of Austrian Economics 11, no. 2: pp. 81–93.

BBC News. 2009. “Iceland Moves Towards Joining EU.” July 16. http://news.bbc.co.uk/1/hi/8153139.stm.

Böhm-Bawerk, Eugen von. [1889] 1959. Capital and Interest. Vol.2: Positive Theory of Capital. South Holland, Ill.: Libertarian Press.

Boorman, Jack. 2000. “On the Financial Role of the IMF.” InReforming the International Monetary System. Peter B. Kenen and Alexander K. Swoboda, eds., pp. 366–369. Washington, D.C.: International Monetary Fund.

Borio, Claudio, and Piti Disyatat. 2010. “Unconventional Monetary Policies: An Appraisal.” The Manchester School 78. (September): pp. 53–89.

Boyes, Roger. 2009. Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island. New York, Berlin, London: Bloomsbury USA.

Buiter, Willem H. 2008. “Can Central Banks Go Broke?” Centre for Economic Policy Research Policy Insight no. 24 (May).

Buiter, Willem H., and Anne Sibert. 2008. “The Icelandic Banking Crisis and What to Do About It: The Lender of Last Resort Theory of Optimal Currency Areas.” Centre for Economic Policy Research Policy Insight no. 26 (October).

Calvo, Guillermo A. 1998. “Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops.” Journal of Applied Economics 1: pp. 35–54.

Capell, Kerry. 2008. “The Stunning Collapse of Iceland.” Bloomberg Businessweek on msnbc.com, October 10. http://www.msnbc.msn.com/id/27104617/.

Capie, Forrest. 1998. “Can There Be an International Lender-of-Last-Resort?” International Finance 1, no. 2: pp. 311–325.

Caruana, Jaime, and Ajai Chopra. 2008. “Iceland: Financial System Stability Assessment—Update.” IMF Country Report no. 08/368. http://www.imf.org/external/pubs/ft/scr/2008/cr08368.pdf.

Cendrowicz, Leo. 2009. “Iceland’s Urgent Bid to Join the E.U.” Time, July 17. http://www.time.eom/time/world/article/0,8599,1911188,00.html.

Central Bank of Iceland. 2001. “New Act on the Central Bank of Iceland.” Press Release. November 13. http://www.sedlabanki.is/?PagelD=287\&NewslD=25.

——. 2008. “New Rules on Foreign Exchange Balance.” Press release no. 18/2008. June 4. http://www.sedlabanki.is/?PagelD=287&NewslD=1795.

——. 2008. “Temporary Modifications in Currency Outflow.” October 10. http://www.sedlabanki.is/?PagelD=287&NewslD=1892.

——. 2009. Monetary Bulletin 11, no. 4. http://www.sedlabanki.is/?PagelD=1064.

——. 2010. Monetary Bulletin 12, no. 2. http://www.sedlabanki.is/?PagelD=1095.

Chari, Varadarajan V., and Patrick Kehoe. 1999. “Asking the Right Questions About the IMF.” Federal Reserve Bank of Minneapolis, Annual Report, pp. 3–26.

Cohen, Daniel, and Richard Portes. 2009. “Toward a Lender of First Resort.” International Monetary Fund working paper WP/06/66.

Danielsson, Jon. 2008. “The First Casualty of the Crisis: Iceland.” VoxEU, November 12. http://www.voxeu.org/index.php?q=node/2549.

Diamond, Douglas W., and Philip H. Dybvig. 1983. “Bank Runs, Deposit Insurance, and Liquidity.” Journal of Political Economy 91, no. 3: pp. 401–19.

Eichengreen, Barry. 1999. Toward a New International Financial Architecture: A Practical Post-Asia Agenda. Washington, D.C.: Institute for International Economics.

Eichengreen, Barry, and Christof Rühl. 2001. “The Bail-In Problem: Systematic Goals, Ad Hoc Means.” Economic Systems 25, no. 1: pp. 3–32.

Elíasson, Lúdvík, and Tnórarinn G. Pétursson. 2006. “The Residential Housing Market in Iceland: Analysing the Effects of the Recent Mortgage Market Restructuring.” Central Bank of Iceland Working Paper no. 29.

Engles, Frank. 2001. “Iceland: Selected Issues and Statistical Appendix.” IMF Country Report no. 01/82. http://www.imf.org/external/pubs/cat/longres.cfm?sk=4090.0.

Engles, Frank, and Michael Gapen. 2002. “Iceland: Selected Issues.” IMF Country Report no. 02/129. http://www.imf.org/external/pubs/cat/longres.cfm?sk=15916.0.

EurActiv. 2009. “Iceland’s Parliament Votes in Favour of EU Talks”. July 17. http://www.euractiv.com/en/enlargement/iceland-parliament-votes-favour-eu-talks/article-184202#.

Fischer, Stanley. 1999. “On the Need for an International Lender of Last Resort.” Journal of Economic Perspectives 13: pp. 85–104.

Frankel, Jeffrey A. 1999. “International Lender of Last Resort.” Presented at the Federal Reserve Bank of Boston Conference “Rethinking the International Monetary System,” June 7–9. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=209318.

Fratianni, Michele, and John Pattison. 2001. “The Bank for International Settlements: An Assessment of Its Role in International Monetary and Financial Policy Coordination.” Open Economies Review 12, no. 2: pp. 197–222.

Freixas, Xavier, and Jean-Charles Rochet. 2008. Microeconomics of Banking. Second edition. Cambridge, Mass.: MIT Press.

Friðriksson, Ingimundur. 2009. “The Banking Crisis in Iceland in 2008.” BIS Review 22. http://www.bis.org/review/r090226d.pdf.

Fry, Maxwell J. 1992. “Can Central Banks Go Bust?” The Manchester School of Economics and Social Studies 60 (Supplement): pp. 85–98.

Garrison, Roger W. 2001. Time and Money: The Macroeconomics of Capital Structure. London: Routledge.

——. 2004. “Overconsumption and Forced Saving in the Mises-Hayek Theory of the Business Cycle.” History of Political Economy 36, no. 2: pp. 323–349.

Gilpin, Robert. 2000. The Challenge of Global Capitalism: The World Economy in the Twenty-First Century. Princeton, N.J.: Princeton University Press.

Grauwe, Paul de. 2008. “Returning to Narrow Banking.” In What G20 Leaders Must Do to Stabilize Our Economy and Fix the Financial System. Barry Eichengreen and Richard Baldwin, eds, pp. 37–39. London: Centre for Economic Policy Research.

Gumbel, Peter. 2008. “Iceland: The Country That Became a Hedge Fund.” CNN Money, December 4. http://money.cnn.com/2008/12/01/magazines/fortune/
iceland_gumbel.fortune/index.htm
.

Guðmundsson, Hjörtur J. 2006. “Slashing the Rumors: Iceland is Far From Adopting the Euro.” TEAM Europe, May 5. http://www.teameurope.info/node/91.

Haarde, Geir H. 2008. “Address to the Nation. Prime Minister’s Office.” October 6. http://eng.forsaetisraduneyti.is/news-and-articles/nr/3035.

Hayek, F. A. 1931. Prices and Production. London: Routledge.

——. [1939] 1975. Profits, Interest, and Investment. New York: Kelley.

Honjo, Keiko, and Benjamin Hunt. 2006. “Stabilizing Inflation in Iceland.” IMF Working Paper WP/06/262. http://www.imf.org/external/pubs/ft/wp/2006/wp06262.pdf.

Honjo, Keiko, and Srobona Mitra. 2006. “Iceland: Selected Issues.” IMF Country Report no. 06/297. http://www.imf.org/external/pubs/ft/scr/2006/cr06297.pdf.

Howden, David. 2010. “Knowledge Shifts and the Business Cycle: When Boom Turns to Bust.” Review of Austrian Economics 23, no. 2: pp. 165–182.

Hübner, Otto. 1854. Die Banken. Leipzig: Verlag von Heinrich Hübner.

Huerta de Soto, Jesús. [2006] 2009. Money, Bank Credit, and Economic Cycles. Second edition. Auburn, Ala.: Ludwig von Mises Institute.

Hülsmann, Jörg Guido. 1998. “Toward a General Theory of Error Cycles.” Quarterly Journal of Austrian Economics 1, no. 4: pp. 1–23.

——. 2008. The Ethics of Money Production. Auburn, Ala.: Ludwig von Mises Institute.

Hunt, Benjamin, Robert Tchaidze, and Ann-Margret Westin. 2005. “Iceland: Selected Issues.” IMF Country Report no. 05/366. http://www.imf.org/external/pubs/ft/scr/2005/cr05366.pdf.

“Iceland Hunts the Euro.” 2009. The Economist, January 22.

Iceland Review. 2009. “Salary Cuts for 14 Percent of Wage Earners.” January 14. http://www.icelandreview.com/.

International Monetary Fund. 2004. “Iceland—2004 Staff Visit Concluding Statement.” October 25. http://www.imf.org/external/np/ms/2004/102504.htm.

——. 2005. “Iceland–2005 Article IV Consultation Concluding Statement.” June 13. http://www.imf.org/external/np/ms/2005/061305.htm.

——. 2008. “Iceland: Article IV Consultation–Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Iceland.” IMF Country Report no. 08/367. http://www.imf.org/external/pubs/ft/scr/2008/cr08367.pdf.

——. 2009. “Review of Recent Crisis Programs.” September 14. http://www.imf.org/external/np/pp/eng/2009/091409.pdf

Íslandsbanki. 2005. ÍSB Weekly, July 26.

Jeanne, Olivier, and Lars E. O. Svensson. 2007. “Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank.” American Economic Review 97, no. 1: pp. 474–490.

Jónsson, Ásgeir. 2009. Why Iceland?: How One of the World’s Smallest Countries Became the Meltdown’s Biggest Casualty. New York: McGraw Hill.

Kapur, Devesh. 1998. “The IMF: A Cure or a Curse?” Foreign Policy 111 (Summer): pp. 114–129.

Knies, Karl. 1876. Geld und Kredit. Vol. 2. Berlin: Weidmann’sche Buchhandlung.

“Kreppanomics.” 2008. The Economist, October 9.

Krueger, Anne O. 2004. “The IMF at Sixty: What Role for the Future?” Lecture at the Central Bank of Iceland, Reykjavik, June 24. http://www.imf.org/external/np/speeches/2004/062404.htm.

Krugman, Paul. 2010. “The Icelandic Post-Crisis Miracle.” The New York Times, June 30. http://krugman.blogs.nytimes.com/2010/06/30/the-icelandic-post-crisis-miracle/.

Kupiec, Paul. 2003. “Iceland: Financial System Stability Assessment Update, including Report on the Observance and Standards and Codes on the following topics: Banking Supervision, Insurance Regulation, Securities Regulation, Payment Systems, and Monetary and Financial Policy Transparency.” IMF Country Report no. 03/271. http://www.imf.org/external/pubs/ft/scr/2003/cr03271.pdf.

Lewis, Michael. [2009] 2010. “Wall Street on the Tundra: The Implosion of Iceland’s Economy.” Reprinted in The Great Hangover: 21 Tales of the New Recession. Graydon Carter, ed., pp. 203-228. New York: Harper Perennial.

Lipton, David. 2000. “Refocusing the Role of the International Monetary Fund.” In Reforming the International Monetary System. Peter B. Kenen and Alexander K. Swoboda, eds., pp. 345–365. Washington, D.C.: International Monetary Fund.

Mason, Rowena. 2008. “UK Treasury Lends Iceland £2.2 Billion to Compensate Icesave Customers.” The Telegraph, November 20. http://www.telegraph.co.uk/finance/financetopics/
financialcrisis/3491442/UK-Treasury-lends-Iceland-2.2bn-to-compensate
-Icesave-customers.html
.

McVeigh, Tracy. 2008. “The Party’s Over for Iceland, the Island That Tried to Buy the World.” The Guardian, October 5. http://www.guardian.co.uk/world/2008/oct/05/iceland.creditcrunch.

Meese, Richard A. 1990. “Currency Fluctuations in the Post–Bretton Woods Era.” Journal of Economic Perspectives 4, no. 1: pp. 117–134.

Meese, Richard A., and Kenneth Rogoff. 1983. “Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?” Journal of International Economics 14: pp. 3–24.

Milne, Alistair. 2009. The Fall of the House of Credit. What Went Wrong in Banking and What Can Be Done to Repair the Damage? Cambridge, UK: Cambridge University Press.

Mises, Ludwig von. [1912] 1953. The Theory of Money and Credit. New Haven, Conn.: Yale University Press.

——. [1942] 2007. “Inflation and You.” In Economic Freedom and Intervention: An Anthology of Articles and Essays. Bettina Bien Greaves, ed., pp. 83-87. Indianapolis: Liberty Fund.

——. 1943. “ ‘Elastic Expectations’ and the Austrian Theory of the Trade Cycle.” Economica, n.s., 10, no. 39: pp. 251–252.

——. [1949] 1998. Human Action: A Treatise on Economics. Auburn, Ala.: Ludwig von Mises Institute.

Obstfeld, Maurice. 2009. “Lenders of Last Resort in a Globalized World.” Keynote address, International Conference of the Institute for Monetary and Economic Studies. Tokyo, Bank of Japan, May 27–28. http://www.imes.boj.or.jp/english/publication/edps/2009/09-E-18.pdf.

Oddsson, Davíð. 2008. “Excerpts: Iceland’s Oddsson.” Wall Street Journal, October 17. http://online.wsj.com/article/SB122418335729241577. html?mod=googlenews_wsj#articleTabs=article.

Ong, Li Lian, and Martin Čihák. 2010. “Of Runes and Sagas: Perspectives on Liquidity Stress Testing Using an Icelandic Example.” IMF working paper WP/10/156. http://www.imf.org/external/pubs/ft/wp/2010/wpl0156.pdf.

Pétursson, Thórarinn G. 2001. “The Transmission Mechanism of Monetary Policy: Analyzing the Financial Market Pass-Through.” Central Bank of Iceland Working Paper no. 14. http://cb.is/uploads/files/wp-14.pdf.

——. 2002. “Wage and Price Formation in a Small Open Economy: Evidence from Iceland.” Central Bank of Iceland Working Paper no. 16. http://www.sedlabanki.is/uploads/files/wp-16.pdf.

Preston, Robert. 2008. “Markets Call Time on Iceland.” BBC News, October 4. http://www.bbc.co.uk/blogs/thereporters/robertpreston/2008/
10/creditors_call_time_on_iceland.html.

Rallo, Juan Ramón. 2009. “¿Qué pasó en Islandia?” La Ilustración Liberal 41: pp. 43–49.

Rossi, Francesco. 2010. “Iceland’s Icesave Referendum: A Possible Outcome Suggested by Electoral Perspective.” Working paper. http://www.electoralgeography.com/new/en/wp-content/uploads/2010/03/rossi-iceland.pdf.

Rothbard, Murray N. [1983] 2008. The Mystery of Banking. Second edition. Auburn, Ala.: Ludwig von Mises Institute.

Roubini, Nouriel, and Brad Setser. 2004. Bailouts or Bail-Ins? Responding to Financial Crises in Emerging Economies. Washington, D.C.: Institute for International Economics.

Shin, Hyun Song. 2009. “Reflections on Northern Rock: The Bank Run That Heralded the Global Financial Crisis.” Journal of Economic Perspectives 23, no. 1: pp. 101–19.

Stiglitz, Joseph E. 2003. Globalization and Its Discontents. New York: W W. Norton and Company.

Strigl, Richard von. [1934] 2000. Capital and Production. Translated by M. Hoppe and H. Hoppe. Auburn, Ala: Ludwig von Mises Institute.

Tchaidze, Robert, Anthony Annett, and Li Lian Ong. 2007. “Iceland: Selected Issues.” IMF Country Report no. 07/296. http://www.imf.org/external/pubs/ft/scr/2007/cr07296.pdf.

Thorvaldsson, Armann. 2009. Frozen Assets: How I Lived Iceland’s Boom and Bust. Chichester, UK: John Wiley and Sons.

Traynor, Ian. 2009. “Iceland to be fast-tracked into the EU.” The Guardian, January 30. http://www.guardian.co.uk/world/2009/jan/30/iceland-join-eu.

Deep Freeze: Iceland's Economic Collapse

Read the whole book online · Book details

This work is published under a Creative Commons licence. You may copy, share, and re-host it with attribution.