Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/114502
Authors: 
Guðmundsson, Björn Rúnar
Year of Publication: 
2015
Series/Report no.: 
Working Paper, Institute for International Political Economy Berlin 55/2015
Abstract: 
Financialisation in Iceland should be seen as an evolving process driven by a mixture of global and domestic forces. Responding to fundamental issues underlying macroeconomic imbalances, the authorities introduced policies that proved particularly supportive of financial expansion at a time when cross-border capital movements were rapidly on the rise. Consequently, the rise in financial activity has had profound effects on income distribution and corporate and household behaviour. Following the 2008 financial meltdown, which was triggered by excessive growth of the financial sector, financialisation in Iceland has reversed to a degree, allowing for a shift away from financial-led towards increasingly export-led growth.
Subjects: 
economic development
financialisation
financial crisis
JEL: 
E02
E21
E22
E25
F36
G01
O11
Document Type: 
Working Paper

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