Iceland's Financial Crisis in 2008. Political, Economic and Social Consequences

Iceland's Financial Crisis in 2008. Political, Economic and Social Consequences

Iceland

small state economy

Icelandic crisis causes

Icelandic crisis 2008

Icelandic banking system

Icelandic EU accession

The author analyzes the successful strategy of overcoming financial breakdown in the case study of Iceland. The aim of the article is to verify a hypothesis that the Icelandic model could become a panacea for future crises? A document analysis method is applied to present essential indicators such as GDP and trade balance. With the use of a source analysis method, the collapse of the financial sector is determined as the main cause of the slump. The systematization of crisis events is introduced and deepened by the social and political situation. Changes in the state’s condition after the crash are provided and future forecasts about economic development are discussed. As a summing up, the author disapproves of the hypothesis that the Icelandic model of overcoming the financial breakdown as a panacea for future crises, pointing out that it is only applicable for specific cases and cannot be seen as a magical remedy for every kind of crisis.

Legutko, Agnieszka Joanna

International Studies. Interdisciplinary Political and Cultural Journal; Vol. 20 No. 1 (2017): Northern Europe. New Political, Economic and Social Trends; 113-130

International Studies. Interdisciplinary Political and Cultural Journal; Tom 20 Nr 1 (2017): International Studies. Interdisciplinary Political and Cultural Journal; 113-130

2300-8695

1641-4233

Lodz University Press

2017-12-30

Copyright (c) 2017 International Studies. Interdisciplinary Political and Cultural Journal

https://creativecommons.org/licenses/by-nc-nd/4.0

application/pdf

eng

info:eu-repo/semantics/article

info:eu-repo/semantics/publishedVersion