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The Icelandic and Irish Banking Crises: Alternative Paths to a Credit-Induced Collapse
By David Howden
This article appeared in the Winter 2014 issue of The Independent Review


Abstract

Central banks set the stage for financial collapse through excessive credit expansion, but a lax monetary policy isn’t the only way that policymakers can foster a meltdown. As the recent banking crises in Iceland and Ireland illustrate, a faulty deposit insurance system and a poorly managed accession to the currency union can make matters worse.





Volume 18 Number 3
Winter 2014

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