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


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.

Other Independent Review articles by David Howden
    Fall 2015   Why Did China’s Population Grow so Quickly?

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