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Volume 18  Number 3  •  Winter 2014
All Issues:  

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.

 PDFRead the Full Article (PDF, 19 pages)

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