Iceland: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-by Arrangement

April 12, 2012

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Iceland: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-by Arrangement, (USA: International Monetary Fund, 2012) accessed September 19, 2024

Summary

The ex-post evaluation of Iceland’s Exceptional Access under the 2008 Stand-By Arrangement is presented. In the wake of the global financial crisis in late 2008, Iceland has experienced a deep financial and economic crisis of its own. Domestically, the rapid increase in lending fuelled bubbles in all asset classes, particularly the stock market and real estate. Inflated asset prices and nontransparent cross-financing and related party lending between banks and holding companies helped mask poor asset quality and facilitated the financing of credit expansion by borrowing abroad, increasing vulnerability.

Subject: Balance of payments, Banking, Capital controls, Commercial banks, External debt, Financial crises, Financial institutions, National accounts, Private debt, Public debt

Keywords: Bad-bank approach, Bank collapse, Bank support, Bank Support, Banking system, Banks business diversification, Capital control, Capital control liberalization, Capital controls, Central bank, Commercial banks, Control liberalization, CR, Debt restructuring, Exchange rate development, Global, Government of Iceland, ISCR, Monetary policy, Overhang problem, Policy option, Post evaluation, Private debt, Program projection, Restructuring cost

Publication Details

Pages:

33
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/091
Stock No:

1ISLEA2012004
ISBN:

9781475503135
ISSN:

1934-7685

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