Download PDF Deep Freeze: Iceland's Economic Collapse, by Philipp Bagus
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Deep Freeze: Iceland's Economic Collapse, by Philipp Bagus
Download PDF Deep Freeze: Iceland's Economic Collapse, by Philipp Bagus
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It was a modern thriving economy one day, and then, suddenly, the food disappeared from the shelves, the banks closed, and the ships stopped arriving. Iceland in 2008 experienced an unprecedented economic meltdown that struck fear in the hearts of people all over the world. If it could happen here, it could happen anywhere. The economic crisis led to a political crisis, with resignations galore. The whining and wailing about the disaster continues to this day, with most commentators blaming deregulation and the free market. In Deep Freeze, economists Philipp Bagus and David Howden demonstrate that the real cause of the calamity was bad central bank policy. Rates were way too low, banks were too big to fail, housing was implicitly guaranteed, and banks were borrowing short term from abroad to finance long term bonds. The authors discuss the implications of this maturity mismatching and zero in on the central bank policies that encouraged unsound practices. They demonstrate the cause and effect without a shadow of a doubt, using vast amounts of data and a detailed sector-by-sector look at the economy of Iceland. What they find is another instance of the Austrian Theory of the Business Cycle, working itself out in a way that is customized for a time and place. Toby Baxendale writes the introduction to this story that reads like a great novel. It serves as a reminder that central banking policies aren't just about monetary arcana. They affect our lives in profound and sometimes catastrophic ways. The Iceland Freeze is one of the great historical cases that makes Mises’s point. Let it always serve as a reminder of what happens when the laws of the market are papered over by politicians and central bankers. This account is likely to remain the definitive one for many years.
- Sales Rank: #2860438 in Books
- Published on: 2015-04-14
- Original language: English
- Dimensions: 9.00" h x .36" w x 6.00" l,
- Binding: Paperback
- 156 pages
Most helpful customer reviews
8 of 8 people found the following review helpful.
A classic case study
By Erez Davidi
Interesting fact to know about Iceland: "Corporate debt levels exceeded 300 percent of GDP in Iceland in 2007, more than four times the level in the United States." (p.5). So why did Iceland collapse after all?
There are a few main reasons: (1) excessive debt [corporate debt, household debt, and government debt] (2) excessive credit expansion which led to an enormous increase in the money supply (3) housing bubble, which was caused by the credit expansion and the Housing Financing Fund (HHF), which was formed by the Icelandic government in order to provide low-interest mortgages (4) maturity and currency mismatching.
This book provides the "Austrian" perspective of what caused the Icelandic economy to collapse. The author easily refutes the notion that the Icelandic economy collapsed because of the free market and the laissez-faire approach of the Icelandic government. On the contrary, the author provides rather compelling evidence that the government caused the crisis in the first place by interfering in the markets. The current crisis in
Iceland is a classic case study of how government intervention in the markets leads to economic crises.
All in all, I recommend this book to every person who wishes to understand the mechanics of this event and how it unfolded and why.
6 of 6 people found the following review helpful.
Good book
By Larus Eliasson
Good book with fairly good insights into the Icelandic reality. There are some minor errors where local laws, data or traditions are misinterpreted but nowhere to the extent that it effects the qualitative findings of the authors. It is valuable to have outsiders view on what happened here. Can also recommend this as text book in macro economics, where the case study happened in reality on a small market.
0 of 0 people found the following review helpful.
World economy and politics - case study
By Luís Vilela
Challenging to most people's beliefs about what brought the world economy to the present condition. A must for worried citizens, even if the politicians don't want them getting eager to know and participate.
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