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As late as the mid 1980s, Iceland’s economy revolved around little else than a semi-robust cod-fishing industry. By the end of the century, however, it had transformed itself into a major player in world finance, building an international banking empire worth twelve times its GDP. The tiny island nation of 300,000 was one of the global economy’s great success stories.
And then everything came crashing down.
Why Iceland? is the inside account of one of the economic meltdown’s most fascinating and far-reaching tragedies. As Chief Economist of Kaupthing Bank, the country’s largest bank before the collapse, �sgeir J�nsson is perfectly suited to examine Iceland’s collapse in painstaking detail. He witnessed behind-the-scenes events firsthand, such as an intriguing meeting in January 2008 when a group of international hedge fund managers gathered in a bar in Reykjavik to discuss Iceland’s economy—an informal affair that eventually became the center of a criminal investigation by the country’s Financial Supervisory Authority.
This inside account examines the pressing issues behind history’s biggest banking collapse:
- How did Iceland transform itself from one of Europe’s poorest to one of its wealthiest countries?
- What happened to cause the destruction of the nation’s banking industry during a single week of October 2008?
- Was it the result of a speculation “attack” by hedge funds on the nation’s currency?
Iceland remains the biggest casualty of the economic downturn, and the ramifications of its catastrophic failure reach deeply into the economies of Europe, the United States, and other global markets. �sgeir J�nsson offers a unique perspective and an expert’s insight into the rise and fall of this once-proud banking giant.
Why Iceland? provides the who, what, where, and when of Iceland’s demise, serving as a fascinating read and providing the understanding necessary for forecasting when and where the aftershocks will shake up markets in other parts of the world.
"Fearsome Vikings discovered Iceland. Hedge funds knocked it down. It was a humiliating tumble for the former financial powerhouse, which was proud of its status in Europe. A late bloomer, Iceland had been the last country in Europe to be settled, the Nordic nation rapidly caught up with its wealthier relations. It was all fine until October 2008, when country's banking system collapsed in a week. Written by an Icelandic economist, Why Iceland? chronicles the meltdown, in the context of the nation's history."--New York Post (A "Required Reading" Selection)
- Sales Rank: #1065888 in eBooks
- Published on: 2009-07-09
- Released on: 2009-08-07
- Format: Kindle eBook
Review
"A provocative, urgently important case study in international finance." The New York Times 20090816
From the Back Cover
The Saga of an Empire that Disappeared Overnight
In October 2008, Iceland became the unlikely epicenter of the catastrophic global banking collapse. In a few short years the tiny nation on the periphery of Europe had built a banking empire to rival any other on the planet. Then, within a single week in October 2008, the entire country collapsed. Investors in the UK alone are believed to have lost �8 billion in the fallout. And that’s just the tip of the iceberg. Effects of the crisis continue to manifest themselves around the globe.
Why Iceland? provides the most thorough and insightful account to date of history’s greatest banking collapse. Written by Icelandic banking insider �sgeir J�nsson, this behind-the-scenes book covers:
- Iceland’s remarkable rise as a global financial powerhouse
- Events leading to its overnight collapse
- The critical roles played by the US and UK future effects on the global economy
As Iceland’s banking industry attempts to rebuild itself, with help from the IMF, the world’s markets brace themselves against as-yet unknown impacts sure to result from the collapse. Why Iceland? combines the drama of a potboiler novel with expert analysis from a world authority on the subject.
About the Author
�sgeir J�nsson is head of research and chief economist at Kaupthing Bank, the biggest bank in Iceland until the nation’s banking collapse. He previously served as assistant professor of banking and international finance at the University of Iceland. J�nsson is the author of several books about the economy and history of Iceland.
Most helpful customer reviews
9 of 9 people found the following review helpful.
A true Icelandic saga
By Bubba
This wonderfully written story of Iceland--historical and contemporary--is a saga in the true sense of the word. It is an epic tale of single-mindedness and stubbornness that led to a disaster that continues into 2010. Jonsson is an astute observer--both of Icelandic economics and Icelandic culture. He neatly weaves economic and and financial developments over the past decade into 1000 years of history to give context to Iceland's meltdown.
By tracing the roots of Iceland's downfall to its deeply entrenched traditions, Jonsson's is also a tale of other countries hit by the current financial crisis and recession. Greed, hubris, resistance to regulation, asymmetric risk-taking, bubbles are all characteristics of Iceland and the United States. By learning about Iceland, we learn about the world financial system.
The book is written at a level appropriate for any reader--expert or not. I recommend it heartily, to be read side-by-side with Reinhart and Rogoff's equally compelling history of banking crises. While Reinhart and Rogoff offer broader coverage of crises, Jonsson provides a deeper analysis of a single crisis, firmly establishing its roots.
10 of 11 people found the following review helpful.
Watching a meltdown from the front row.
By Alexander D. Oxenham
This is an excellent account of the Icelandic financial disaster as written by the Chief Economist of the leading "at the time" Icelandic Bank, Kaupthing. I was on the edge of my seat, astonished that I could get these "front row" details from a senior member of the bank who understand macro economic concepts and how they led to the downfall of the firm he obviously loved. I was intrigued at the conclusions that were drawn but ultimately saddened by the cold shoulder so many supposedly "friendly" countries offered during Iceland's fall from grace. The overall lack of expertise within the central bank of Iceland is clearly the leading cause of this severe depression. The central bank ignored countless signs and relied too much on "Hope" to solve its problems. Although we know how it ends I kept hoping it would end differently for Iceland's sake.
Great book. Let's hope Iceland remains the only country to experience this severe of a collapse.
6 of 6 people found the following review helpful.
The canary in the coal mine?
By Arthur Digbee
Iceland was the first victim of the global banking crisis of 2008, when its heavily-leveraged international banks all collapsed--taking down many British savers as well as inflicting a major blow to the home economy.
Jonsson tells the story of the crisis, beginning with a brief history of Icelandic banking and then moving to a blow-by-blow account of events. He gives us capsule summaries of various businesses and their highly-leveraged adventures, with lots of factual detail but often insufficient analysis. Charts of companies, subsidiaries, name changes, and principals would have been nice, as would time lines of bank failures, interventions, and legislation. There information is here, but visual references would also be helpful.
Events make it clear that there is plenty of blame to go around - Icelandic entrepreneurs, state banks, regulators, and politicians; foreign politicians and bank regulators, especially in the UK; and international financial institutions.
With all the market failures and institutional failings, it's surprising that Jonsson attributes many problems to Icelandic culture, starting his story of the banking crisis with Iceland's conversion to Christianity in the year 1000. The flip side of this overemphasis on culture is a relative inattention to Icelandic politics. Sure, David Oddsson was a key player in establishing the free-market policies of the 1990s, and as a governor of the Central Bank, making a mess of the crisis response. However, Iceland has coalition governments and most of the other parties and players are invisible in this account.
Finally, I'm struck by how many of the underlying factors are also found in other countries, and have not been addressed by reforms after 2008. He concludes that Iceland may be the canary in the coal mine. Readers concerned about the future of the international banking and finance sector will find much here to lose sleep over.
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