Iceland Ex Post Evaluation of Exceptional Access Under the 2008 Stand-by Arrangement
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 al...
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| Format: | eBook |
| Language: | English |
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Washington, D.C.
International Monetary Fund
2012
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| Series: | IMF Staff Country Reports
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| Collection: | International Monetary Fund - Collection details see MPG.ReNa |
| 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 |
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| Physical Description: | 33 pages |
| ISBN: | 9781475503135 |