© 2019

The 2008 Global Financial Crisis in Retrospect

Causes of the Crisis and National Regulatory Responses

  • Robert Z. Aliber
  • Gylfi Zoega
  • Contributes to our knowledge about the causes and consequences of financial crises

  • Covers both the genesis of the crisis, effects on other countries and the consequences for the general public in terms of financial hardship and health outcomes

  • Contributors have a range of backgrounds including academic as well as experience in international institutions, central banks and commercial banks


Table of contents

  1. Front Matter
    Pages i-xviii
  2. Robert Z. Aliber, Gylfi Zoega
    Pages 1-15
  3. The Source of the 2008 Global Financial Crisis

  4. Iceland and the 2008 Global Crisis

    1. Front Matter
      Pages 175-175
    2. Hamid Raza, Gylfi Zoega
      Pages 177-189
    3. Sigridur Benediktsdottir, Gauti Eggertsson, Eggert T. Thorarinsson
      Pages 191-207
    4. Fridrik M. Baldursson
      Pages 209-226
    5. Jon Danielsson
      Pages 257-279
    6. Thorvaldur Gylfason
      Pages 297-325

About this book


 This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected, Iceland, by evaluating developments since 2008. Currently, many countries are facing similar problems as Iceland did in 2008: this book is of interest to economists and policy makers in these countries to study what happened in Iceland, and why the recovery of that economy was strong and swift. The chapters in this book originate from panel discussions and conferences and explore areas including regulation, state projects and inflation.


Icelandic economy Origins of the 2007/2008 financial crisis Financial crises Small open economies US financial crisis Crisis and boom Banking crisis Currency crisis Asian crisis Regulatory response to financial crisis Financial market turbulence Capital flows Monetary Regimes Banking Regulation Cross-Border Financial Flows The Icelandic banking crisis of 2008 Business cycles and health Post-crisis monetary policy reforms Inflation targeting Capital controls

Editors and affiliations

  • Robert Z. Aliber
    • 1
  • Gylfi Zoega
    • 2
  1. 1.Booth School of BusinessUniversity of ChicagoChicagoUSA
  2. 2.Department of EconomicsUniversity of IcelandReykjavikIceland

About the editors

Robert Z. Aliber received a Bachelor of Arts degree from Williams College (1952) and Bachelor of Arts (1954) and a Master of Arts (1957) from Cambridge University. He received his Ph.D. from Yale University. He has been a staff economist at the Commission on Money and Credit (1959–61) and at the Committee for Economic Development (1961–64). Aliber served as a senior economic advisor at the United States Agency for International Development (1964–65). He was appointed as an associate professor at the University of Chicago in 1964. He is best known for his contribution to the theory of foreign direct investment. He is the author of revised editions of Charles Kindleberger’s Manias, Panics and Crashes(Palgrave Macmillan).

Gylfi Zoega received his first degree at the University of Iceland and a PhD in economics from Columbia University in 1993. He is Professor of Economics at the University of Iceland and Birkbeck College, London, since 1993 and an external member of the Monetary Policy Committee of the Central Bank of Iceland. He has followed the financial crisis in Iceland and taken part in the recovery effort for the past ten years. In addition, he has written a number of academic papers on financial turbulence and capital flows and co-authored the book Preludes to the Icelandic Financial Crash in 2011.

Bibliographic information

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