Figure 9 - uploaded by Thorir Sigurdsson
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Source publication
40 years ago the Atlanto-Scandian herring stock collapsed with severe consequences for Iceland´s monotonic economy at that time. Two years ago the international credit crisis brought the country´s largest banks to insolvency, which shocked the whole economy with butterfly effects in neighbouring countries. The paper begins with an overview of the I...
Contexts in source publication
Context 1
... of the small population in Iceland the economy is very sensitive to both internal and external changes and historically it has been unstable compared to Europe as Figure 9 shows. The downturn in 1968 was to a great deal a consequence of the herring collapse which can be considered as an external change. ...
Context 2
... and politicians argue about the debt service burden and the public is confused, enraged and depressed but the government is anxious to close the case as soon as possible. IMF´s economic outlook for the next five years is a rather quick recovery as depicted in Figure 9. A positive sign in this respect is that the pension funds are strong: their domestic assets are more than two thirds of GDP and foreign assets about one third of GDP. ...
