Economic history of Iceland

Last updated

GDP per capita development in Norway, Iceland, Denmark, Sweden and Finland since 1950 GDP per capita development in Northern Europa.svg
GDP per capita development in Norway, Iceland, Denmark, Sweden and Finland since 1950

The economy history of Iceland covers the development of its economy from the Settlement of Iceland in the late 9th century until the present.

Contents

The field of economic history in Iceland

According to a 2011 review study by economic historian Guðmundur Jónsson,

Economic history as an independent field of study is of fairly recent origin in Iceland, emerging only in the last quarter of the twentieth century with the increased specialisation and differentiation of the history profession. With no separate economic history departments and in fact, only one general university, the University of Iceland in Reykjavík, it is not surprising that economic history has largely been in the hands of either historians educated within the broad church of history, non-professionals or scholars outside the history profession. Only in the last twenty years or so have specialist economic historians, educated abroad, entered the field and turned the subject into a distinct discipline. [1]

Pre-18th century economic history

Trade in medieval Iceland was conducted through barter. [2]

According to the traditional nationalist historical narrative, which has been associated with historian Jón Jónsson Aðils (1869–1920), Iceland experienced a golden age from 874 (settlement) to the 11th century (this period has often been referred to as the Saga Age). This period of prosperity purportedly ended when Iceland fell under foreign rule (Jónsson 1903, 79, 88–89, 103, 105, 178). [3] Under foreign rule, the Icelandic nation declined and ultimately suffered humiliation (Jónsson 1903, 241-242). [3] [4] Aðils' lessons were that under Icelandic rule, the nation was prosperous, productive and artistic, but suffered under foreign role. However, Aðils argued that within every Icelander, a desire for freedom and nationalism remained, and only had to be awoken. [3] Historian Guðmundur Hálfdanarson suggests that Aðils himself was doing his best to awaken this slumbering nationalist sentiment and strengthen the Icelandic pursuit of independence. [5]

According to Icelandic historian Axel Kristinsson, there is little historical evidence to substantiate the aforementioned traditional narrative about economic decline after the Saga age. [6] [7] The Icelandic historian Árni Daníel Júlíusson characterizes the period 1550-1800 as a golden age in Icelandic farming. [8] However, a 2009 book by the Icelandic historian Gunnar Karlsson supports the decline thesis, as he shows a 40% reduction in GDP from the 12th century to the 18th century. [9] The Danish anthropologist Kirsten Hastrup characterizes the period 1400-1800 as a "period of remarkable social disintegration and technological decline." [10]

18th to 20th century

Iceland had among the lowest GDP per capita in Western Europe at the start of the 20th century. [11] [12] According to one assessment by Central Bank of Iceland economists,

Post-World War II economic growth has been both significantly higher and more volatile than in other OECD countries. The average annual growth rate of GDP from 1945 to 2007 was about 4%. Studies have shown that the Icelandic business cycle has been largely independent of the business cycle in other industrialised countries. This can be explained by the natural resource-based export sector and external supply shocks. However, the volatility of growth declined markedly towards the end of the century, which may be attributed to the rising share of the services sector, diversifi cation of exports, more solid economic policies, and increased participation in the global economy. [11]

According to Reuters, Iceland has had "over 20 financial crises since 1875". [13]

Agricultural modernization

Certain institutional arrangements in Iceland retarded the modernization of agriculture and the growth of non-agrarian sectors. [14] One such institution was "the system of land tenures with its heavy obligations to landlords and insecure farm leases, which discouraged fixed capital investment on the farms. The other was a wide-ranging social legislation set up to regulate family formations and to maintain a balance between agriculture and the fishing sector in favour of the former. The most effective regulatory device was a stringent labour bondage which had few parallels in Europe." [14]

In the early 20th century, there was a decline in rowing boat fishing as the fishing industry moved towards mechanized fishing vessels. [6]

Prior to 1880, agriculture (in particular, sheep products) was the largest share of Icelandic exports. [15]

Urbanization

According to University of Iceland economists Davíd F. Björnsson and Gylfi Zoega, "The policies of the colonial masters in Copenhagen delayed urbanisation. The Danish king maintained a monopoly in trade with Iceland from 1602 until 1855, which made the price of fish artificially low – the price of fish was higher in Britain – and artificially raised the price of agricultural products. Instead, Denmark bought the fish caught from Iceland at below world market prices. Although the trade monopoly ended in 1787, Icelanders could not trade freely with other countries until 1855. Following trade liberalisation, there was a substantial increase in fish exports to Britain, which led to an increase in the number of sailing ships, introduced for the first time in 1780. The growth of the fishing industry then created demand for capital, and in 1885 Parliament created the first state bank (Landsbanki). In 1905 came the first motorised fishing vessel, which marked an important step in the development of a specialised fishing industry in Iceland. Iceland exported fresh fish to Britain and salted cod to southern Europe, with Portugal an important export market. Fishing replaced agriculture as the country’s main industry. These developments set the stage for the urbanisation that was to follow in the twentieth century." [16]

Food consumption

A 1998 study found that food consumption patterns differed from those in the rest of Europe: "The prominence of domestically produced dairy products, fish, meat and suet, and the insignificance of cereals until the nineteenth century, are among the most unusual features." [17]

Growth of the fisheries sector

After 1880, fish products were the largest share of Icelandic exports. [15] The fisheries sector in Iceland grew in part due to expanded fishing with sailing smacks. With the mechanization of the fishing fleet, which began primarily in 1905, fishing became an overwhelmingly large part of the Icelandic economy. [18]

World War I

In the quarter of a century preceding the War, Iceland prospered. Iceland became more isolated during World War I and suffered a significant decline in living standards. [19] [20] The treasury became highly indebted, there was a shortage of food and fears over an imminent famine. [19] [20] [21]

Iceland traded significantly with the United Kingdom during the War, as Iceland found itself within its sphere of influence. [22] [23] [24] In their attempts to stop the Icelanders from trading with the Germans indirectly, the British imposed costly and time-consuming constraints on Icelandic exports going to the Nordic countries. [23] [25]

The War led to major government interference in the marketplace that would last until the post-World War II period. [26]

The Great Depression

Icelandic post-World War I prosperity came to an end with the outbreak of the Great Depression, a severe worldwide economic depression. The Depression hit Iceland hard as the value of exports plummeted. The total value of Icelandic exports fell from 74 million kronur in 1929 to 48 million in 1932, and was not to rise again to the pre-1930 level until after 1939. [27] Government interference in the economy increased: "Imports were regulated, trade with foreign currency was monopolized by state-owned banks, and loan capital was largely distributed by state-regulated funds". [27] Due to the outbreak of the Spanish Civil War, which cut Iceland's exports of saltfish by half, the Depression lasted in Iceland until the outbreak of World War II when prices for fish exports soared. [27]

World War II

The British and American occupations of Iceland caused an end to unemployment, and contributed to the end of the Great Depression in Iceland. The occupiers injected money into the Icelandic economy and launched various projects. [28] [29] This eradicated unemployment in Iceland and raised wages considerably. [28] [29] According to one study, "by the end of World War II, Iceland had been transformed from one of Europe’s poorest countries to one of the world’s wealthiest." [28]

1945–1960

Iceland remained relatively protectionist during the period 1945–1960, despite its participation in the OEEC's Trade Liberalisation Program (TLP). [30] [28] Economic historian Guðmundur Jónsson attributes Icelandic protectionism in the post-WWI period to the "external shock caused by the war, creating an artificial economy internally and the overvaluation of the krona, made adjustment to peacetime circumstances extremely difficult. The task was made harder by a public policy prioritizing on growth and investment rather than balanced macroeconomic management. Last but not least, Iceland's commercial interests were not easily reconcilable with those of the other members of the OEEC because of her special pattern of trade." [30]

In the period 1945–1960, the United States provided extensive economic assistance to Iceland. [29] [31] [28] Iceland received the largest Marshall Aid package per capita in the period 1948-1951 (even though Iceland was left relatively unscathed from World War II), almost twice as much as the second highest recipient. [32] [29] Later in the 1950s, Iceland received direct economic assistance from the United States in what University of Iceland historian Valur Ingimundarson has referred to as the equivalent of a "second Marshall aid" package. [31]

From 1951 to 2006, the Iceland Defense Force provided between 2% and 5% of Iceland's GDP. [29]

1980s

The Icelandic economy was in an upswing in the mid-1980s. [33] In 1987, the tax rates were temporarily reduced to zero. [33] [34]

1990s

In 1991, the Independence Party, led by Davíð Oddsson, formed a coalition government with the Social Democrats. This government set in motion market liberalisation policies, privatising a number of small and large companies. At the same time economic stability increased and previously chronic inflation was drastically reduced.[ citation needed ] In 1995, the Independence Party formed a coalition government with the Progressive Party. This government continued with the free-market policies, privatising two commercial banks and the state-owned telecom Síminn. Corporate incomes tax was reduced to 18% (from around 50% at the beginning of the decade), inheritance tax was greatly reduced and the net wealth tax abolished.[ citation needed ] "Nordic Tiger" was a term used to refer to the period of economic prosperity in Iceland that began in the post-Cold-War 1990s. [35]

The welfare state

The social expenditure as a percentage of GDP in Iceland lagged considerably behind the social expenditures in the other Nordic states during the 20th century. [36] There are two primary reasons in the academic literature for why Iceland lagged behind:

  1. "The absence of a strong social democratic party" - Whereas labor unions were fairly strong in Iceland, votes on the left were split between several leftist parties, which meant that the leftist tendencies did not translate into political power.
  2. "A stronger emphasis on individualism and self-help" [36]

21st century

Icelandic financial crisis

Iceland bonds had an Inverted yield curve in 2008 .mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{} 10 year bonds 5 year bonds 2 year bonds Iceland bonds.webp
Iceland bonds had an Inverted yield curve in 2008
  10 year bonds
  5 year bonds
  2 year bonds

The "Nordic Tiger" period ended in a national financial crisis in 2008, when the country's major banks failed and were taken over by the government. Iceland went from the fourth richest country in the world (GDP per capita) in 2007 to the 21st place in 2010. [37] According to a 2011 study, Iceland privatized its banks in the early 2000s and the rapid expansion of the banking system, coupled with Iceland's small size, meant that the central bank was incapable of serving as the lender of last resort if a crisis were to occur. [38] The banks made risky loans and manipulated markets. [38] Iceland's regulators and public institutions were weak and understaffed, and were thus not properly regulating or supervising the banks. [38] Political connections between senior bank managers, key shareholders and elite politicians meant that there was insufficient will to properly regulate the banks. [38]

Following sharp inflation in the Icelandic króna during 2008, the three major banks in Iceland, Glitnir, Landsbanki and Kaupthing were placed under government control. A subsidiary of Landsbanki, Icesave, which operated in the UK and the Netherlands, was declared insolvent, putting the savings of thousands of UK and Dutch customers at risk. [39] It also transpired that over 70 local authorities in the UK held more than £550 million of cash in Icelandic banks. [40] [41] In response to statements that the accounts of UK depositors would not be guaranteed, the British governments seized assets of the banks and of the Icelandic government.[ citation needed ] [42] On 28 October 2008, Iceland's central bank raised its interest rate to 18 per cent to fight inflation. [43]

The Ice-save dispute, coupled with belated IMF assistance and no direct economic assistance from Iceland's close Cold War ally the United States, indicated that Iceland was left without "shelter", according to the 2018 book Small States and Shelter Theory: Iceland’s External Affairs by University of Iceland political scientists. [29] The Icelandic government was under the impression that Iceland would receive extensive assistance from the United States, similar to the aid that Iceland repeatedly got in economic crises during the Cold War. [29] University of Iceland political scientist Baldur Thorhallsson has argued that Iceland received belated assistance from the IMF relative to Ireland (which was also undergoing a financial crisis) because Iceland was not a member of the EU and euro (unlike Ireland). [44]

Following negotiations with the IMF, [45] a package of $4.6 billion was agreed on 19 November, with the IMF loaning $2.1 billion and another $2.3 billion in loans and currency swaps from Norway, Sweden, Finland and Denmark. In addition, Poland has offered to lend $200 million and the Faroe Islands have offered 300 million Danish kroner ($50 million, about 3 per cent of Faroese GDP). [46] The next day, Germany, the Netherlands and the United Kingdom announced a joint loan of $6.3 billion (€5 billion), related to the deposit insurance dispute. [47] [48] The assistance bolstered the Central Bank of Iceland's foreign currency reserves, which was an important first step in the economic recovery. [37] By the end of 2015, Iceland had repaid all the loans that it received in relation to the IMF program. [49] The IMF did not impose the kind of strict conditions on the assistance as it had done in similar past situations in Asia and Latin America. According to economists Ásgeir Jónsson and Hersir Sigurjónsson, "Iceland was treated differently from developing countries and former IMF clients. There was no call for Iceland to adopt sharp austerity measures at the inception of the joint economic plan. Instead, the government would be allowed to maintain large public deficits in the first year – 2009 – allowing fiscal multipliers to counteract the output contraction that was underway. Iceland also was not asked to downsize its Scandinavian-type welfare system." [50]

Iceland is the only country in the world to have a population under two million yet still have a floating exchange rate and an independent monetary policy. [51]

Further reading

2008 Financial Crisis and Recovery:

Related Research Articles

<span class="mw-page-title-main">History of Iceland</span>

The recorded history of Iceland began with the settlement by Viking explorers and the people they enslaved from Western Europe, particularly in modern-day Norway and the British Isles, in the late ninth century. Iceland was still uninhabited long after the rest of Western Europe had been settled. Recorded settlement has conventionally been dated back to 874, although archaeological evidence indicates Gaelic monks from Ireland, known as papar according to sagas, may have settled Iceland earlier.

<span class="mw-page-title-main">Demographics of Iceland</span>

The demographics of Iceland include population density, education level, health of the populace, economic status, religious affiliations and other aspects of the population.

The Cod Wars were a series of 20th-century confrontations between the United Kingdom and Iceland about fishing rights in the North Atlantic. Each of the disputes ended with an Icelandic victory.

<span class="mw-page-title-main">Scandinavian Monetary Union</span>

The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona, based on the gold standard. It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I.

<span class="mw-page-title-main">Jón Sigurðsson</span> Leader of the 19th-century Icelandic independence movement (1811–1879)

Jón Sigurðsson was the leader of the 19th century Icelandic independence movement.

Icelandic Canadians are Canadian citizens of Icelandic ancestry or Iceland-born people who reside in Canada.

<span class="mw-page-title-main">Icelandic Americans</span> Americans of Icelandic birth or descent

Icelandic Americans are Americans of Icelandic descent or Iceland-born people who reside in the United States. Icelandic immigrants came to the United States primarily in the period 1873–1905 and after World War II. There are more than 40,000 Icelandic Americans according to the 2000 U.S. census, and most live in the Upper Midwest. The United States is home to the second largest Icelandic diaspora community in the world after Canada.

<span class="mw-page-title-main">Iceland in World War II</span> Involvement of Iceland in World War II

At the beginning of World War II, Iceland was a sovereign kingdom in personal union with Denmark, with King Christian X as head of state. Iceland officially remained neutral throughout World War II. However, the British invaded Iceland on 10 May 1940. On 7 July 1941, the defence of Iceland was transferred from Britain to the United States, which was still a neutral country until five months later. On 17 June 1944, Iceland dissolved its union with Denmark and the Danish monarchy and declared itself a republic, which remains to this day.

<span class="mw-page-title-main">Danish state bankruptcy of 1813</span> Economic crisis after the Napoleonic wars

The Danish state bankruptcy of 1813 was a domestic economic crisis that began in January 1813 and had consequential effects until 1818. As Denmark-Norway struggled with the financial burden that the Napoleonic Wars had on the economy, the devaluation of the currency had negative effects on merchants, citizens and businesses alike.

<span class="mw-page-title-main">Icelandic independence movement</span> 19th and 20th century efforts to achieve Icelandic independence from Denmark

The Icelandic Independence movement was the collective effort made by Icelanders to achieve self-determination and independence from the Kingdom of Denmark throughout the 19th and early 20th century.

<span class="mw-page-title-main">Northwest (Althing constituency)</span> Constituency of the Althing, the national legislature of Iceland

Northwest is one of the six multi-member constituencies of the Althing, the national legislature of Iceland. The constituency was established as Northwestern in 1959 following the nationwide extension of proportional representation for elections to the Althing. It was renamed Northwest in 2003 when the Western and Westfjords constituencies were merged into the Northwestern constituency following the re-organisation of constituencies across Iceland. Northwest consists of the regions of Northwestern, Western and Westfjords. The constituency currently elects seven of the 63 members of the Althing using the open party-list proportional representation electoral system. At the 2021 parliamentary election it had 21,541 registered electors.

<span class="mw-page-title-main">Economic history of Sweden</span>

The economic history of Sweden has since the Iron Age been characterized by extensive foreign trade based on a small number of export and import commodities, often derived from the widely available raw materials iron ore and wood. An industrial expansion in the latter half of the 19th century transformed the society on many levels. Natural-resource-rich regions benefited from the First Industrial Revolution. A growth surge in Sweden later benefited virtually the whole country during the Second Industrial Revolution. It fostered a broad export-oriented engineering industry with companies such as LM Ericsson, Asea, Alfa Laval, Aga, Electrolux, SKF and Volvo reaching well established positions on the global market and becoming drivers of GDP growth. In addition to engineering, the pulp and paper, steel, and chemical industries developed to reach international prominence. By the 1970s, Sweden had become one of the wealthiest nations of the world. The growth slowed down during the following decades, which were characterized by public deficits and structural change.

The Icelandic vistarband was a requirement that all landless people be employed on a farm. A person who did not own or lease property had to find a position as a laborer in the home of a farmer. The custom was for landless people to contract themselves to a farmer for one year at a time. The vistarband was in effect from 1490 until the beginning of the 20th century in various forms. Iceland had an unusually large percentage of the population in this kind of bondage—generally about 25% of the population during the 19th century.

<span class="mw-page-title-main">Gordon Sigurjonsson</span> Icelandic athlete and trainer

Guðmundur "Gordon" Sigurjónsson was an Icelandic athlete and trainer. A well known wrestler in his home country, he was part of a group of Icelanders that showcased Glíma at the 1908 Summer Olympics. He was later a coach for the Canadian Winnipeg Falcons that won the first ever gold medal in Ice hockey at the 1920 Summer Olympics.

<span class="mw-page-title-main">Gustav III of Sweden's coffee experiment</span> Twin study

Gustav III of Sweden's coffee experiment was a purported twin study ordered by the king to study the health effects of coffee. The authenticity of the event has been questioned. The primitive medical study, supposedly conducted in the second half of the 18th century, failed to prove that coffee was a dangerous beverage.

<span class="mw-page-title-main">Iceland in the Cold War</span>

Throughout the Cold War, the nation of Iceland was a member of the North Atlantic Treaty Organization (NATO) and allied with the United States, hosting a US military presence in Keflavík Air Base from 1951 to 2006.

Jón Jónsson Aðils was an Icelandic historian. He has been described as "Iceland's most prolific historian of the early twentieth century." Historians and political scientists argue that Aðils strongly shaped Icelandic nationalist discourse, and that his influence still affects Icelandic discourse on sovereignty issues, such as European integration.

<span class="mw-page-title-main">Nikulás Ottenson</span> Icelandic scholar (1867–1955)

Nikulás Ottenson was an Icelandic scholar, who spent most of his life in Canada. His book collection is now the Nikulás Ottenson Collection of Icelandic Books and Manuscripts, Special Collections, Milton S. Eisenhower Library, The Johns Hopkins University.

The Treaty of Artlenburg was agreed between Duke Henry of Saxony and the people of Gotland in 1161. Thanks to its position in the Baltic Sea, Gotland was a very profitable emporium in the 12th and 13th centuries. The Treaty of Artlenburg allowed the Gotlanders special trade privileges in Henry's domains, in return for liberties for Henry's own subjects within Gotland.

<span class="mw-page-title-main">Reykjavík (Althing constituency)</span> Former constituency of the Althing, the national legislature of Iceland

Reykjavík was one of the multi-member constituencies of the Althing, the national legislature of Iceland. The constituency was established in 1844 when the Althing was converted into a consultative assembly. It was abolished in 2003 when the constituency was split into two constituencies following the re-organisation of constituencies across Iceland. Reykjavík was conterminous with the municipality of Reykjavík.

References

  1. ↑ Jónsson, Guðmundur (1 September 2002). "Icelandic economic history: A historiographical survey of the last century". Scandinavian Economic History Review. 50 (3): 44–56. doi:10.1080/03585522.2002.10410817. ISSN   0358-5522. S2CID   154932284.
  2. ↑ Mehler, Natascha; Gardiner, Mark (2021), Coinless exchange and foreign merchants in medieval Iceland (AD 900-1600), Hamburg: Wachhotz Verlag, pp. 35–54, doi:10.23797/9783529035418, hdl: 1887/3196654 , ISBN   978-3-529-03541-8, S2CID   243630241
  3. 1 2 3 "Land og saga - Íslenzkt þjóðerni. Eftir Jón J. Aðils". landogsaga.is. Retrieved 4 April 2017.
  4. ↑ Bergmann, Eiríkur (1 March 2014). "Iceland: A postimperial sovereignty project". Cooperation and Conflict. 49 (1): 33–54. doi:10.1177/0010836713514152. ISSN   0010-8367. S2CID   154972672.
  5. ↑ Hálfdanarson (2010). "Sagan og sjálfsmynd(ir) íslenskrar þjóðar". Glíman.
  6. 1 2 Kristinsson, Axel (2018). Hnignun, hvaða hnignun? Goðsögnin um niðurlægingartímabilið í sögu Íslands. Sögufélag.
  7. ↑ Kjartansson, Helgi Skúli (18 November 2019). "Axel Kristinsson, Hnignun, hvaða hnignun? Goðsögnin um niðurlægingartímabilið í sögu Íslands [Decline, What Decline? The Myth of the Depressed Era in the History of Iceland]. (Reykjavík: Sögufélag 2018). 280 pp". 1700-tal. 16: 149–151–149–151. doi: 10.7557/4.4890 . ISSN   2001-9866.
  8. ↑ Júlíusson 1959, Árni Daníel (1997). Bønder i pestens tid. Landbrug, godsdrift og social konflikt i senmiddelalderens islandske bondesamfund (Thesis thesis) (in Danish).
  9. ↑ Karlsson, Gunnar (2009). Lífsbjörg Íslendinga. Háskólaútgáfan.
  10. ↑ Hastrup, Kirsten (1995). Nature and Policy in Iceland 1400-1800. Clarendon Press. ISBN   978-0-19-827728-6.
  11. 1 2 "Economy of Iceland 2008".
  12. ↑ Jónsson, Guðmundur (1999). Hagvöxtur og iðnvæðing. Þjóðarframleiðsla á Íslandi 1870–1945.
  13. ↑ Jones, Maiya Keidan and Marc. "Red hot Iceland keeps some investors out in the cold". Reuters UK. Retrieved 5 July 2017.
  14. 1 2 Jónsson, Gudmundur (1 May 1993). "Institutional change in Icelandic agriculture, 1780–1940". Scandinavian Economic History Review. 41 (2): 101–128. doi: 10.1080/03585522.1993.10415863 . ISSN   0358-5522.
  15. 1 2 Júlíusson, Árni Daníel (2 August 2020). "Agricultural growth in a cold climate: the case of Iceland in 1800–1850". Scandinavian Economic History Review. 69 (3): 217–232. doi:10.1080/03585522.2020.1788985. ISSN   0358-5522. S2CID   225502730.
  16. ↑ Björnsson, Davíd F.; Zoega, Gylfi (26 June 2017). "Seasonality of birth rates in agricultural Iceland" (PDF). Scandinavian Economic History Review. 65 (3): 294–306. doi:10.1080/03585522.2017.1340333. ISSN   0358-5522. S2CID   157474068.
  17. ↑ Jonsson, Gudmundur (1 January 1998). "Changes in food consumption in Iceland, 1770–1940". Scandinavian Economic History Review. 46 (1): 24–41. doi:10.1080/03585522.1998.10414677. ISSN   0358-5522.
  18. ↑ JÓnsson, SigfÚs (1 July 1983). "The Icelandic fisheries in the pre-mechanization Era, C. 1800–1905: Spatial and economic implications of growth". Scandinavian Economic History Review. 31 (2): 132–150. doi: 10.1080/03585522.1983.10408006 . ISSN   0358-5522.
  19. 1 2 Bjarnason, Gunnar Þór (2015). Þegar siðmenningin fór til fjandans. Íslendingar og stríðið mikla 1914-1918. p. 16.
  20. 1 2 Jónsson, Guðmundur (1999). Hagvöxtur og iðnvæðing. Þjóðarframleiðsla á Íslandi 1870–1945.
  21. ↑ Bjarnason, Gunnar Þór (2015). Þegar siðmenningin fór til fjandans. Íslendingar og stríðið mikla 1914-1918. pp. Ch. 12.
  22. ↑ Bjarnason, Gunnar Þór (2015). Þegar siðmenningin fór til fjandans. Íslendingar og stríðið mikla 1914-1918. p. 148.
  23. 1 2 Jensdóttir, Sólrún (1980). Ísland á bresku valdssvæði 1914-1918.
  24. ↑ Thorhallsson, Baldur; Joensen, Tómas (15 December 2015). "Iceland's External Affairs from the Napoleonic Era to the occupation of Denmark: Danish and British Shelter". Icelandic Review of Politics & Administration. 11 (2): 187–206. doi: 10.13177/irpa.a.2015.11.2.4 . ISSN   1670-679X.
  25. ↑ Bjarnason, Gunnar Þór (2015). Þegar siðmenningin fór til fjandans. Íslendingar og stríðið mikla 1914-1918. pp. 173–175.
  26. ↑ Bjarnason, Gunnar Þór (2015). Þegar siðmenningin fór til fjandans. Íslendingar og stríðið mikla 1914-1918. p. 15.
  27. 1 2 3 Karlsson, Gunnar (2000). History of Iceland. pp. 308–312.
  28. 1 2 3 4 5 Steinsson, Sverrir (2018). "A Theory of Shelter: Iceland's American Period (1941–2006)". Scandinavian Journal of History. 43 (4): 539–563. doi:10.1080/03468755.2018.1467078. S2CID   150053547.
  29. 1 2 3 4 5 6 7 Thorhallsson, Baldur, ed. (2018). "Small States and Shelter Theory: Iceland's External Affairs". Routledge.
  30. 1 2 Jónsson, Gudmundur (1 May 2004). "Iceland, OEEC and the trade liberalisation of the 1950s". Scandinavian Economic History Review. 52 (2–3): 62–84. doi:10.1080/03585522.2004.10405252. ISSN   0358-5522. S2CID   153561720.
  31. 1 2 Ingimundarson, Valur (2011). The Rebellious Ally: Iceland, the United States, and the Politics of Empire 1945-2006. Republic of Letters. ISBN   9789089790699.
  32. ↑ Jonsson, Guðmundur; Snævarr, Sigurður (2008). "Iceland's Response to European Economic Integration". Pathbreakers: Small European Countries Responding to Globalisation and Deglobalisation. Peter Lang. p. 385.
  33. 1 2 Bianchi, Marco; Gudmundsson, Björn R; Zoega, Gylfi (1 December 2001). "Iceland's Natural Experiment in Supply-Side Economics". American Economic Review. 91 (5): 1564–1579. CiteSeerX   10.1.1.607.5800 . doi:10.1257/aer.91.5.1564. ISSN   0002-8282. S2CID   44587964.
  34. ↑ Ólafsdóttir, Thorhildur; Hrafnkelsson, Birgir; Thorgeirsson, Gudmundur; Ásgeirsdóttir, Tinna Laufey (1 September 2016). "The tax-free year in Iceland: A natural experiment to explore the impact of a short-term increase in labor supply on the risk of heart attacks". Journal of Health Economics. 49: 14–27. doi:10.1016/j.jhealeco.2016.06.006. ISSN   1879-1646. PMID   27372576.
  35. ↑ Global freeze kills Nordic tiger, The Age , 11 October 2008.
  36. 1 2 Schouenborg, Laust (2012). "The Scandinavian International Society: Primary Institutions and Binding Forces, 1815-2010". Routledge.
  37. 1 2 Benediktsdóttir, Sigríður; Eggertsson, Gauti B.; Þórarinsson, Eggert (November 2017). "The Rise, the Fall, and the Resurrection of Iceland". NBER Working Paper No. 24005. doi: 10.3386/w24005 .
  38. 1 2 3 4 Benediktsdottir, Sigridur; Danielsson, Jon; Zoega, Gylfi (1 April 2011). "Lessons from a collapse of a financial system". Economic Policy. 26 (66): 183–235. CiteSeerX   10.1.1.185.4714 . doi:10.1111/j.1468-0327.2011.00260.x. ISSN   0266-4658. S2CID   153628546.
  39. ↑ "Icesave savers warned on accounts". BBC News. 7 October 2008. Retrieved 7 October 2008.
  40. ↑ "Councils fear for Icelandic cash". BBC News. 10 October 2008. Retrieved 9 October 2008.
  41. ↑ "PACIFIC Exchange Rate Service".
  42. ↑ https://www.legislation.gov.uk/uksi/2008/2668/article/4/made.{{cite web}}: Missing or empty |title= (help)
  43. ↑ Iceland's interest rate soars to 18%, ITN News, 8 October 2008.
  44. ↑ Thorhallsson, Baldur; Kirby, Peadar (2012). "Financial Crises in Iceland and Ireland: Does European Union and Euro Membership Matter?". JCMS: Journal of Common Market Studies. 50 (5): 801–818. doi:10.1111/j.1468-5965.2012.02258.x. ISSN   1468-5965. S2CID   154684615.
  45. ↑ "Press Release: IMF Announces Staff Level Agreement with Iceland on US$2.1 Billion Loan".
  46. ↑ Brogger, Tasneem; Einarsdottir, Helga Kristin (20 November 2008). "Iceland Gets $4.6 Billion Bailout From IMF, Nordics". Bloomberg. Retrieved 20 November 2008.
  47. ↑ "Dutch €1.3bn loan to Iceland agreed". DutchNews. 20 November 2008. Retrieved 21 November 2008.
  48. ↑ Mason, Rowena (20 November 2008). "UK Treasury lends Iceland £2.2bn to compensate Icesave customers". The Daily Telegraph. London. Archived from the original on 3 December 2008. Retrieved 21 November 2008.
  49. ↑ Jónsson, Ásgeir; Sigurgeirsson, Hersir (2016). The Icelandic Financial Crisis - A Study into the World´s Smallest Currency Area and its Recovery from Total Banking Collapse. Palgrave. p. 146. doi:10.1057/978-1-137-39455-2. ISBN   978-1-137-39454-5.
  50. ↑ Jónsson, Ásgeir; Sigurgeirsson, Hersir (2016). The Icelandic Financial Crisis - A Study into the World´s Smallest Currency Area and its Recovery from Total Banking Collapse. pp. 216–217. doi:10.1057/978-1-137-39455-2. ISBN   978-1-137-39454-5.
  51. ↑ "Aðildarviðræður Íslands við ESB" (PDF). Archived from the original (PDF) on 13 April 2018. Retrieved 20 April 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.