Islandia: regulación financiera y abaratamiento de la deuda pública tras el colapso bancario de 2008.

  1. Aguirre Carmona, Pablo
  2. Alonso Gallo, Nuria
Revue:
Revista de economía mundial

ISSN: 1576-0162

Année de publication: 2013

Número: 34

Pages: 47-74

Type: Article

D'autres publications dans: Revista de economía mundial

Résumé

Islandia sufrió la quiebra casi total de su sistema bancario en 2008, des atándose como consecuencia de ello una crisis económica de gran magnitud. El rescate parcial de los bancos y los importantes déficit públicos en los años siguientes al colapso han supuesto un enorme incremento de la deuda pública. Sin embargo, el coste de la misma para el Gobierno ha sido cada vez menor. Este trabajo sostiene que el factor más determinante para explicar este fenómeno es la intervención del Gobierno en el mercado financiero, a través del establecimiento de una intensa regulación de la salida de capitales así como la nacionalización parcial del sector bancario.

Références bibliographiques

  • Alesina, A., Grilli V., Milesi-Ferretti, G. M. (1993): "The Political Economy of Capital Controls", National Bureau of Economic Research Working Paper Series, 4353, Cambridge, Massachusets. Disponible en: http://www.nber.org/papers/w4353.pdf.
  • Banco Central de Islandia (2007): Economy of Iceland 2007, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/?PageID=237.
  • Banco Central de Islandia (2009): Capital Control Liberalization, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/?PageID=1174.
  • Banco Central de Islandia (2010): Economy of Iceland 2010, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/?PageID=237.
  • Banco Central de Islandia (2010b): Financial Stability 2010-II, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/?PageID=308.
  • Banco Central de Islandia (2011): Capital Account Liberalisation Strategy. Report to the Minister of Economic Affairs.25 March 2011, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/?PageID=1174.
  • Banco Central de Islandia (2012): Central Bank of Iceland Issues Guidelines to Financial Institutions, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=9500.
  • Banco Central de Islandia (varios años): Monetary Bulletin, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/?PageID=308.
  • Banco Central de Islandia (s.f.): Agreement Concerning Issuance of Treasury Securities and Market Making in the Secondary market, The Central Bank of Iceland, Reykjavik. Disponible en http://www.lanamal.is/Assets/Sample%20of%20agreementApr2011.pdf.
  • Battilossi, S. (2003): "Capital Mobility and Financial Repression in Italy, 1960- 1990: A Public Finance Perspective", Economic History and Institutions Working Paper, Series 02 no 03-06, Universidad Carlos III de Madrid, Getafe. Disponible en http://e-archivo.uc3m.es:8080/bitstream/10016/402/1/wh030602.pdf.
  • Dooley, M. P. (1995): "A surveyof academic literature on conrols over international capital transactions", National Bureau of Economic Research Working Paper Series, 5352, Cambridge, Massachusets. Disponible en: http://people.umass.edu/econ797f/Projects/cap%20readings/dooley.capconrtrols.pdf
  • FME (2009): Annual Report 2009, The Financial Supervisory Authority, Iceland, Reykjavik. Disponible en http://www.fme.is/?PageID=531.
  • FME (2011): Key Figures from Annual Accounts in 2010, The Financial Supervisory Authority, Iceland, Reykjavik. Disponible en http://www.fme.is/?PageID=540.
  • FME (2011b): Entities Supervised by the Financial Supervisory Authority in Iceland, The Financial Supervisory Authority, Iceland, Reykjavik. Disponible en http://www.fme.is/lisalib/getfile.aspx?itemid=8482.
  • Fondo Monetario Internacional (2011): Iceland: Fifth Review Under the Stand- By Arrangement, and Request for Modification of Performance Criteria and Rephasing of Access-Staff Report; Informational Annex; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland, IMF Country Report no 11/125, June 2011, International Monetary Fund, Washington. Disponible en http://www.imf.org/external/pubs/ft/scr/2011/cr11125.pdf.
  • Fondo Monetario Internacional (2012a): Iceland. 2012 Article IV Consultation and First Postprogram Monitoring Discussion, IMF Country Report no 12/89, International Monetary Fund, Washington. Disponible en http://www.imf.org/external/pubs/ft/scr/2012/cr1289.pdf.
  • Fondo Monetario Internacional (2012b): Iceland: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-by Arrangement, IMF Country Report no 12/91, International Monetary Fund, Washington. Disponible en http://www.imf.org/external/pubs/ft/scr/2012/cr1291.pdf.
  • Fondo Monetario Internacional (2012c): IMF Executive Board Concludes 2012 Article IV Consultation with Iceland and Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement, Public Information Notice (PIN) No. 12/34 April 12, 2012, International Monetary Fund, Washington. Disponible en http://www.imf.org/external/np/sec/pn/2012/pn1234.htm.
  • Giovannini, A. y de Melo, M. (1993): "Government Revenues from Financial Repression", American Economic Review, 83, n. 4, 953-63.
  • Gudmundsson, M. (2012): Speech Delivered at the 51st Annual General Meeting of the Central Bank of Iceland, 29 March 2012, Már Gu{eth}mundsson, Governor of the Central Bank of Iceland, The Central Bank of Iceland, Reykjavik. Disponible en http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=9533.
  • Herbertsson, T. T. (2008): The Icelandic Banking Collapse: A Story of Broken Promises. Documento de trabajo. Disponible en http://dx.doi.org/10.2139/ssrn.1339170.
  • ISFI (2010): Report on the activities of ISFI in 2010, Icelandic State Financial Investment. Disponible en http://bankasysla.is/files/Skyrsla_BR2010_ENSKA_1991877310.pdf.
  • Méndez Pinedo, M. E. (2011): "The Icesave Dispute in the Aftermath of the Icelandic Financial Crisis: Revisiting the Principles of State Liability, Prohibition of State Aid and Non-discrimination in European Law", European Journal of Risk Regulation 3/2011, 356-372.
  • Ocampo, J. A. (2012): "The Case for Regulating Cross-border Capital Flows"; en Blanchard, O., Romer, D., Spence, M., y Stiglitz, J. eds. (2012): In the Wake of the Crisis, The International Monetary Fund, The MIT Press, Cambridge, Massachussets.
  • Ólafsson, S. (2011): "Iceland's Financial Crisis and Level of Living Consequences", Social Research Centre Working Paper, 3/2011, University of Iceland, Reykjavik. Disponible en http://thjodmalastofnun.hi.is/sites/default/files/skrar/icelands_financial_crisis_and_level_of_living.pdf.
  • Reinhart, C. y Rogoff, K. S. (2009): This Time is Different: Eigth Centuries of Financial Folly, Princeton University Press, Princeton, N. J.
  • Roubini, N. y Sala-i-Martín, X. (1995): "A Growth Model of Inflation, Tax Evasion and Financial Repression", Journal of Monetary Economics, 35, 275-301.
  • Viterbo, A. (2011): "Iceland's Capital Controls and the Constraints Imposed by the EEA Agreement", Capital Markets Law Journal, 6(2), Oxford University Press.