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- W24144480 abstract "What is a banking crisis? What happens if it results in a collapse of the financial system? A systematic banking crisis occurs when many borrowers simultaneously experience difficulties in making their loan payments. Banks suddenly see a spike in nonperforming loans, which lowers the value and quality of their loan portfolios. Typically there are plummeting asset prices as well. When the market comes to the realization that important financial institutions are in distress, a full-blown banking crisis can occur. (Laeven and Valencia) When such crises strike, what is the best course of action? During the 2008 global liquidity crisis, countries like the U.S., U.K., and Germany kept their banks afloat by bailing them out. This action was designed to prevent catastrophic harm to the entire system by keeping systematically important institutions, considered too big to fail, from failing. Some observers regard the U.S. government’s decision to let Lehman Brothers fail as a critical mistake that resulted in a national liquidity crisis turning into a global one. Lehman Brothers was just one bank in the U.S., but what would be the consequences if the entire banking sector collapsed in a country? It happened in Iceland. One of the first and worst casualties of the 2008 global liquidity crisis was Iceland’s banking sector. Within three days, the country’s three largest banks failed, wiping out more than 85 percent of Iceland’s financial system. The government took control of the pieces and created new banks to assure domestic business could continue. Many believed at the time that the collapse of Iceland’s financial sector would lead to long-term devastation for the country. It was assumed that for the foreseeable future, Icelanders would suffer the effects of the collapse and that Iceland would be an example to other countries that a banking collapse would result in unthinkable consequences. However, two years after Iceland’s collapse, none of these consequences has happened. By the time Iceland realized that its banking industry had grown too large to control, the 2008 global liquidity crisis triggered a meltdown. In Ice-" @default.
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- W24144480 date "2011-01-01" @default.
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- W24144480 title "Why Financial Collapse Has Been Good for Iceland" @default.
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