Iceland: Challenging Times for Monetary and Fiscal Policies
Monetary and fiscal policies face huge challenges: the banking sector has collapsed; the economy is in the midst of a deep recession; the exchange rate has plunged; capital flows have been frozen; inflation is elevated; public debt has risen; source of revenues have disappeared; social needs have in...
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| Veröffentlicht in: | OECD Economics Department Working Papers 2009 (726) |
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| creator | de Michelis, Andrea |
| description | Monetary and fiscal policies face huge challenges: the banking sector has collapsed; the economy is in the midst of a deep recession; the exchange rate has plunged; capital flows have been frozen; inflation is elevated; public debt has risen; source of revenues have disappeared; social needs have increased; and the unemployment insurance fund has been nearly depleted. Against this difficult background, this paper discusses what policy makers should do in order to restore balance in the Icelandic economy and lay out the foundations for a sustainable recovery. The key recommendations are to seek entry in the euro area and implement the fiscal consolidation measures necessary to comply with the IMF programme. |
| doi_str_mv | 10.1787/221000115525 |
| format | Text Resource |
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Against this difficult background, this paper discusses what policy makers should do in order to restore balance in the Icelandic economy and lay out the foundations for a sustainable recovery. 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| fulltext | fulltext |
| identifier | EISSN: 1815-1973 |
| ispartof | OECD Economics Department Working Papers, 2009 (726) |
| issn | 1815-1973 |
| language | eng |
| recordid | cdi_oecd_workingpapers_10_1787_221000115525 |
| source | Alma/SFX Local Collection |
| subjects | anticipation d'inflation assainissement budgétaire cadre de la politique budgétaire capital controls ciblage de l’inflation contrôle des mouvements de capitaux crédibilité des politiques efficience des dépenses sociales efficiency of social spending euro area European Union exchange rate targeting fiscal consolidation fiscal policy framework Iceland impôt inflation inflation expectation inflation targeting investissement public Islande nombre d’élèves par enseignant objectif de taux de change optimal currency area policy credibility producer support in agriculture public investment public-sector wages salaires dans le secteur public soutien aux producteurs dans l’agriculture student-to-teacher ratio tax Union européenne volatility volatilité zone Euro |
| title | Iceland: Challenging Times for Monetary and Fiscal Policies |
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