accountability
, 49, 160–162, 165, 171, 174, 177, 214
and blame-avoidance
, 156, 158
and trust
, 160
forums
, 155, 157, 161–162
mechanisms
, 158, 160–161, 165
political
, 189
processes
, 161
crisis-induced
, 153, 155, 158
account-givers
, 157, 161–162
actors
, 33, 37–40, 43–44, 46–49, 144, 154–155, 158, 182, 188, 228
central
, 40, 43, 49
agreement
, 6, 10–11, 88, 102, 112, 114, 119, 186–188
partnership
, 138, 144–145
Althingi
, 55, 58–62, 64, 132, 144, 174–175, 239
, See also Iceland—Parliament, parliament
analysts
, 29–30, 33, 35–36, 39, 43, 47
argument-network
, 41, 43–44
arguments
, 29, 31, 33, 36–41, 43–49, 157, 172, 174, 182, 187, 232, 235–236, 239, 242
affective
, 40–41, 46
central
, 40, 44
assessments
, 138, 184–185, 188, 254, 257
bankers
, 14, 16, 25, 29, 82–83, 89–91, 95–96, 99, 152, 163, 179–180, 186, 221, 223
banking crisis
, 48, 112, 120, 122, 180
banking institutions
, 55, 64–65
banking sector
, 15, 65, 67, 74–75, 100, 103, 113, 123, 153, 164, 214
, See also financial sector
banking system
, 3–4, 6–9, 11–12, 14, 17, 31, 33–35, 64–67, 81, 90–91, 97–99, 101, 221, 223
banks
, 4–7, 9–10, 14–19, 34–36, 38, 80–82, 91–100, 102–103, 116–118, 152, 174, 180–182, 184–188, 215–223, 229, 247–248, 250–253, 257
domestic
, 5, 252
failed
, 7, 10–11, 15, 115, 116, 120, 163, 249
major
, 4, 34, 97–98, 178–179, 216–217, 220, 247
new
, 114, 116–118, 122–123, 250–253, 255–256
BCBS (Basel Committee on Bank Supervision)
, 215, 217, 219
blame-avoidance
, 155–156, 158
board (of directors)
, 10, 12, 14, 47, 48, 132, 133, 136, 138–139, 141, 144, 147, 171, 172, 214, 218–219, 228–231, 235, 236–237, 239–240, 241, 258
Business Iceland
, 144, 233, 236–237
Business Viking
, 87–88, 93, 247
capital
, 4, 12, 31, 90, 137, 201–202, 214–217, 248, 252
capital controls
, 7–8, 19–20, 24, 113, 115–116, 123, 153, 197–198, 252–253
imposition of
, 16, 113–115
lifting of
, 23
capital inflows
, 5, 12–13, 25
capital requirements
, 215–216
CBI (Central Bank of Iceland)
, 3, 6–7, 9–10, 14–15, 17, 18–19, 20, 22–24, 55, 64–67, 101–102, 112–115, 117–118, 121, 123, 247, 253
CDA (critical discourse analysis)
, 30–31, 48
Central Bank of Iceland.
, See CBI
centrality measures
, 40, 43–44
citizens and institutions
, 2, 255
claims
, 10, 30–31, 44, 56, 80, 96, 102, 114, 117, 119–120, 184, 190, 206, 238
commercial banks, domestic
, 4
community, ethical
, 32, 47
companies, parent
, 132, 142, 144
consumers
, 196–198, 201, 204, 206–208, 222
corporate boards.
, See board (of directors)
corporate governance
, 34–35, 134, 137–139, 141, 144–145, 218, 229, 233, 235–237
corporate social responsibility
, 200
corruption
, 9, 15, 81–82, 93, 95, 99–103, 156, 159, 163, 182
credibility
, 10, 22, 92, 134, 236
credit institutions
, 137, 139–140, 146, 215, 217, 219, 222
creditors
, 4, 25, 102, 119, 122, 141, 145, 163, 228, 232, 250
crisis-induced accountability
, 154–155, 158
crisis-induced investigations
, 54, 154, 158, 160
critical discourse analysis.
, See CDA
crowd investment process
, 202, 205
crowdfunding
, 171, 202
debt-based
, 203
donation-based
, 202–203
equity-based
, 203
reward-based
, 202–203
culpability
, 155, 158, 161–162, 165
culpability dimensions
, 155–156
cultural economics
, 87–88
currency crisis
, 3–4, 16, 112
, See also economic crisis, financial crisis
customers
, 130, 142, 144, 200, 218, 221, 258
Danske Bank
, 15, 33, 35–37, 92
data protection
, 206, 208
data protection and privacy
, 197, 206–207
debt
, 5, 8, 11–12, 20, 22–23, 35, 115, 121–123, 137, 187, 202–203, 250–252, 257
five-year government
, 24
household
, 7, 18
public
, 23, 121–122
demographic groups
, 56, 60, 68, 72
deposit insurance
, 10–11, 114
digitalisation
, 197, 199, 201, 207, 208
digitalised financial services
, 199, 204, 206, 208
directors.
, See board (of directors)
discourse
, 29, 31–34, 36, 37, 47, 79
divisive
, 188
legalistic
, 178
nationalistic
, 187
political
, 188
populist
, 187
distrust, xii
, 54–55, 103, 130, 158, 162, 164–165, 185, 236
diversity
, 39, 228, 231, 237, 239–242
and corporate governance codes
, 236
domestic authorities
, 6, 9, 17, 24
economic adventure
, 88, 91, 93, 96, 103
economic crash
, 87–89, 98–99, 131, 133
economic crisis
, 30, 118, 131, 133–134, 146
, See also currency crisis, financial crisis
economic processes
, 87–88
economics
, 17–18, 31, 33, 35, 37, 39, 41, 43, 47, 49
economy
, 4, 7–8, 12, 14, 16, 18, 20–21, 23, 25, 67, 247
, See also Iceland—economy
education
, 18, 55, 62, 66, 68, 70, 73, 80, 121, 156, 164, 230, 237, 241
elementary
, 60–61, 65, 69
EEA.
, See European Economic Area
elites
, 80, 91–92, 96, 99
Emergency Legislation
, 114, 116–119, 250
employee satisfaction
, 142–143
enterprise
, 131, 134, 142, 145, 147, 229, 235, 237–238, 240–241
equity
, 94, 202–203, 215–216, 219, 232, 248, 252, 257
ethics
, 80, 179, 188
Working Group on
, 171
European Economic Area (EEA)
, 22, 90, 117, 119, 255
European Parliament
, 187, 190, 215
eurozone
, 5, 9–10, 12, 20, 24
exchange rate
, 4, 7, 18–21, 113, 115–116, 123
financial advice
, 196, 201–202
financial companies
, 5, 92–95, 187
financial crisis
, 4–5, 153, 161, 165–167, 197–198, 231–232
, See also currency crisis, economic crisis
financial decision making, context of
, 199
financial institutions, xiii
, 22, 48, 66, 74, 78, 94–97, 100, 197–198, 219–220, 233
financial markets
, 197, 200, 217, 221
financial products
, 206–208
financial sector
, 55, 64, 67, 74, 92, 94, 175, 179–182, 184, 188, 229–230, 232, 237, 240
, See also banking sector
financial service providers
, 196–197, 201, 205
financial services
, 201, 203, 214
digital
, 207–208
establish trust in digitalised
, 204, 208
traditional
, 197, 201, 205, 208
Financial Supervisory Authority.
, See FSA
financial system
, 6–8, 34–35, 37, 131, 134, 178, 181, 197, 247, 254–255
financing, external
, 112, 203
firms
, 25, 116, 120, 123, 202, 207, 228, 235–236, 239, 242
bankrupt
, 25
financial
, 93, 228, 238
international
, 90
non-financial
, 197
private
, 232
real estate
, 34
regulating
, 233
supervising insurance
, 219
fiscal policies
, 7, 12, 16, 23, 25
FME
, 14, 55, 64–65, 67, 74, 101, 162, 197, 216, 218–220
, See also FSA
focussed public discourse
, 31–32
foreign currencies
, 6–7, 10, 15–16, 18, 100–101, 115, 248, 256
Foreign Exchange Act
, 115–116
foreign investors
, 5, 18, 20
FSA (Financial Supervisory Authority)
, 55, 114, 178, 216, 220, 233, 235, 238–239, 247–248, 250, 253, 258
Gallup
, 25, 55–56, 59–60, 67, 96, 158–159, 221
Gallup-Iceland
, 55, 58, 61, 98, 101, 221
Gallup-Iceland surveys
, 57–60, 64–65, 68–69, 71–72
GDP (gross domestic product)
, 4, 12–13, 20–23, 112, 116, 119–122, 181
gender
, 55–56, 61–62, 66, 70, 73–74, 228, 239–242
balance
, 228, 231, 239
diversity
, 230, 236
equality, xiv
, 230, 242
gap
, 239
goal
, 242
issue
, 230
quota law
, 228, 229, 230–231, 239, 240, 258
ratios
, 236
rights
, 171
Geysir Green Energy (GGE)
, 133
GGE (Geysir Green Energy)
, 133
globalisation
, 88, 100–101, 103
gross domestic product.
, See GDP
Iceland
as an international financial hub
, 90
authorities
, 3–4, 112
businesses
, 131, 182, 231, 242
Chamber of Commerce
, 144, 233, 236–237
citizens
, 163, 186
culture
, xiii–xiv
depositors
, 250, 255
economy, xii
, 5, 12, 35, 37, 90, 92, 94–96, 131, 134, 181, 184, 190
history
, 164–165
nation
, 87, 89, 91–92
, See also national identity
Parliament
, 48, 99, 152, 159, 163, 165, 174, 186, 190
, See also Althingi, parliament
parties
, 117–118
president
, 175, 187–188
society
, 78, 92, 100–101, 103, 162, 174, 176, 183–185, 237
state
, 5, 118, 120, 186–187
state prosecutor
, 152
, See also special prosecutor
taxpayers
, 114
Icesave
, 3, 7, 10, 25, 100, 103, 118, 119–120, 123, 174, 186, 188
IMF (International Monetary Fund)
, 3, 5–10, 15–17, 19–20, 94, 101, 118–121, 123, 153,
IMF programme
, 6–10, 16, 23, 116, 119–120, 123–124
inequality
, 31, 80, 167
income
, 230
increased
, 159
information asymmetries
, 157, 162, 196
institutionalised mistrust
, 153, 155, 157, 159, 161, 163, 165
institutional investors
, 3, 201
institutionalisation
, 152
institutions, xiv
, 72, 74, 114, 242
domestic
, 9, 13, 16, 114
national, xii
political, xiii
, 55, 59, 61–62, 65, 89, 171
public, xii
, 101, 161, 165
public trust in
, 153–154, 158, 165, 197, 200, 206, 208, 214, 221
interest rates
, 13, 16, 18–20, 25, 116, 218, 256
, See also Central Bank interest rates
international financial
markets
, 92
shocks
, 116
International Monetary Fund.
, See IMF
investigations
, 113, 153, 177, 184, 189, 220–221, 254–255
, See also Special Investigation Commission
investment decisions
, 203–204
investment opportunities
, 198, 202, 205
investments
, 5, 20, 94–96, 98, 133, 138, 140, 196, 198–202, 205
crowd
, 202, 205, 207
investors
, 10, 16, 25, 34, 89, 91, 94–95, 97, 133, 144, 164, 180, 200–206
ISK (Icelandic króna)
, 134, 139, 218, 222, 247, 259
, See also currency crisis
parliament
, 11–16, 55, 57–58, 61, 156, 158–159, 161–163, 174–175, 185, 228–230, 239–240, 253–254
members of
, 15, 163–164, 175, 184, 187–188, 190
, See also Althingi, Iceland—Parliament
people-network
, 41, 43–44
personal trust
, 197, 200, 205
platforms
crowd-investment
, 202, 205
social-trading
, 203–205
political parties
, 17, 82, 132, 136, 180
politics
, 54–55, 79, 82, 101, 119, 135, 160, 174, 177, 180, 182–184, 188–190
municipal
, 135
population
, 11, 14, 56–57, 59, 67, 72, 87–88, 90–91, 132, 162, 165, 257
post-crisis period
, 22, 59, 65, 68, 69, 72, 160–161, 164
power
economic
, 92
foreign
, 187
investigative
, 175, 253, 254
professional
, 29
private limited companies
, 228, 239–240
processes, selection
, 205, 236–237, 240, 242
prudential requirements
, 215, 217, 220
public accountability
, 153–158, 160–162
public administration
, 157, 160, 165
publicly traded firms
, 228, 239
public trust, xiii
, 59, 65, 99, 101, 103, 131, 145, 153–154, 157–158, 235, 254
measurements
, 154, 163
recovery, xii
, 8, 21–22, 71, 116, 119, 123, 153, 164, 214, 256
asset
, 120
economic
, 54, 117, 153
export-led
, 25
social
, 54, 152–153
regulatory reforms
, 214, 219, 223
REI (Reykjavík Energy Invest)
, 133–134, 138
relations
, 4, 7, 30, 90, 100, 119, 138, 174, 176, 180, 182
relationship, xiii
, 5, 33, 93, 154, 156–158, 160–162, 199–200
representation, female
, 171–172, 228, 230–231
Reykjavík City Council
, 55, 58, 61, 132, 134–137
Reykjavík Energy
, 131–132, 134–135, 137, 139–141, 143
Reykjavík Energy Invest.
, See REI
Reykjavík Fibre Network
, 132, 143–144
robo-advice
, 201, 204, 208
transparency
, 30, 34, 41, 130, 142, 164, 239
trust
absence of
, 6, 54, 78–80, 87–88, 133, 159, 259
affective
, 199–200
breakdown of
, 98
calculative
, 199
climate of
, 157, 160–162, 165
declining
, 159–160, 165
level of
, 56, 72, 157, 162, 196, 221–222
measures of
, 55, 56, 57, 65, 68, 72, 74, 214
patterns of
, 154
political
, 246
rebuilding
, 172, 186, 214, 246, 256, 259
restoration of
, 4, 54, 67, 141, 146, 154, 160, 165, 171, 240
return of
, xiv, 3, 29, 87
role of
, 197, 199, 208
sense of
, 89, 96