Icelandic Collapse Research Articles

Crisis futures: The affects and temporalities of economic collapse in Iceland

ABSTRACT The 2008 collapse of the Icelandic banking sector has become a defining moment in the nation's contemporary history. The event revealed the role of neoliberal economic reconfigurations in the construction of social and temporal experience, particularly by highlighting the public's investment in, and aspiration for, a bright economic future during the early-2000s. Drawing on our independent ethnographic work, we collectively trace the enormous growth and decline of the Icelandic economy over the last two decades and examine the ways the collapse has produced new feelings, associations and expectations that continue to frame the past, present and future. In doing so, we explore and problematize the interdependencies between temporality and everyday social practices amid crisis. We argue that, despite the economy strengthening over the last decade, a sense of economic uncertainty has remained, with many Icelanders anticipating another collapse. We conclude by discussing the unfinished nature of crisis and role of public forecasting as a means for contending with ongoing economic insecurity.

The effect of the economic collapse in Iceland on the probability of cardiovascular events

After several years of a booming economy in Iceland, the economic bubble burst in 2008 and affected most Icelanders in one way or another. We explore whether the economic collapse in 2008 and subsequent economic crisis affected the probability of ischemic heart disease (IHD) events, independent of regular cyclical effects that can be attributed to typical economic conditions. Moreover, we conduct a mediation analysis to study the potential mechanisms through which the relationship between the economic collapse and cardiovascular health travels. We estimate linear probability models using administrative data on IHD events, earnings and balance-sheet status, as well as unemployment for all Icelanders aged 16 and older in 2000–2014.We find that the sharp change in economic conditions in 2008 increased the probability of cardiovascular events in both males and females in the long term. In absolute terms, these effects were small in magnitude but often statistically significant, amounting to approximately 13–16 extra cases of IHD events in each of the two years following the collapse for males and 3–5 addition cases for females. Moreover, they contrast with the finding that general business-cycle fluctuations operated in the opposite direction. Several potential mediators were correlated with the probability of IHD events, but their inclusion had little impact on the estimated effects of the economic crisis. A statistically significant business-cycle effect is found for both genders indicating that in general, harder economic times are beneficial for heart health. Thus, the general business cycle and the economic collapse in 2008 and subsequent crisis can be thought of as separate phenomena with differing effects on IHD.

A case of public pedagogy in Icelandic museums

In this article, we present an illustrative case of public pedagogy in an Icelandic museum. The museum utilised social movement learning to present the recent event and responses to the financial collapse in Iceland beginning in 2008. We illustrate how a small regional museum disrupted cultural and institutional norms to challenge visitors, local community officials and other museums in Iceland through the exhibition, Shut Up and Be Quiet. We argue that museum practices, shaped by adult learning theory, can offer socially meaningful museum encounters that influence the individual visitors, the larger museum community and the society in which the museum operates.

The Experience and Practice of Social Support during Major Organizational Changes: The Case of the Bank Collapse in Iceland in 2008

<p>This study explored how Icelandic bank employees perceived and practiced social support in the wake of the<br />economic crisis when the banks suddenly collapsed in 2008. Drawing on 20 interviews with bank employees, it<br />was found that during stressful situations, employees referred to social support as one of the most important<br />factors in overcoming the changes. The study points toward a complex picture of social support practices during organizational changes and underlines the importance of distinguishing between both nature and source of the social support in practice and in research.</p>

Áhættusækni í útrásargleði: Karlar og konur í bönkum og fjármálafyrirtækjum

Feminist scholars have long emphasized the masculine culture of the financial sector, where a certain gendered structure is created and sustained. The capitalistic economy and the culture of multinational corporations play a leading role in creating and promoting new patterns of masculinity - the transnational business masculinity - on both global and local levels. It is thus important to analyze how this takes place in a local context. Following the economic collapse in Iceland, a strong emphasis formed in the public discussion on a changed gender dynamic in financial firms and in general. This article focuses on the experience of those working within the financial sector in relation to the position of men and women, contextualized within a scholarly discourse. It is based upon interviews with employees of financial institutions, where they reflect on their experience and views masculinity, essentialism and equality.

Gambling in the Mist of Economic Crisis: Results From Three National Prevalence Studies From Iceland.

In October 2008 all three major banks in Iceland went bankrupt with serious consequences for Icelandic society. The national currency lost more than half of its value and there was a sharp increase in household debts and prices for domestic goods. Very little is known about the potential effects of economic recessions on gambling participation and problem gambling. This study reports on the results of three national prevalence studies conducted before and after the economic collapse in Iceland. The same methodology and measures were used in all three studies to ensure their comparability and the studies included in total N = 8.249 participants. There was an increase in past year gambling participation which extended across most gambling types. Only participation on EGMs declined significantly after the economic collapse. Past year prevalence of problematic gambling increased but further examination revealed that this increase is most probably explained by an increase in card and internet gambling among young men. Moreover, those who experienced financial difficulties due to the economic recession were 52% more likely to have bought a lottery ticket during the recession compared to those who were not affected financially. Overall, the results indicate that serious national economic recessions have differential effects on gambling behavior.

Low birth weight, small for gestational age and preterm births before and after the economic collapse in Iceland: a population based cohort study.

ObjectiveInfants born small for gestational age (SGA) or preterm have increased rates of perinatal morbidity and mortality. Stressful events have been suggested as potential contributors to preterm birth (PB) and low birth weight (LBW). We studied the effect of the 2008 economic collapse in Iceland on the risks of adverse birth outcomes.Study designThe study population constituted all Icelandic women giving birth to live-born singletons from January 1st 2006 to December 31st 2009. LBW infants were defined as those weighing <2500 grams at birth, PB infants as those born before 37 weeks of gestation and SGA as those with a birth weight for gestational age more than 2 standard deviations (SD's) below the mean according to the Swedish fetal growth curve. We used logistic regression analysis to estimate odds ratios [OR] and corresponding 95 percent confidence intervals [95% CI] of adverse birth outcomes by exposure to calendar time of the economic collapse, i.e. after October 6th 2008.ResultsCompared to the preceding period, we observed an increased adjusted odds in LBW-deliveries following the collapse (aOR = 1.24, 95% CI [1.02, 1.52]), particularly among infants born to mothers younger than 25 years (aOR = 1.85, 95% CI [1.25, 2.72]) and not working mothers (aOR = 1.61, 95% CI [1.10, 2.35]). Similarly, we found a tendency towards higher incidence of SGA-births (aOR = 1.14, 95% CI [0.86, 1.51]) particularly among children born to mothers younger than 25 years (aOR = 1.87, 95% CI [1.09, 3.23]) and not working mothers (aOR = 1.86, 95% CI [1.09, 3.17]). No change in risk of PB was observed. The increase of LBW was most distinct 6–9 months after the collapse.ConclusionThe results suggest an increase in risk of LBW shortly after the collapse of the Icelandic national economy. The increase in LBW seems to be driven by reduced fetal growth rate rather than shorter gestation.

The effect of obesity, alcohol misuse and smoking on employment and hours worked: evidence from the Icelandic economic collapse

In this study the relationship between obesity, alcohol misuse, smoking and changes in quantity of labor supplied during an economic meltdown are examined. The data used stem from a health and lifestyle panel survey carried out by the Public Health Institute of Iceland in 2007 and 2009. Probit analysis was used to assess if pre-crisis body weight, alcohol misuse or smoking were related to subsequent job-loss or a reduction in hours worked following the 2008 economic collapse in Iceland. Results indicated that body weight, alcohol misuse and smoking are related to reductions in quantity of labor supplied for females only. Female body mass index was positively related to the probability of a reduction in quantity of labor supplied, while alcohol misuse and smoking were negatively related to the probability of decreasing hours worked for females.

Aiming for a Just Society

I think it is time that theologians, as well as the Church at large, speak up and speak to the social injustice we are faced with because of the economical collapse in Iceland in autumn 2008. If we think theology (i.e. the discourse about God) does not happen in a vacuum, if we think it is affected by, and is also affecting its context, then theology must have a part to play in the political discourse. If we think everything related to our human condition is affecting our understanding and our talk about God, then all theology has to be political in the most inclusive sense of the word. In this article the intention is to test major theological terms against the situation we are faced with in our society, which is recovering from an economic collapse. Thus the question: to what extent are key theological terms useful when we need to address the outgrowth of social injustice and self-inflicted economical catastrophe?

Increased Stress Among Women Following an Economic Collapse--A Prospective Cohort Study

There is a scarcity of data on mental health effects of the global economic recession. In this study, we investigated potential change in self-reported levels of psychological stress in the Icelandic population as a result of the major national economic collapse that occurred in 2008. We used a national cohort of 3,755 persons who responded to a survey administered in 2007 and 2009, including demographic questions and a stress measure (the 4-item Perceived Stress Scale). We used repeated-measures analysis of variance and logistic regression models to assess change in mean stress levels and risk of high stress levels (>90th percentile) in 2009 as compared with 2007. Age-adjusted mean stress levels increased between 2007 and 2009 (P = 0.004), though the increase was observed only for women (P = 0.003), not for men (P = 0.34). Similarly, the odds ratios for experiencing high stress levels were increased only among women (odds ratio (OR) = 1.37), especially among women who were unemployed (OR = 3.38), students (OR = 2.01), had middle levels of education (OR = 1.65), or were in the middle income bracket (OR = 1.59). The findings indicate that psychological stress may have increased following the economic collapse in Iceland, particularly among females in economically vulnerable groups.

Economic crisis and smoking behaviour: prospective cohort study in Iceland

ObjectiveTo examine the associations between the 2008 economic collapse in Iceland and smoking behaviour at the national and individual levels.DesignA population-based, prospective cohort study based on a mail survey (Health...

Immediate surge in female visits to the cardiac emergency department following the economic collapse in Iceland: an observational study

ObjectiveTo study potential changes in attendance at emergency departments (ED) in Reykjavík immediately following the swift economic meltdown in Iceland in October 2008.MethodsUsing electronic medical records of the National University...

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

This study focuses on the Icesave dispute and Icesave agreements between Iceland, the UK and The Netherlands in the light of European law (EU and EEA law) and explores two main issues: 1) the State liability for breaches of EU/EEA law on the basis of Directive 94/19/EC following a systemic bank collapse in Iceland; and 2) the principle of non-discriminatory interplay between the nationalisation of Icelandic banks (State aid) and the payment of the minimum guarantee of €20.887 to depositors of Icesave accounts in the branches of Landsbanki in the UK and The Netherlands. This dispute was handled through diplomatic negotiations. The author is highly critical of the methodology followed. This cross-border dispute brought to light new complex problems in a grey area of European law which should have been brought before the highest European courts. Icesave also seems to have turned Icelanders against the process of European integration and the EU.