Iceland : Stand-By Arrangement: Interim Review Under the Emergency Financing Mechanism

1ISLEA2009002 Image
Price:  $18.00

Release Date: © February, 2009
ISBN : 978-1-45181-940-3
Stock #: 1ISLEA2009002
English
Stock Status: On back-order

Languages and formats available

EnglishFrenchSpanishArabicRussianChinesePortuguese
PaperbackYes
ePubYes
MobipocketYes

Description

This paper describes the Stand-By Arrangement for Iceland under the Emergency Financing Mechanism. The crisis is producing a sharp contraction of economic activity. Indicators of consumption are plummeting, and the deterioration in the labor market is accelerating, with rising unemployment and falling real wages contributing to a considerable contraction in real incomes. Significant import compression is under way, allowing a sustained turnaround in the trade balance, as exports continue to benefit from a weaker króna. The króna interbank market is inactive, and equity markets remain under pressure with trade being thin.

Taxonomy

Capital markets , Economic policy , Financial crisis , Financial institutions and markets , Fiscal policy , International financial system , Monetary policy




More publications in this series: IMF Staff Country Reports