The economic rationale for the proposed banking reform in Iceland

Moosa, I 2018, 'The economic rationale for the proposed banking reform in Iceland', Journal of Banking Regulation, vol. 19, no. 4, pp. 317-326.


Document type: Journal Article
Collection: Journal Articles

Title The economic rationale for the proposed banking reform in Iceland
Author(s) Moosa, I
Year 2018
Journal name Journal of Banking Regulation
Volume number 19
Issue number 4
Start page 317
End page 326
Total pages 10
Publisher Palgrave Macmillan
Abstract Following the traumatic experience of Iceland in the aftermath of the global financial crisis, the government is considering seriously a proposal to move to a sovereign money system under which commercial banks do not have the ability to create money by expanding credit. The rationale for such a drastic move can be found in the propositions that fractional reserve banking allows bankers to determine the money supply, that the procyclical behaviour of banks has detrimental consequences for the economy at large, and that the central bank has no power to control the money supply.
Subject Banking, Finance and Investment not elsewhere classified
DOI - identifier 10.1057/s41261-018-0062-7
Copyright notice © 2018 Macmillan Publishers Ltd., part of Springer Nature
ISSN 1745-6452
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