Why Iceland - Japanskir ritdmar



アイスランドからの警鐘―国家破綻の現実 [単行本]

Japnsk ing Why Iceland - gefin t af Shinsensha Inc. desember 2012.




ann 17. febrar 2013 birti  Nihon Keizai Shimbun (株式会社日本経済新聞社 ea Nikkei: The Japan Economic Times) ritdm um bkina eftir Yuko Kawamoto (professor at Waseda University) Hgt er a lesa dminn frummlinu hr.


ing tgefanda umfjlluninni er hr a nean.



Describing the processes from prosperity to collapse. by Yuko Kawamoto (Waseda university)      

A small country, Iceland in Scandinavia, just after accomplishIng the change to financial empire, was rapidly driven into the collapse on face to Lehman shock. This is the book to describe such processes. The author who was an economist of the biggest bank,start his story from the building of the country in the 10 century. While introducing the cultures and the history fluctuated between opening and closing, this book describe how the country only with fishing and hot spring joined into global financial business, took pride in the prosperity, and after that, requested the support from IMF.

We can find many books tellIng the financial crisis and global economy based on the big country such as US, GB and Germany or southern Europe, but this book records in detail the facts from the view of small country with 320 thousands population. It is new something for Japanese, who are likely to dis cuss in a bundle such as the west, Europe or Scandinavia, to consider economy or finance from the unique view of Icelandic position in Scandinavia and it's relationship with GB or Euro.    

The author points out the similarity between Iceland and US. And also, he finds the causes of Icelandic collapse in the correspondence of hedge funds, rating companies or central books in US, EU and GB. About such kinds of analysis, we can find the pros and cons as well as the reaction in US and Europe at 2009 when the original was published. He described that Iceland is a canary in mines for west countries according to the custom of miners together with canary. This vivid image was notable at that time too.    

Lastly, about Japanese translation. The translafor says he is not a specialist of finance. The words used in translation are not necessarily specific in financial business. But, we feel friendly, because Japanese edition includes photoes and pictures of Iceland by translator's family. The history and culture of small country became known like handmade.


  (Professor Yuko Kawamoto, Waseda University)




ann 29. janar 2013 birti japanska viskiptariti "Economist" eftirfarandi umfjllun sem hgt er a lesa frummlinu hr.  HI Japanska "The Economist" er gefi t af Mainichi Shimbun Company (毎日新聞 ea Daily News) sem rekur sgu sna allt aftur til 1872.

ing tgefanda umfjlluninni er hr a nean.


A poor island with 320 thousand population and only a fishing industry, Iceland changed to a world-class banking empire. Although it was noticed as a Cinderella story, within a week in October 2008, the entire country collapsed in the global banking crisis. The chief economist of the country's largest bank examined Iceland's collapse in detail. Now, the egalitarianism is returning into Icelandic society. What is the fortunate life for people? This is a thought-provoking book.



ann 6. janar 2013 birti  "Nikkei Veritas" (日経ヴェリタス), eftirfarandi ritdm eftir Koji Okuda sem hgt er a lesa frummlinu hr. Nikkei Veritas er gefi t af Nihon Keizai Shimbun (株式会社日本経済新聞社 ea Japan Economic Times Company) sem er eitt strsta fjlmilafyrirtki Japans.

Lausleg ing ensku fr tgefanda fer hr eftir a nean 

The nationalization of private debt is the  postponing of problem.


 This is the fifth year from the Lehman shock of 2008. Although many countries in America and Europe got through the financial crisis by using every means of fiscal and financial policy, private debt was transferred to nation. and it became linked to sovereign crisis. We can't recognize if in history, but this book is useful to consider the following situation. If we had no bailout, how did everything evolve? Within only one week of October 2008, Iceland felt into the collapse of financial system and nation.

Iceland is a small country with 320 thousand population. The main industry was the cod fishing until the middle of 1980s, but the country was changing the shape to an global power of finance. At the peak, the total asset of banks was over ten times of GDP. On the sudden turn, Iceland became "the first triple-A rated country to so utterly lose confidence of international markets", because Icelandic banks were viewed as being too-big-to-save.

After the collapse, the Icelandic currency krona declined heavily, and Iceland impose capital controls even now. On the other hand, it is interesting that the birthrate is up and the sale of books has skyrocketed. The author find out the "national awareness" and the hope.

The author, Mr. Asgeir Johnson was a chief economist of Kaupthing, the collapsed biggest bank. As an insider, He's describing coolly the bankers who did not look back on the risk to regenerate themselves into international banks, and the slapstick goings-on within politicians facing to the collapse.

Four years passed since the collapse of nation. The author appointed what was seen as a disaster ・・・ is increasingly being seen as good fortune. It is so, because it is being recognized that the bail-out of private debt by the nation is not linked to the resolve of crisis in European debt crisis. Even if European countries retain the remission owing to the financing by ECB, It has "only diverted evermore resources to failing enterprises, postponing and deepening the problem". This is the severe comment by author.