Skýrsla Stiglitz um íslenska hagkerfið frá 2001

 

Í skýrslu Joseph Stiglitz um íslenska hagkerfið frá 2001 sem ég hvet alla áhugasama til að lesa, stendur eftirfarandi um ábyrgð íslenskra stjórnvalda:

 

"Does the fact that the current account deficit has its roots in the private sector
mean that there is no need for government action? Not necessarily. First, it can be
argued even in this case that the role of the government is larger than it seems. To the
extent that the exchange rate is viewed as pegged, there may be a perception of an
implicit government guarantee that boosted capital inflows and thus the credit boom.
Furthermore, the banking system is partly government owned and foreign investors have
a tendency to assume that the government will bail other major banks out. That in turn
will also tend to boost capital inflows and distort the pricing of risk. Moreover,
expectations of permanent income and future profit are important determinants of
domestic demand and the government plays a role in shaping those. Secondly, in the
same way as the government has a role to play to even out business cycles that are
generated in the private sector it can have a somewhat similar role vis-à-vis the current
account deficit when its primary source is in domestic demand fluctuations."

Athugasemdir

[Júlíus Valsson, 22.10.2008 kl. 20:07]

So why on earth are we bailing them out, Mr Stiglitz?