This book addresses the causes and consequences of the international financial crisis of 2008. A range of esteemed contributors explore developments in the United States, where the crisis of 2008 originated, as well as the smallest country affected, Iceland, by evaluating developments since 2008. Currently, many countries are facing similar problems as Iceland did in 2008: this book is of interest to economists and policy makers in these countries to study what happened in Iceland, and why the recovery of that economy was strong and swift. The chapters in this book originate from panel discussions and conferences and explore areas including regulation, state projects and inflation.

1. A retrospective on the 2008 global financial crisis Robert Z Aliber and Gylfi Zoega Part I The source of the 2008 global financial crisis 2. The Financial Alchemy that Failed Marcus Miller 3. Prudential Regulation and Capital ControlsMichael Dooley 4. Three Grand State Projects Meet the Financial SystemPeter Garber 5. The 2008 GFC: Savings or banking glut? Robert McCauley Discussion. 6. Capital Flows into the United States Ahead of the Great North Atlantic FinancialCrisis Brad Setser 7. The foreign capital flow and domestic drivers of the US financial crisis and its spreadglobally Jeffrey Shafer 8. Financial crisis and bank capital Robert Aliber 9. Three Reflections on Banking Regulation and Cross-Border Financial Flows Edwin Truman Discussion. Part II Iceland and the 2008 global crisis 10. From a Capital Account Surplus to a Current Account Deficit Gylfi Zoega and Hamid Raza 11. The Icelandic banking crisis of 2008: Some exportable lessons" Gauti Eggertsson, Sigridur Benediktsdottir and Eggert T Thorarinsson Discussion. 12. Iceland's capital controlsFridrik M. Baldursson 13. Wages of failure: Compensation schemes of the failed Icelandic banks and subsequent policyresponses Gudrun Johnsen 14. Financial policy after the crisisJon Danielsson Discussion. 15. Business cycles and health: Lessons from the Icelandic economic collapseTinna Asgeirsdottir 16. Ten years after: Iceland's unfinished business Thorvaldur Gylfason Discussion. 17. After 100 years of experimenting: One solution?Asgeir Jonsson 18. Iceland should replace its central bank with a currency boardFredrik NG Andersson and Lars Jonung 19. Post-crisis monetary policy reforms in Iceland: Learning the hard way Thorarinn G. Petursson 20. Inflation targeting, capital controls, and currency intervention in Iceland, 2012-2017Sebastian Edwards Discussion. Part III Panel discussion on the 2008 crisis 21. Comments by Robert Z Aliber 22. Comments by William White 23. Comments by Larry Goodman