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.

Autorentext
**Robert Z. Aliber **received a Bachelor of Arts degree from Williams College (1952) and Bachelor of Arts (1954) and a Master of Arts (1957) from Cambridge University. He received his Ph.D. from Yale University. He has been a staff economist at the Commission on Money and Credit (195961) and at the Committee for Economic Development (196164). Aliber served as a senior economic advisor at the United States Agency for International Development (196465). He was appointed as an associate professor at the University of Chicago in 1964. He is best known for his contribution to the theory of foreign direct investment. He is the author of revised editions of Charles Kindleberger's Manias, Panics and Crashes(Palgrave Macmillan).
****Gylfi Zoega received his first degree at the University of Iceland and a PhD in economics from Columbia University in 1993. He is Professor of Economics at the University of Iceland and Birkbeck College, London, since 1993 and an external member of the Monetary Policy Committee of the Central Bank of Iceland. He has followed the financial crisis in Iceland and taken part in the recovery effort for the past ten years. In addition, he has written a number of academic papers on financial turbulence and capital flows and co-authored the book Preludes to the Icelandic Financial Crash in 2011.

Inhalt
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 Johnsen14.Financial policy after the crisisJon DanielssonDiscussion.
15.Business cycles and health: Lessons from the Icelandic economic collapseTinna Asgeirsdóttir
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 IIIPanel discussion on the 2008 crisis 21. Comments by Robert Z Aliber

22. Comments by William White
23. Comments by Larry Goodman