The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis最新文献_第2页

Chapter 8: Public Trust in Institutions in Pre- and Post-Crisis Iceland (II): Institutionalised Mistrust 第八章:危机前后冰岛公众对制度的信任(II):制度化的不信任

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis Pub Date : 2018-07-23 DOI: 10.1108/978-1-78743-347-220181012

S. Sigurgeirsdóttir, Gudrun Johnsen

{"title":"Chapter 8: Public Trust in Institutions in Pre- and Post-Crisis Iceland (II): Institutionalised Mistrust","authors":"S. Sigurgeirsdóttir, Gudrun Johnsen","doi":"10.1108/978-1-78743-347-220181012","DOIUrl":"https://doi.org/10.1108/978-1-78743-347-220181012","url":null,"abstract":"Abstract \u0000Public trust in institutions in Iceland plunged after the country’s banking sector collapsed. The political system wobbled under outrage and anger when the general public took to the streets. The Parliamentary Special Investigation Commission conducted a ground-breaking crisis-induced investigation, delivering a report that was a milestone in Iceland’s history of politics and public administration. Yet, despite this endeavour and the fact that subsequent investigations have disclosed ample information intended to restore trust in institutions, public trust remains unsteady. This chapter addresses the following questions: How has public trust in institutions progressed after the crash? Why is it taking so long for trust to return? In Chapter 3 in this volume, we examine data on public trust in Icelandic institutions from Gallup surveys over the 15 years from 2002 to 2017 in order to identify and explain patterns of trust in the aftermath of the crisis. Our interpretation of theory in this chapter suggests that elements of mistrust inherent in the principal–agent approach to accountability in public administration, implemented in previous New Public Management reforms, undermined the creation of a climate of trust necessary to ensure effective accountability mechanisms. We argue that in the absence of a climate of trust, accountability mechanisms of culpability that conflict with mechanisms of answerability, combined with a succession of post-crisis scandals, mainly explain the slow return of the public’s trust.","PeriodicalId":145304,"journal":{"name":"The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127499327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Chapter 7: A Question of Trust: The Story of Reykjavík Energy 第七章:信任的问题:Reykjavík能源的故事

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis Pub Date : 2018-07-23 DOI: 10.1108/978-1-78743-347-220181010

Gudrun Erla Jonsdottir

{"title":"Chapter 7: A Question of Trust: The Story of Reykjavík Energy","authors":"Gudrun Erla Jonsdottir","doi":"10.1108/978-1-78743-347-220181010","DOIUrl":"https://doi.org/10.1108/978-1-78743-347-220181010","url":null,"abstract":"Abstract \u0000Competence, credibility, image and integrity all came under scrutiny during the economic crisis in Iceland. This period was not just about the financial system, it was about trust, something the Icelandic economy and individual businesses in the country lost in the wake of the crash. Reykjavik Energy, an Icelandic power- and utility-company, was one such company. In the year leading up to the economic crisis, mistrust in Reykjavik Energy had taken root and the firm’s image was already under attack. When its external debt doubled in the crash with the depreciation of the Icelandic krona, it was clear that the company’s position was unsustainable. In the years following the crisis, the rebuilding of the public’s trust in Reykjavik Energy has been a demanding task. The project of restoring trust and strengthening the firm was two-fold. On the one hand, short-term measures that were necessary to keep the company alive were taken. On the other hand, work was done to develop the foundations for long-term results and sustainable management. Reykjavik Energy, to a large extent, has now reclaimed its position in the eyes of its stakeholders. However, trust is not a constant but something that is earned over time and the challenge for the future is therefore to maintain it while learning from the past.","PeriodicalId":145304,"journal":{"name":"The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128088480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Chapter 6: Restoring Trust in Iceland: Iceland’s IMF Programme 第六章:恢复对冰岛的信任:冰岛的IMF计划

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis Pub Date : 2018-07-23 DOI: 10.1108/978-1-78743-347-220181008

F. M. Baldursson, R. Portes

{"title":"Chapter 6: Restoring Trust in Iceland: Iceland’s IMF Programme","authors":"F. M. Baldursson, R. Portes","doi":"10.1108/978-1-78743-347-220181008","DOIUrl":"https://doi.org/10.1108/978-1-78743-347-220181008","url":null,"abstract":"During the banking crisis of October 2008, Iceland became the first developed country in decades to seek the assistance of the International Monetary Fund (IMF). Iceland’s IMF programme provided a measure of stability at a time of intense turbulence. The IMF’s credibility was helpful during this period of collapse not just of the banks but also of the public trust towards almost all Icelandic institutions. Importantly, the IMF implicitly supported Iceland’s policy of letting institutional creditors of the banks rather than Icelandic taxpayers bear the costs of their collapse; this provided credibility for the policy and limited repercussions. In a reversal of previous IMF policy, capital controls were imposed. The controls helped stabilise the exchange rate, and inflation subsided. The controls also helped recovery after the crisis by shielding the economy from international financial shocks. The direct fiscal cost of the Icelandic crisis was very high, but the considerable and painful fiscal tightening that was a part of the programme was needed to avoid a sovereign debt crisis. This helped in regaining trust from international markets. Mistakes were made in the design and implementation of the IMF programme, but overall, we judge that its contribution was positive. The programme provided one of the elements for restoring trust in Iceland when it was most needed, both domestically and internationally, during the depth of the crisis in 2009–2010.","PeriodicalId":145304,"journal":{"name":"The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128421586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Chapter 11: Post-Crisis Regulation and Supervision of Icelandic Banks 第11章:危机后冰岛银行的监管

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis Pub Date : 2018-07-23 DOI: 10.1108/978-1-78743-347-220181016

Jon Thor Sturluson

{"title":"Chapter 11: Post-Crisis Regulation and Supervision of Icelandic Banks","authors":"Jon Thor Sturluson","doi":"10.1108/978-1-78743-347-220181016","DOIUrl":"https://doi.org/10.1108/978-1-78743-347-220181016","url":null,"abstract":"Abstract \u0000Since the financial crisis of 2008, legislation and rules affecting the financial market in Iceland have been strengthened considerably. Tougher capital requirements, detailed and frequent reporting, more thorough fit-and-proper tests, barriers to connected lending and strict limits on bonus payments are but a few examples. Similarly, the supervision of banks has been upgraded markedly. It is now much more intrusive and forward-looking than before, that is, it is more focused on governance and the business model. Many of these reforms are based on international initiatives, such as the Basel III standard, while others are particular to Iceland. The main objective of these reforms is to strengthen the resilience of the banking sector and limit the negative effects on consumers of harmful enterprise incentives. Trust in the financial system collapsed as a consequence of the crisis but is recovering only slowly. This apparent lack of confidence is reflected only to a limited extent in firms’ and households’ willingness to seek banking services. This raises the questions of how to appropriately measure trust, and what factors influence it. Iceland may turn out to be an interesting natural experiment in this respect. It has a unique record of prosecuting and sentencing bankers for offences that are hardly worthy of administrative fines in some other countries – but whether strict accountability is the recipe for rebuilding trust remains to be seen.","PeriodicalId":145304,"journal":{"name":"The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114776235","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Chapter 13: Governance Mechanisms Post 第13章:治理机制

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis Pub Date : 2018-07-23 DOI: 10.1108/978-1-78743-347-220181018

Murray J. Bryant, Throstur Olaf Sigurjonsson, M. Mixa

引用次数: 0

Chapter 4: Trust: Some Questions from a Layperson 第四章:信任:外行的一些问题

The Return of Trust? Institutions and the Public after the Icelandic Financial Crisis Pub Date : 2018-07-23 DOI: 10.1108/978-1-78743-347-220181005

Einar Már Guðmundsson

引用次数: 0