Financial Crises in Iceland and Ireland: Does European Union and Euro Membership Matter?

Þórhallsson, Baldur; Kirby, Peadar

doi:10.1111/j.1468-5965.2012.02258.x

Cited by 22 publications

(23 citation statements)

References 10 publications

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“…Recent Irish experience with EU support in the debt crisis underpins this case, but also highlights the price to be paid (Thorhallsson and Kirby 2012). How the overall 'costs' of EU shelter for an independent Scotland might change is a complex question only starting to be probed in public debate.…”

Section: Stjórnmál and Stjórnsýslamentioning

confidence: 99%

“…The international financial crisis of 2008 and the economic collapse of small 'successful' states, such as Iceland and Ireland, have quashed such discussions at least for the time being. The small state literature has recalled its core concept of vulnerability and focused afresh on the economic component (Thorhallsson and Kirby 2012). Small states are generally seen as disproportionately vulnerable due to their small domestic market, reliance on import and export, and exposure to international economic fluctuations (Katzenstein 1984;1985).…”

Section: Stjórnmál and Stjórnsýslamentioning

confidence: 99%

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Scotland as an Independent Small State: Where would it seek shelter?

Bailes¹,

Þórhallsson²,

Johnstone³

2013

irpa

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A planned referendum in 2014 on Scottish independence gives cause to examine that scenario in the light of small state studies and recent European experience. One of the best-supported assumptions in small state literature is that small countries need to form alliances and seek protection from larger neighboring states and/or international institutions. Small European states have generally sought shelter from the European Union (EU) and NATO. This study confirms that an independent Scotland would need strategic, political, economic and societal shelter, and could look for the various elements within existing European institutions, from its closest southern and northern neighbours, and from the US. However, protection may come with a certain cost -just as union with another entity does at present.

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Section: Stjórnmál and Stjórnsýslamentioning

confidence: 99%

Section: Stjórnmál and Stjórnsýslamentioning

confidence: 99%

Scotland as an Independent Small State: Where would it seek shelter?

Bailes¹,

Þórhallsson²,

Johnstone³

2013

irpa

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“…Second, a number of comparative country studies deal with the provision of liquidity during phases of boom and bust in the CEECs (Jacoby, ) and the adoption (or not) of the euro in these countries (Epstein and Johnson, ). Thorhallsson and Kirby () compare Ireland and Iceland, while Kluth and Lynggaard () compare Ireland and Denmark.…”

Section: Discussionmentioning

confidence: 99%

Political Science and the Eurozone Crisis. A Review of Scientific Journal Articles 2004–15

Höing

Kunstein

2018

J of Common Market Studies

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We take a closer look at how political science engaged with Economic and Monetary Union (EMU) over a period of 12 years (2004–15). How intensively, and with what focus, have political science journals dealt with EMU? How has the scientific discourse on the topic changed with the outbreak of the global financial crisis, which led to a eurozone crisis? Our systematic, qualitative analysis of articles (N=161) dealing with EMU in selected peer‐reviewed political science journals yields a number of interesting findings. First, we observe marked differences between the pre‐ and post‐crisis period. Specifically, political science has increasingly taken up issues of financial regulation and questions of trust in a monetary union. Second, political scientists did not engage as much as expected with the democratic ramifications of the crisis management. Finally, different crisis narratives persist, and none have been completely refuted.

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“…However, when the Icelandic government failed to implement the Nordic states' conditions and Britain and the Netherlands blocked IMF assistance to Iceland, the Nordic states participated in this blocking action. Their close economic and political ties to both Britain and the Netherlands, as well as their relations with the EU, proved to be more valuable than their relations with Iceland (Thorhallsson & Kirby 2012). Prominent Icelandic politicians characterized the involvement of the Nordic states in different ways.…”

Section: Stjórnmál and Stjórnsýslamentioning

confidence: 99%

A small state in world politics: Iceland’s search for shelter

Þórhallsson¹

2018

irpa

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The aim of this paper is to determine Iceland’s foreign policy options in relation to shelter theory. Iceland has been seeking political and economic shelter ever since the United States deserted it in 2006, by closing its military base, and in 2008, by refusing to provide it with assistance following its economic collapse. Iceland has made several new security and defence arrangements with its neighbouring states, applied for membership of the European Union and was the first European country to make a free-trade agreement with China. Moreover, the president of Iceland pressed for closer political and economic ties with Russia. Prominent Icelandic politicians frequently claim that Brexit will create a number of opportunities for Iceland and lead to closer cooperation with Britain. However, Iceland has not yet secured shelter of an extent comparable to what it had enjoyed from the United States. In this paper, we will answer questions such as: What does shelter theory tell us about Iceland’s overseas relations with the US, NATO, the EU, Britain, Russia, China, and the Nordic states? Will Iceland receive more reliable shelter provided by multilateral organizations than by a single shelter provider?

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Financial Crises in Iceland and Ireland: Does European Union and Euro Membership Matter?

Cited by 22 publications

References 10 publications

Scotland as an Independent Small State: Where would it seek shelter?

Scotland as an Independent Small State: Where would it seek shelter?

Political Science and the Eurozone Crisis. A Review of Scientific Journal Articles 2004–15

A small state in world politics: Iceland’s search for shelter

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