Nordic Tiger

Nordic Tiger was a term used to refer to the period of economic prosperity in Iceland that began in the post-Cold War 1990s and ended in a national financial crisis in 2008, when all the country's banks failed and had to be nationalised by the country's government. [ [http://www.theage.com.au/world/global-freeze-kills-nordic-tiger-20081010-4yba.html?page=-1 Global freeze kills Nordic tiger] , "The Age", October 11, 2008.]

The country's prosperity had been attributed to several factors, including: high interest rates, which led to the inflow of foreign capital; [ [http://news.bbc.co.uk/2/hi/business/7658908.stm What happened to Iceland? ] ] a rapid expansion of the nation's banks into foreign markets [ [http://www.washingtonpost.com/wp-dyn/content/article/2008/10/09/AR2008100900359.html 'Nordic Tiger' Iceland Finds Itself in Meltdown] , "Washington Post", October 10, 2008.] ; and the economically liberal policies pursued by the government of David Oddsson, which included deregulation, privatising the banking sector and lowering taxes. [ [http://www.adamsmith.org/blog-archive/001682.php The Nordic tiger] , Adam Smith Institute]

ee also

*Four Asian Tigers, a similar term referring to the development of the economies of South Korea, Hong Kong, Singapore, and Taiwan
*Celtic Tiger, an analogous term used to refer to similar prosperous circumstances in Ireland

References