冰島因應金融危機的做法與啟示

Lessons from Iceland’s Financial Crisis and Responsive Actions

2008年美國次貸風暴所引發的全球金融海嘯中，冰島是先進國家裡第一個經濟受到重創的國家。冰島在貨幣政策失當、利率偏高、銀行過度仰賴外幣融資及高槓桿對外投資等因素下，銀行累積龐大外債，在全球金融危機爆發時，全球信用緊縮，冰島銀行無法融資歸還巨額債務，而引發銀行倒閉、經濟大幅衰退，由於銀行外債已大到冰島政府無力承擔，以致國家瀕臨破產的邊緣。面對如此重大危機，冰島緊急採取讓銀行倒閉、外匯管制等非傳統性做法，加上接受IMF的援助、申請加入歐盟等，使得冰島起死回生，冰島經濟在歷經2年半的衰退後轉為復甦，多位學者都肯定冰島安然渡過金融危機的成就。本研究擬由探討冰島經濟結構的轉型、分析冰島金融危機發生的背景與原因、因應危機的做法與改革，期能夠由冰島金融危機及因應做法等兩方面，提出可供我國及歐債國家參考之啟示與政策建議。

During the global financial tsunami triggered by the U.S. subprime mortgage crisis in 2008, Iceland was the first advanced country to receive a severe blow to its economy. Because of inappropriate monetary policy, high interest rates, banks’ overdependence on foreign currency financing and high financial leverage, Iceland’s banks accumulated huge foreign debt. When the eruption of the global financial crisis caused a credit crunch, Iceland’s banks were unable to finance repayment of their massive debts. The consequential bank failures plunged the national economy into deep recession. Since the banks’ foreign debts were too large for a bailout by the government, Iceland stood on the brink of national bankruptcy. Facing such a severe crisis, Iceland urgently took some non-traditional responsive measures, such as letting banks go bankrupt and imposing foreign exchange controls, in addition to accepting an IMF bailout and applying to join the EU. These actions served to rescue the country from economic and financial collapse. After a two-and-a-half year recession, Iceland’s economy began to recover. Many economists praised Iceland’s achievements in weathering so severe a financial crisis. This study examines the transformation of Iceland’s economic structure, analyzes the background and causes of its financial crisis, and surveys the actions and reforms taken to cope with the crisis. It concludes by drawing lessons and policy suggestions therefrom, to provide for reference by Taiwan and the debt-burdened European countries.