There is clear evidence that fairness plays a role in redistribution. Individuals want to compensate others for their misfortune, while they allow them to enjoy the fruits of their effort. This paper introduces fairness in a tax-benefit scheme that is based on several characteristics in order to...

The Pacific Islands face the highest disaster risk, in per capita terms, globally. Examples of catastrophic events in the region include the 2009 tsunami in Samoa, the 2014 floods in the Solomon Islands, and the 2015 cyclone Pam in Vanuatu. Even without these catastrophic events, countries in...

For a long time, abundant natural resources brought Iceland a high and volatile real exchange rate with adverse effects on manufacturing and services. During 2003-2008, another national treasure, the sovereign's AAA rating, was used by privatized banks to attract foreign capital, elevating the...

This paper reviews aspects of the constitution making process in Iceland after the financial collapse of 2008, emphasizing the differences between the provisional constitution of 1944 when Iceland separated unilaterally from Nazi-occupied Denmark and Denmark's 1849 constitution which served,...

This paper reviews economic developments in Iceland following its financial collapse in 2008, focusing on causes and consequences of the crash. The review is presented in the context of the Nordic region, with broad comparisons also with developments elsewhere on the periphery of Europe, in...

Economic growth is propelled in part by the accumulation of different kinds of capital, including social capital in its several guises. This paper considers the interplay between financial crises and various aspects of social capital which, if it is allowed to depreciate, can undermine economic...

Excessive concentration increases national risk in an uncertain world. This paper views economic and political diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first presents economic and political diversification...

To understand Iceland's political situation, it is necessary to consider the historical background to the post-crash constitutional revision process launched in 2009. Also, the paper offers a brief account of some aspects of the constitution-making process during 2010-2013, including the work of...

This paper maps the use of digital tools in the Icelandic constitutional revision process of 2011 and discusses its aftermath in subsequent years. Although causal links between the digital elements of the process and the content and fate of the constitutional bill are impossible to establish, an...

Most of the time, crises precede constitutions. Following a brief review of relevant historical background, this article aims to show why Iceland, after its financial collapse in 2008, is now at last on the road to adopting a new constitution to replace the provisional constitution from 1944....