Iceland, Ireland and Latvia experienced similar developments before the crisis. However, the crisis hit Latvia harder … than any other country, and Ireland also suffered heavily, while Iceland exited the crisis with the smallest fall in … Iceland but not in Latvia, letting banks fail in Iceland but not in Ireland, and the introduction of strict capital controls …

Iceland, Ireland and Latvia experienced similar developments before the crisis, such as sharp increases in banks … harder than any other country in the world. Ireland also suffered heavily, while Iceland came out from the crisis with the …: currency collapse in Iceland but not in Latvia, letting banks fail in Iceland but not in Ireland, and the introduction of …

banking or the failure of the Bank of Ireland to act as a lender of last resort were to blame. We also find that the main …