Governance Mechanisms Post-Crisis

Murray Bryant, Olaf Sigurjonsson, Már Wolfgang Mixa

Publikation: Bidrag til bog/antologi/rapportBidrag til bog/antologiForskningpeer review

Abstract

This chapter examines the formal governance mechanisms put in place by various authorities within Iceland after the crash. In contrast to one of our earlier papers (Bryant, Sigurjónsson, & Mixa, 2014), we find that, no matter how well the mechanisms work, formal mechanisms are insufficient to restore trust. To that end, we examine the trust literature from political science that suggests that trust is a lubricant of the social system that consequently causes individuals to open themselves up to vulnerability. When trust is broken in a society with a high-existing degree of trust, such as Iceland, the loss of trust is significant and leads even apparently minor incidents to be perceived as betrayals. We examine the various processes put in place by both the government and other institutions and show how they mostly worked in concert. Nonetheless, we find that the processes by themselves have been insufficient to restore society’s trust in the affected institutions.
OriginalsprogEngelsk
TitelThe Return of Trust? : Institutions and the Public after the Icelandic Financial Crisis
RedaktørerThrostur Olaf Sigurjonsson, David L. Schwarzkopf, Murray Bryant
Antal sider18
UdgivelsesstedBingley
ForlagEmerald Group Publishing
Publikationsdato2018
Sider245-262
Kapitel13
ISBN (Trykt)9781787433489
ISBN (Elektronisk)9781787433472
DOI
StatusUdgivet - 2018

Emneord

  • Bank restructuring
  • Banking
  • Corporate governance
  • Currency speculation
  • Institutionalisation
  • Vulnerability

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