Iceland alone and Latvia captured: The role of Sweden in the Icelandic and Latvian financial crises

Both Iceland and Latvia were severely hit by the late 2000s financial crisis. However, as Hilmar Þór Hilmarsson writes, Sweden did not suffer as serious a crisis despite its extensive banking interconnections in other Nordic and Baltic countries. He argues that Sweden effectively managed to ‘export’ its crisis to other states, and that given the continued vulnerability of the Swedish banking system, the lessons from the first crisis have still to be learned.