Individualistic Vikings: Culture, Economics and Iceland Mar Wolfgang Mixa
Icelandic culture has generally been considered to share many similarities to the Nordic cultures. However, the financial crisis in 2008 painted a completely different picture, with the Nordic nations faring much less worse than Iceland, which saw its banking system becoming almost entirely worthless. Looking at traditional cultural yardsticks in the vein of the most commonly used research in the field of business and organizational management, generally linked to Hofstede´s dimensional studies, one would at first glance conclude that Icelanders would have behaved in a similar manner as people in the Nordic nations. By focusing on savings ratio, it is shown that Icelanders were much more risk-seeking during the prelude of the crisis. Many nations badly hit during the 2008 financial crisis have a high level of individualism inherent in their culture. Iceland fits this scenario. Thus while general cultural characteristics may lack explanatory power regarding economic behavior of people between cultures, the individual/collective cultural dimension may provide clues of what dangers (and possible strengths) lurk within societies from a financial point of view. Such developments may affect the financial stability of nations, especially those with a high level of individualism where financial liberalization with possible abuses is occurring.
The Icelandic bubble and beyond investment lessons from history and cultura...Mar Wolfgang Mixa
The research project focuses on investment behavior and the Icelandic economic bubble and crash, emphasizing that investment behavior has to be seen within a historical and cultural environment. As such the project is related to financial history and behavioral finance. The project’s main goals can be summarized into the following key research question:
What cultural conditions shaped the appearance and formation of the financial bubble in Iceland and in what way did those conditions differ, if any, from other countries and to what extent?
The main results are that cultural conditions influenced the creation of the Icelandic banking miracle that ended so badly. Certain dimensions in the Icelandic culture were more suspect of embracing values that (temporarily) opened doors to possibly naïve beliefs. Technological and ideological changes on an international level also influenced the Icelandic culture; more than most cultural studies anticipate. Some changes in the Icelandic culture were, however, caused to a certain extent by design, even an invented cultural one, rather than default. With the use of the media some agents convinced the Icelandic country that their best interests were served blindly embracing certain values when in fact those agents were reaping the profits with speculation and risk taking that the public was eventually left to face the consequences of.
Farið er yfir nokkar helstu þætti varðandi lífeyrissjóði á Íslandi næstu árin. Erlendar fjárfestingar, 3,5% ávöxtunarkrafan og hlutfall fjárfestinga í verðbréfum með föstum tekjum og breytilegum tekjum er tekið til skoðunar.
Individualistic Vikings: Culture, Economics and Iceland Mar Wolfgang Mixa
Icelandic culture has generally been considered to share many similarities to the Nordic cultures. However, the financial crisis in 2008 painted a completely different picture, with the Nordic nations faring much less worse than Iceland, which saw its banking system becoming almost entirely worthless. Looking at traditional cultural yardsticks in the vein of the most commonly used research in the field of business and organizational management, generally linked to Hofstede´s dimensional studies, one would at first glance conclude that Icelanders would have behaved in a similar manner as people in the Nordic nations. By focusing on savings ratio, it is shown that Icelanders were much more risk-seeking during the prelude of the crisis. Many nations badly hit during the 2008 financial crisis have a high level of individualism inherent in their culture. Iceland fits this scenario. Thus while general cultural characteristics may lack explanatory power regarding economic behavior of people between cultures, the individual/collective cultural dimension may provide clues of what dangers (and possible strengths) lurk within societies from a financial point of view. Such developments may affect the financial stability of nations, especially those with a high level of individualism where financial liberalization with possible abuses is occurring.
The Icelandic bubble and beyond investment lessons from history and cultura...Mar Wolfgang Mixa
The research project focuses on investment behavior and the Icelandic economic bubble and crash, emphasizing that investment behavior has to be seen within a historical and cultural environment. As such the project is related to financial history and behavioral finance. The project’s main goals can be summarized into the following key research question:
What cultural conditions shaped the appearance and formation of the financial bubble in Iceland and in what way did those conditions differ, if any, from other countries and to what extent?
The main results are that cultural conditions influenced the creation of the Icelandic banking miracle that ended so badly. Certain dimensions in the Icelandic culture were more suspect of embracing values that (temporarily) opened doors to possibly naïve beliefs. Technological and ideological changes on an international level also influenced the Icelandic culture; more than most cultural studies anticipate. Some changes in the Icelandic culture were, however, caused to a certain extent by design, even an invented cultural one, rather than default. With the use of the media some agents convinced the Icelandic country that their best interests were served blindly embracing certain values when in fact those agents were reaping the profits with speculation and risk taking that the public was eventually left to face the consequences of.
Farið er yfir nokkar helstu þætti varðandi lífeyrissjóði á Íslandi næstu árin. Erlendar fjárfestingar, 3,5% ávöxtunarkrafan og hlutfall fjárfestinga í verðbréfum með föstum tekjum og breytilegum tekjum er tekið til skoðunar.
Þú veist ekki hvaða húsnæði þú ferð í næst: Tvísýnleiki og upplifun leigjenda...Mar Wolfgang Mixa
Hugtakið tvísýnleiki (e. precarity) hefur á síðustu árum
verið notað í auknum mæli erlendis, m.a. til að lýsa viðkvæmri stöðu einstaklinga
á leigumarkaði. Í slíku samhengi dregur hugtakið fram hvernig
formgerðir samfélagsins gera stöðu sumra einstaklinga viðkvæma og undirstrikar
mikilvægi þess að setja reynslu þeirra í vítt samhengi. Þessi grein
fjallar um íslenskan leigumarkað og gagnsemi hugtaksins til þess að skýra
hvort og hvernig uppbygging leigumarkaðarins síðastliðin ár skapar leigjendum
aðstæður sem einkennast oft af óöryggi. Teflt er saman megindlegum
og eigindlegum gögnum, þ.e. tölfræðiupplýsingum um umfang og
ástand leigumarkaðarins, sem og reynslusögum leigjenda sem safnað var
með viðtölum árið 2020. Viðmælendur voru bæði Íslendingar og einstaklingar
af erlendum uppruna búsettir á Íslandi. Bent er á að séreignastefna
hefur löngum einkennt hérlendan húnæðismarkað og staða leigjenda er oft
á margan hátt tvísýn.
Sól og sandur ferðir íslendinga til kanaríeyja loftsdóttir arnardóttir mixa g...Mar Wolfgang Mixa
Rannsóknir á ferðamennsku til Íslands hafa verið í uppgangi síðastliðin ár, en verulega skortir á rannsóknir á utanlandsferðum Íslendinga. Hvort tveggja er þó
hluti af þeim hnattræna veruleika sem Ísland er hluti af og vettvangur margvíslegra efnahagslegra gjörninga. Greinin fjallar um ferðir Íslendinga til Kanaríeyja og spyr hvað einkennir ferðir Íslendinga til Kanaríeyja síðasta áratuginn og hverskonar
áfangastaður Kanaríeyjar er fyrir Íslendinga. Greiningin styðst við megindleg gögn, þ.e. niðurstöður spurningakönnunnar og greiningu á fyrirliggjandi gögnum frá Hagstofu Kanaríeyja og Ferðamálastofu Íslands.
Rannsóknir erlendis endurspegla að spænsk yfirvöld hafa reynt að leggja áherslu á að Kanaríeyjar hafi upp á meira að bjóða en eingöngu sólarlandaferðir. Jafnframt sýna erlendar rannsóknir að mörk milli þeirra sem eru ferðamenn, aðfluttir, eða
sem vinna á eyjunum eru oft óljós og flæðandi. Greining megindlegra gagna fyrir greinina sýnir að Kanaríeyjar hafa haft vaxandi mikilvægi sem áfangastaður fyrir ferðalanga frá Íslandi síðasta áratug og þá sérstaklega eyjan Tenerife. Aðdráttarafl
Kanaríeyja sem áfangastaðar virðist út frá niðurstöðum könnunarinnar fyrst og fremst vera í tengslum við veðurfar eyjanna og afþreyingu, en bent er jafnframt á að rétt eins og annarstaðar getur hreyfanleiki til eyjanna falið í sér flæðandi hópa þar sem mörk ferðamanna, aðfluttra, eða vinnandi eru ekki alltaf skýr.
Nations of bankers and brexiteers - nationalism and hidden moneyMar Wolfgang Mixa
This article examines the relationship between nationalistic mobilisations, hidden funds and undisclosed campaign contributions, commonly known as dark money. Contextualising Brexit alongside the Icelandic economic crash of 2008 shows how nationalist mobilisation and racism can secure economic and political interests for a small minority and thus create space for what Zygmunt Bauman has called ‘evasion’ or ‘slippage’ as a primary technique of power in the present. Both the build-up to Brexit and the Icelandic economic crash were characterised by a strong national-centred rhetoric of ‘us-the-nation’ versus ‘others’ that diverted attention from massive minority interests, which had access to hidden funds. The Panama Papers showed that many of the same people celebrated in Iceland as the embodied representation of the country were simultaneously moving money into tax havens. Exposés have also revealed the way that dark money secretly funded campaigns using anti-migrant racism to facilitate the Brexiteers’ longer-term interests.
Reference: Race & Class - https://journals.sagepub.com/doi/10.1177/03063968211033525
The opening of Costco in Iceland: Unexpected meanings of globalized phenomenonMar Wolfgang Mixa
The multinational retailer, Costco, opened its first store in Iceland during spring
2017. Not only was the opening greatly anticipated but following the store
opening, Costco became one of the key issues in the Icelandic media. Our
analysis focuses on Costco’s opening from insights derived from theories of
globalization of mobility, where we emphasize that discussions about Costco in
Iceland cannot be separated from the post-crash atmosphere after the massive
economic crash in 2008. Our perspective is particularly influenced by Tsing’s
(2005) emphasis on the unpredictability of global phenomena that move around
and transplant in a new context. Our analysis both contextualize Costco’s arrival
within Iceland’s historical and social context and analyzes some of the main
themes in the Icelandic media discussion during the opening. The dualistic
opposition of ‘us’ (Icelanders) against ‘them’ (foreigners), which has been quite
salient in Iceland, were largely invisible in discussions about Costco’s opening.
Costco in Iceland was quickly incorporated into a discourse as a positive force
against Icelandic corruption that started after the crash. The ‘us against them’
themes thus turned from being ‘Icelanders against foreigners’ into ‘the Icelandic
population against Iceland’s elite retail sector.
Þú veist ekki hvaða húsnæði þú ferð í næst: Tvísýnleiki og upplifun leigjenda...Mar Wolfgang Mixa
Hugtakið tvísýnleiki (e. precarity) hefur á síðustu árum
verið notað í auknum mæli erlendis, m.a. til að lýsa viðkvæmri stöðu einstaklinga
á leigumarkaði. Í slíku samhengi dregur hugtakið fram hvernig
formgerðir samfélagsins gera stöðu sumra einstaklinga viðkvæma og undirstrikar
mikilvægi þess að setja reynslu þeirra í vítt samhengi. Þessi grein
fjallar um íslenskan leigumarkað og gagnsemi hugtaksins til þess að skýra
hvort og hvernig uppbygging leigumarkaðarins síðastliðin ár skapar leigjendum
aðstæður sem einkennast oft af óöryggi. Teflt er saman megindlegum
og eigindlegum gögnum, þ.e. tölfræðiupplýsingum um umfang og
ástand leigumarkaðarins, sem og reynslusögum leigjenda sem safnað var
með viðtölum árið 2020. Viðmælendur voru bæði Íslendingar og einstaklingar
af erlendum uppruna búsettir á Íslandi. Bent er á að séreignastefna
hefur löngum einkennt hérlendan húnæðismarkað og staða leigjenda er oft
á margan hátt tvísýn.
Sól og sandur ferðir íslendinga til kanaríeyja loftsdóttir arnardóttir mixa g...Mar Wolfgang Mixa
Rannsóknir á ferðamennsku til Íslands hafa verið í uppgangi síðastliðin ár, en verulega skortir á rannsóknir á utanlandsferðum Íslendinga. Hvort tveggja er þó
hluti af þeim hnattræna veruleika sem Ísland er hluti af og vettvangur margvíslegra efnahagslegra gjörninga. Greinin fjallar um ferðir Íslendinga til Kanaríeyja og spyr hvað einkennir ferðir Íslendinga til Kanaríeyja síðasta áratuginn og hverskonar
áfangastaður Kanaríeyjar er fyrir Íslendinga. Greiningin styðst við megindleg gögn, þ.e. niðurstöður spurningakönnunnar og greiningu á fyrirliggjandi gögnum frá Hagstofu Kanaríeyja og Ferðamálastofu Íslands.
Rannsóknir erlendis endurspegla að spænsk yfirvöld hafa reynt að leggja áherslu á að Kanaríeyjar hafi upp á meira að bjóða en eingöngu sólarlandaferðir. Jafnframt sýna erlendar rannsóknir að mörk milli þeirra sem eru ferðamenn, aðfluttir, eða
sem vinna á eyjunum eru oft óljós og flæðandi. Greining megindlegra gagna fyrir greinina sýnir að Kanaríeyjar hafa haft vaxandi mikilvægi sem áfangastaður fyrir ferðalanga frá Íslandi síðasta áratug og þá sérstaklega eyjan Tenerife. Aðdráttarafl
Kanaríeyja sem áfangastaðar virðist út frá niðurstöðum könnunarinnar fyrst og fremst vera í tengslum við veðurfar eyjanna og afþreyingu, en bent er jafnframt á að rétt eins og annarstaðar getur hreyfanleiki til eyjanna falið í sér flæðandi hópa þar sem mörk ferðamanna, aðfluttra, eða vinnandi eru ekki alltaf skýr.
Nations of bankers and brexiteers - nationalism and hidden moneyMar Wolfgang Mixa
This article examines the relationship between nationalistic mobilisations, hidden funds and undisclosed campaign contributions, commonly known as dark money. Contextualising Brexit alongside the Icelandic economic crash of 2008 shows how nationalist mobilisation and racism can secure economic and political interests for a small minority and thus create space for what Zygmunt Bauman has called ‘evasion’ or ‘slippage’ as a primary technique of power in the present. Both the build-up to Brexit and the Icelandic economic crash were characterised by a strong national-centred rhetoric of ‘us-the-nation’ versus ‘others’ that diverted attention from massive minority interests, which had access to hidden funds. The Panama Papers showed that many of the same people celebrated in Iceland as the embodied representation of the country were simultaneously moving money into tax havens. Exposés have also revealed the way that dark money secretly funded campaigns using anti-migrant racism to facilitate the Brexiteers’ longer-term interests.
Reference: Race & Class - https://journals.sagepub.com/doi/10.1177/03063968211033525
The opening of Costco in Iceland: Unexpected meanings of globalized phenomenonMar Wolfgang Mixa
The multinational retailer, Costco, opened its first store in Iceland during spring
2017. Not only was the opening greatly anticipated but following the store
opening, Costco became one of the key issues in the Icelandic media. Our
analysis focuses on Costco’s opening from insights derived from theories of
globalization of mobility, where we emphasize that discussions about Costco in
Iceland cannot be separated from the post-crash atmosphere after the massive
economic crash in 2008. Our perspective is particularly influenced by Tsing’s
(2005) emphasis on the unpredictability of global phenomena that move around
and transplant in a new context. Our analysis both contextualize Costco’s arrival
within Iceland’s historical and social context and analyzes some of the main
themes in the Icelandic media discussion during the opening. The dualistic
opposition of ‘us’ (Icelanders) against ‘them’ (foreigners), which has been quite
salient in Iceland, were largely invisible in discussions about Costco’s opening.
Costco in Iceland was quickly incorporated into a discourse as a positive force
against Icelandic corruption that started after the crash. The ‘us against them’
themes thus turned from being ‘Icelanders against foreigners’ into ‘the Icelandic
population against Iceland’s elite retail sector.
1. Vísir 23. maí. 2011 07:00<br />(Ó)verðtryggð lán<br />Már Wolfgang Mixa höfundur stundar PhD-nám við Háskólann í Reykjavík. <br />Eftir verðbólguskot í kjölfar Hruns hefur umræðan um að banna eigi verðtryggð lán verið hávær, meðal annars í nýlegri skýrslu Verðtryggingarnefndar. Þetta er undarlegt – verðtryggð lán hafa, þrátt fyrir allt, borið lægri nafnvexti en óverðtryggð lán, enda geta lánveitendur þá síður rukkað lántaka fyrir óvissuálagi sem jafnan fylgir óverðtryggðum lánum. Þetta eru niðurstöður erlendra rannsókna, auk þess sem samanburður á nafnávöxtun almennra skuldabréfalána banka og sparisjóða árin 1995-2010 gefur til kynna að óverðtryggð lán eru lántökum jafnan kostnaðarsamari.Takmörkuð áhrif stýrivaxta eru meðal ókosta verðtryggðra lána. Þetta kom berlega fram í undanfara Hruns þegar stýrivextir hækkuðu sífellt án árangurs því verðbólga hélst lág vegna sterkrar krónu og bankar fóru að lána með lægra raunvaxtaálagi eða veita lán tengd erlendum myntum. Væru lán óverðtryggð myndi greiðslubyrði hækka í takti við vaxtahækkanir og virka eins og hækkun á leiguverði, sem drægi úr þenslu. Auk þess er freistnivandi fylgifiskur verðtryggðra lánveitinga því lántakendur þurfa að glíma við verðbólguskot, ekki lánveitendur.Í stað þess að banna verðtryggð lán ætti að finna gullinn meðalveg í útlánum, þar sem framboð verðtryggðra og óverðtryggðra lána væri til staðar en dregið væri úr ókostum verðtryggðra lána. Einföld leið til að leysa vandann er að setja þak á verðtryggð lán tengt hverju veði. Sé hámarkslán af fasteignamati húsnæðis t.d. 70% en hámarkslánshlutfall fyrir verðtryggð lán einungis 50% þá þurfa þeir sem taka lán umfram 50% að fá óverðtryggt lán sem nemur í það minnsta 20% af fasteignamatinu.Þannig bera stýrivextir meiri árangur, lántökum stendur til boða verðtryggt lán að ákveðnu marki en freistnivandi lánveitanda við útlán minnkar. Framboð á óverðtryggðum og verðtryggðum lánamöguleikum er því til staðar, stýrivextir Seðlabankans virka betur við hagstjórn og vitund fólks á vaxtakostnaði tengdum mismunandi lánum verður betri.<br />Sjá: http://www.visir.is/article/2011705239993<br />