Papers and Publications

In English

“The Rise and Fall of a Financial Empire: Looking at the Banking Collapse from the Inside Out”, chapter forthcoming in spring 2016 in “Iceland’s Financial Crisis: The Politics of Blame, Protest, and Reconstruction, 2008–2015”, ed. Urfalino, Ingimundarson & Erlingsdottir, Routledge, London.

“Promoting Bank Stability through Compensation Reform: Lessons from Iceland” with James Cullen, Icelandic Review of Politics and Administration, December 2015.

The Distorted System: Lessons from Iceland not yet learned”, with Anat Admati, Q Finance, 5th Edition, October 2014.

“An Icelandic Lesson of Recovery for Cyprus”, Bracken Column, The Banker Magazine, May Issue 2013.

“Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies”, 2005, Paul Hilbers, Inci Otker-Robe, Ceyla Pazarbasiglou and Gudrun Johnsen, IMF Working Paper No. 05/151, available at SSRN:

Working papers:

“A critique on full reserve banking”, with Sheila Dow and Alberto Montagnoli, February, 2015.

“Corporate Governance, Executive Compensation and Securities Litigation”, Talley, Eric L. and Johnsen, Gudrun, Corporate Governance, Executive Compensation and Securities Litigation (Feb, 2005). USC Law School, Olin Research Paper No. 04-7; and USC CLEO Research Paper No. C04-4. Available at SSRN: or DOI: 10.2139/ssrn.536963

“Notes on Strategic Competition, Executive Compensation and Relative Performance: New Empirical Evidence”, M.A. thesis, University of Michigan, Ann Arbor 2003, available at

In Icelandic - Titles have been translated into English

“Bringing Banks to Their Knees”, Skírnir, Spring 2014, Hið Íslenska Bókmenntafélag, Reykjavik, Iceland.

“Economic Activity in Turbulence: Banks and Financial Markets”, Journal of Business & Economics, University of Iceland Press, Dec. 2010.

“Pricing of Closed End Funds in Iceland – the case of Exista” (in Icelandic: “Verðmyndun fjárfestingafélaga – Exista tekin til skoðunar”, with Hjartardottir and Palsdottir, RANNSOKNIR I FÉLAGSVISINDUM IX, University of Iceland Press, 2008.