• Bank Lending to the Commercial Real Estate Sector - a Source of Systemic Risk? 

      Hagen, Marius; Hjelseth, Ida Nervik; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;11/2018, Working paper, 2018)
      Banks' commercial real estate loans account for almost half of banks' total loans to non-financial enterprises. Losses on these loans are normally low in good times, but they have proved to be one of the largest sources ...
    • Bankenes utlån til næringseiendom – en kilde til systemrisiko? 

      Hagen, Marius; Hjelseth, Ida Nervik; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;11/2018, Working paper, 2018)
      Utlån til næringseiendom utgjør nesten halvparten av bankenes utlån til ikke- finansielle foretak. Disse lånene har normalt lave tap i gode tider, men har vist seg som en av de største kildene til tap i bankene under ...
    • Commercial Real Estate in Norway 

      Hagen, Marius (Economic Commentaries;6/2016, Others, 2016)
      Norwegian banks' corporate loan exposure is highest in the commercial real estate market. Over the past 40 years, lending to the commercial real estate sector has played an important role in causing bank losses. Commercial ...
    • Driving Forces Behind European Commercial Real Estate Prices Prior to a Sharp Fall in Prices 

      Hagen, Marius; Hansen, Frank (Staff Memo;1/2018, Working paper, 2018)
      What factors have driven commercial real estate (CRE) prices upwards prior to a sharp fall in prices? We study this question by identifying turning points in CRE for a dataset covering the prime office segment in 58 cities ...
    • En forbedret sammensatt systemisk stressindikator (CISS) for Norge 

      Hagen, Marius; Pettersen, Per Marius (Staff Memo;3/2019, Working paper, 2019)
      Norges Banks råd om motsyklisk kapitalbuffer baseres på et bredt sett av kvalitativ og kvantitativ informasjon. Det europeiske systemrisikorådet trekker frem at utviklingen i en generell indikator for systemisk stress i ...
    • Location, location, location! - A quality-adjusted rent index for the Oslo office market 

      Anundsen, André K.; Hagen, Marius (Working Paper;2/2020, Working paper, 2020)
      In this paper, we construct a quality-adjusted rent index for the office market in Oslo. Commonly used rent indices are based on average developments or expert opinions. Such indices often suffer from compositional biases ...
    • Næringseiendom i Norge 

      Hagen, Marius (Aktuell Kommentar;6/2016, Others, 2016)
      Næringseiendom er den enkeltnæringen norske banker har mest utlån til. Gjennom de siste 40 årene har utlån til næringseiendom vært en viktig årsak til tap for bankene. Priser på næringseiendom svinger med konjunkturene. ...
    • Sterk vekst i forbrukslån 

      Hagen, Marius; Turtveit, Lars-Tore; Vatne, Bjørn Helge (Aktuell Kommentar;1/2017, Others, 2017)
      Forbrukslån har vokst raskt de siste årene. Forbrukslån står for en liten andel av husholdningenes totale lån, men en stor andel av utlånstapene til husholdningssektoren. Ligningstall tyder på at mye av forbrukslånene ...
    • Strong Growth in Consumer Credit 

      Hagen, Marius; Turtveit, Lars-Tore (Economic Commentaries;1/2017, Others, 2017)
      Consumer credit has grown rapidly in recent years. While consumer credit accounts for a small share of total household debt, it represents a substantial portion of household sector credit losses. Tax assessment data indicate ...
    • What drives office rents? 

      Bjørland, Christian; Hagen, Marius (Staff Memo;12/2019, Working paper, 2019)
      Banks have substantial exposures to commercial real estate (CRE). Rental prices are important for CRE companies’ debt-service capacity, which in turn affects the risk of future bank losses. In this paper, we estimate error ...