Blar i Norges Banks vitenarkiv på emneord "financial stability"
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A Composite Indicator of Systemic Stress (CISS) for Norway – a Reference Indicator for the Reduction of the Countercyclical Capital Buffer
(Staff Memo;4/2015, Working paper, 2015)This paper constructs a Composite Indicator of Systemic Stress (CISS) for Norway using a portfolio-theoretic framework as in Holló, Kremer and Lo Duca (2012) to facilitate real-time monitoring of the short-term development ... -
An historical perspective on financial stability and monetary policy regimes : A case for caution in central banks current obsession with financial stability
(Working papers;5/2018, Working paper, 2018)The global financial crisis (GFC) of 2007-2008 led to a call for central banks to elevate their financial stability mandate to the same level as their price stability mandate. It also led to a call for central banks to use ... -
The commercial real estate market - no longer a “black box”
(Staff Memo;6/2022, Working paper, 2022)Norwegian banks’ exposure to commercial real estate (CRE) is substantial. Historically, banks in Norway and in other countries have incurred considerable losses on loans to this sector during financial crises. Publicly ... -
The demand for safe liquid assets and the implications of issuing a Central Bank Digital Currency for bank funding instruments
(Staff Memo;8/2020, Working paper, 2020)The pros and cons of issuing a Central Bank Digital Currency (CBDC) is currently debated by Norges Bank and other central banks. A CBDC would grant access to the central bank balance sheet to a broader set of economic ... -
Evaluation of Macroeconomic Models for Financial Stability Analysis
(Working Papers;1/2006, Working paper, 2006)As financial stability has gained focus in economic policymaking, the demand for analyses of financial stability and the consequences of economic policy has increased. Alternative macroeconomic models are available for ... -
Financial imbalances and medium-term growth-at-risk in Norway
(Staff Memo;5/2020, Working paper, 2020)We examine how measures of financial imbalances affect macroeconomic tail risks over the medium-term in Norway and in other advanced economies. We use a broad set of financial indicators to capture cyclical systemic risk ... -
Flexible Inflation Targeting and Financial Stability: Is It Enough to Stabilise Inflation and Output?
(Working Papers;7/2006, Working paper, 2006)We investigate empirically whether a central bank can promote financial stability by stabilizing inflation and output, and whether additional stabilization of asset prices and credit growth would enhance financial stability ... -
Government support schemes during the Covid-19 pandemic have had a dampening effect on corporate credit risk
(Staff Memo;3/2021, Working paper, 2021)After the Covid-19 pandemic broke out, the authorities have introduced a number of measures aimed at the business sector. Support has largely been given to the sectors hardest hit by the pandemic and measures to contain ... -
The housing Phillips curve and momentum in the Norwegian housing market
(Staff Memo;10/2023, Working paper, 2023)This paper provides descriptive evidence for a housing Phillips curve in Norway, suggesting a negative relationship between the ratio of inventory-to-sales and subsequent house price growth in the market for existing homes. ... -
Leaning Against the Wind When Credit Bites Back
(Working Papers;9/2016, Working paper, 2016)This paper analyzes the cost-benefit trade-off of leaning against the wind (LAW) in monetary policy. Our starting point is a New Keynesian Markov-switching model where the economy can be in a normal state or in a crisis ... -
Location, location, location! - A quality-adjusted rent index for the Oslo office market
(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 ... -
Pursuing Financial Stability Under an Inflation-Targeting Regime
(Working Papers;8/2006, Working paper, 2006)We evaluate two main views on pursuing financial stability within a flexible inflation-targeting regime. It appears that potential gains from an activist or precautionary approach to promoting financial stability are highly ... -
Risk-based pricing in competitive lending markets
(Working paper;19/2021, Working paper, 2021)We use unique data on banks' private risk assessments of corporate borrowers to quantify how competition among banks affect the risk sensitivity of interest rates in the Norwegian credit market. We show that an increase ... -
The Risk-Taking Channel of Monetary Policy in Norway
(Working Papers;5/2016, Working paper, 2016)We identify the effects of monetary policy on credit risk-taking using a unique dataset covering the population of corporate borrowers in Norway. We find that a lower benchmark interest rate (interbank rates or overnight ... -
What Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Present
(Working Papers;15/2011, Working paper, 2011)The ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the ... -
What drives office rents?
(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 ... -
What Factors Influence Firms’ Investment Decisions?
(Economic Commentaries;10/2017, Others, 2017)Business investment in mainland Norway has been relatively weak since the financial crisis, even though the key policy rate has been reduced to a historically low level. Through its Regional Network, Norges Bank has ...