• A Suite-Of-Models Approach to Stress-Testing Financial Stability 

      Andersen, Henrik; Berge, Tor Oddvar; Bernhardsen, Eivind; Lindquist, Kjersti-Gro; Vatne, Bjørn Helge (Staff Memo;2/2008, Working paper, 2008)
      This paper presents a suite of models developed to stress-test financial stability. A macro model is linked to micro data-based models for households, firms and banks. The macro model includes credit- and consumer ...
    • Are Household Debt-To-Income Ratios Too High? 

      Berge, Tor Oddvar; Vatne, Bjørn Helge (Economic Commentaries;4/2009, Others, 2009)
      Household debt growth has been high over the past 8‐9 years and it has been far higher than growth in disposable income. As a result, the household interest burden has risen sharply and is now at a historically high level ...
    • 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 ...
    • Bolig og gjeld 

      Vatne, Bjørn Helge (Aktuell Kommentar;9/2009, Others, 2009)
      Lån med pant i bolig utgjør mer enn halvparten av bankenes samlede utlån. Det er derfor viktig å forstå risikoforholdene knyttet til boliggjeld i analyser av finansiell stabilitet. To forhold er av særlig interesse; ...
    • Boligmarkedet i pandemiåret 2020 

      Lindquist, Kjersti-Gro; Mæhlum, Sverre; Vatne, Bjørn Helge; Wold, Ella Getz (Staff Memo;6/2021, Working paper, 2021)
      Til tross for pandemien var boligprisveksten høy gjennom store deler av 2020. Lavere utlånsrenter, endringer i boligpreferanser og begrenset tilbud av nye boliger har bidratt til økt prispress, især i Oslo. Våre analyser ...
    • Decomposing Debt Growth 

      Dahl, Geir Arne; Vatne, Bjørn Helge (Economic Commentaries;12/2012, Others, 2012)
      High debt growth can increase the risk of instability in the financial system. In monitoring financial stability it is therefore important to closely monitor debt accumulation. Norges Bank uses Statistics Norway’s credit ...
    • Decomposition of the Increase in Household Debt 

      Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Economic Commentaries;6/2017, Others, 2017)
      Average debt among Norwegian households has increased substantially over time. A decomposition analysis shows that debt growth to a great extent reflects higher incomes and higher house values. For homeowners, debt growth ...
    • Dekomponering av gjeldsveksten 

      Dahl, Geir Arne; Vatne, Bjørn Helge (Aktuell Kommentar;12/2012, Others, 2012)
      Sterk vekst i gjeld kan øke risikoen for ustabilitet i det finansielle systemet. I overvåkingen av den finansielle stabiliteten er det derfor viktig å følge gjeldsveksten nøye. Norges Bank benytter Statistisk sentralbyrås ...
    • Dekomponering av økningen i husholdningenes gjeld 

      Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Aktuell Kommentar;6/2017, Others, 2017)
      Gjennomsnittsgjelden blant norske husholdninger har økt betydelig over tid. En dekomponering av gjeldsveksten viser at dette i stor grad gjenspeiler økt inntekt og økte boligverdier. For boligeiere har gjeldsveksten også ...
    • Distribution of Household Debt Burden Across Age Groups 

      Solheim, Haakon; Vatne, Bjørn Helge (Economic Commentaries;2/2011, Others, 2011)
      Over the past twenty years, the distribution of debt and wealth has changed across age groups. Older households have more debt than previously, while at the same time holding a greater share of total wealth. Even though ...
    • Evidence of a Change in Banks’ Lending Practices After the Financial Crisis 

      Solheim, Haakon; Vatne, Bjørn Helge (Economic Commentaries;3/2014, Others, 2014)
      We analyse the behaviour of Norwegian households using tax return data that covers debt, income, financial assets and housing wealth. In the period from 2004 to 2008 borrowing in Norwegian households increased significantly. ...
    • Further Analysis of the Stress Test of Banks’ Capital Adequacy in Financial Stability 2/2010 

      Havro, Gøril Bjerkhol; Træe, Cathrine Bolstad; Vatne, Bjørn Helge (Journal article, 2011)
      Economic Bulletin includes more detailed information about the stress tests that are presented in the report series Financial Stability. In the tests, banks’ accounts are projected over a four-year period. In this analysis, ...
    • Har husholdningene for høy gjeld i forhold til inntekten? 

      Berge, Tor Oddvar; Vatne, Bjørn Helge (Aktuell Kommentar;4/2009, Others, 2009)
      Husholdningene har i løpet av de siste 8‐9 årene hatt en høy gjeldsvekst. I denne perioden har gjeldsveksten vært langt høyere enn veksten i disponibel inntekt. Dette har medført en kraftig økning i husholdningenes ...
    • High Debt in Norwegian Households and the Risk of a Substantial Cutback in Consumption 

      Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Staff Memo;19/2016, Working paper, 2016)
      On average, Norwegian households are highly indebted and their wealth is concentrated in housing. Changes in income, interest rates or house prices may cause significant adjustments in saving and consumption. This paper ...
    • Household Debt and Links to the Housing Market - Consequences for Financial Stability 

      Lindquist, Kjersti-Gro; Solheim, Haakon; Vatne, Bjørn Helge (Economic Commentaries;7/2017, Others, 2017)
      Household debt in Norway has risen faster than income for a long period. The debt level is high both historically and compared with other countries and is considered to be the most important source of vulnerability in the ...
    • Housing and Debt 

      Vatne, Bjørn Helge (Economic Commentaries;9/2009, Others, 2009)
      Residential mortgage loans account for more than half of banks’ total lending. It is therefore important to understand the risk factors related to housing debt when analysing financial stability. Two factors are of particular ...
    • How Do Banks’ Funding Costs Affect Interest Margins? 

      Raknerud, Arvid; Vatne, Bjørn Helge; Rakkestad, Ketil Johan (Working Papers;9/2011, Working paper, 2011)
      We use a dynamic factor model and a detailed panel data set with quarterly accounts data on all Norwegian banks to study the effects of banks’ funding costs on their retail rates. Banks’ funds are categorized into two ...
    • How Do Households Finance Real Estate Purchases? 

      Solheim, Haakon; Vatne, Bjørn Helge (Economic Commentaries;2/2018, Others, 2018)
      Norwegian households' high debt levels have long been cited as a financial stability risk (see e.g. Norges Bank's Financial Stability Report). Household borrowing is closely associated with the financing of home purchases, ...
    • How Large Are the Financial Margins of Norwegian Households? an Analysis of Micro Data for the Period 1987–2004 

      Vatne, Bjørn Helge (Journal article, 2006)
      In this article, financial margins in Norwegian households are calculated using micro data for the period 1987 – 2004. Financial margins are defined as household liquid assets after borrowing costs and ordinary living ...