Blar i Arbeidsnotater / Working Papers på emneord "financial crisis"
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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 ... -
Bagehot for Beginners: The Making of Lending of Last Resort Operations in the Mid-19th Century
(Working Papers;22/2009, Working paper, 2009)In this paper we survey the development of lending of last resort operations in the mid-19th century. We identify and document critical dimensions of the extension of lending of last resort functions, and also develop ... -
Downward nominal house price rigidity: Evidence from three centuries of data on housing transactions
(Working paper;1/2023, Working paper, 2023)By analyzing housing data from the period 1850 to 2019 in Norway, we find evidence of downward nominal house price rigidity. More specifically, we document that there is a marked fraction of repeat-sales housing transactions ... -
Financial Crises and Monetary Expansion
(Working Papers;21/2011, Working paper, 2011)On the basis of data from the Historical Monetary Statistics-project by Norges Bank, the present paper serves a threefold purpose. In the first place it gives an overview of financial crisis in Norway from her independence ... -
Financial Imbalances, Crisis Probability and Monetary Policy in Norway
(Working Papers;21/2017, Working paper, 2017)We assess the strength of the impact of a monetary policy shock on financial crisis probability in Norway. Policy effects go via the interest rate impact on credit, house prices and banks’ wholesale funding. We find that ... -
Nonlinear transmission of financial shocks: Some new evidence
(Working paper;3/2022, Working paper, 2022)Financial shocks generate a protracted and quantitatively important effect on real economic activity and financial markets only if the shocks are both negative and large. Otherwise, their role is quite modest. Financial ... -
The Flows of the Pacific: Asian Foreign Exchange Markets Through Tranquility and Turbulence
(Working Papers;1/2012, Working paper, 2012)Using the longest data set on FX order flow to date, along with the broadest coverage of currencies to date, we examine the effect of FX order flow on exchange rates across small and large currencies, currencies with ... -
The Information Content of Market Liquidity: An Empirical Analysis of Liquidity at the Oslo Stock Exchange?
(Working Papers;26/2009, Working paper, 2009)We investigate the information content of aggregate stock market liquidity and ask whether it may be a useful realtime indicator, both for financial stress, and real economic activity in Norway. We describe the development ... -
Where It All Began: Lending of Last Resort and the Bank of England During the Overend-Gurney Panic of 1866
(Working Papers;3/2011, Working paper, 2011)The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain’s lead in the market for ... -
Why Do Banking Crises Occur? the American Subprime Crisis Compared with the Norwegian Banking Crisis 1987-92
(Working Papers;3/2012, Working paper, 2012)This paper analyses the causes of banking crises by the way of a historical comparative case study. Moreover, the analysis draws on theories elaborated by the economist Hyman Minsky. The evidence presented suggests that ...