Browsing Staff Memo by Subject "VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212"
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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 ... -
A Heatmap for Monitoring Systemic Risk in Norway
(Staff Memo;10/2017, Working paper, 2017)We develop a tool to monitor systemic risk in Norway’s financial system. In particular, we construct 39 indicators capturing a wide range of financial vulnerabilities and organise them under three broad classes of ... -
A Macroprudential Stress Testing Framework
(Staff Memo;1/2019, Working paper, 2019)We present a macroprudential stress testing framework. While traditional stress testing assesses the level of banks’ capital adequacy relative to regulatory requirements through a hypothetical crisis, macroprudential stress ... -
Anslag på bankenes tap på utlån til ikke-finansielle foretak
(Staff Memo;10/2020, Working paper, 2020)Lån til ikke-finansielle foretak er den største kilden til tap i bankene. Analyser av bankenes utlånstap til foretak er derfor viktig i vurderingen av finansiell stabilitet. I dette memoet presenterer vi Norges Banks ... -
Bank Lending to the Commercial Real Estate Sector - a Source of Systemic Risk?
(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 ... -
Banks’ wholesale funding share as an indicator of financial vulnerability
(Staff Memo;7/2020, Working paper, 2020)A review of theoretical links between the wholesale (or market) funding share of banks (WFS) and financial vulnerability is provided. The vulnerability may both be within the financial system, and in the non-financial ... -
Betalingsevne og boligkjøpekraft blant husholdninger som ikke eier bolig
(Staff Memo;9/2023, Working paper, 2023)Husholdninger som ikke eier egen bolig, utgjør om lag en fjerdedel av alle husholdningene. De holder bare 7 prosent av husholdningenes gjeld, men mye av dette er gjeld uten sikkerhet. Vi finner at denne gruppen har lite ... -
Boligmarkedet i pandemiåret 2020
(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 ... -
Bond market fire sales and turbulence in the Norwegian FX market in March 2020
(Staff Memo;2/2021, Working paper, 2021)The world witnessed a meltdown in financial markets in March 2020 as the Covid-19 pandemic hit the global economy. In this memo we document how the turbulence affected Norwegian financial markets. We describe possible ... -
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 cost efficiency improvement of Norwegian banks can be explained by automation and digitalisation
(Staff Memo;9/2020, Working paper, 2020)Operating costs in the Norwegian banking sector have been reduced considerably in recent decades, both as a share of income and assets. This has increased banks’ resilience to increased losses and reduced the risk of crises. ... -
The countercyclical capital buffer: A cross-country overview of policy frameworks
(Staff Memo;6/2020, Working paper, 2020)The countercyclical capital buffer (CCyB) is a relatively new macroprudential tool, but the number of countries that have set a positive buffer level increased significantly over recent years. Furthermore, during the ... -
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 ... -
Den nøytrale realrenten: Et oppdatert syn på r*
(Staff Memo;7/2022, Working paper, 2022)Den nøytrale realrenten (r*) er en sentral størrelse for å kunne vurdere stramheten i pengepolitikken. Den nøytrale realrenten har etter alt å dømme falt betydelig de siste tre tiårene, drevet av avtakende produktivitetsvekst, ... -
Det norske pengemarkedet :
(Staff Memo;4/2022, Working paper, 2022)Dette memoet beskriver de viktigste delene av det norske pengemarkedet. Siden 2019 har banker med konto i Norges Bank rapportert sine transaksjoner i pengemarkedet til Norges Banks pengemarkedsrapportering (RPD). Memoet ... -
Distributional effects of monetary policy in Norway
(Staff Memo;4/2021, Working paper, 2021)We quantify the short-term effects of both non-systematic and systematic monetary policy on the income and wealth distribution in Norway, and measure the relative importance of the various channels. An expansionary monetary ... -
The downs and ups of mark-ups
(Staff Memo;2/2023, Working paper, 2023)Based on sectoral National accounts data and estimates of the implicit rental rate of capital, we calculate price mark-ups for 42 Norwegian industries for the period 1980-2019. The results indicate a broad-based increase ... -
Effects of the IRB approach on bank lending to Norwegian enterprises
(Staff Memo;1/2020, Working paper, 2020)This paper analyses how the introduction of the IRB approach may have affected banks' lending to enterprises, lending margins and portfolio quality in Norway. Our results show that the IRB banks' lending margins decreased ... -
Effects of the new standardised approach and the new output floor for IRB banks
(Staff Memo;8/2023, Working paper, 2023)The EU plans to revise the capital adequacy rules for banks in 2025. Regulatory amendments will be introduced in Norway through the EEA Agreement. Our results show that the regulatory amendments can significantly reduce ... -
Effekter av IRB-metoden på bankenes utlån til norske foretak
(Staff Memo;1/2020, Working paper, 2020)I dette memoet analyserer vi hvordan innføringen av IRB-metoden kan ha påvirket bankenes utlån til foretak, utlånsmarginer og porteføljekvalitet i Norge. Våre resultater viser at IRB-bankene reduserte utlånsmarginene ...