Staff Memo: Nye registreringer
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Myndighetenes støtteordninger under koronapandemien har dempet kredittrisikoen i foretakene
(Staff Memo;3/2021, Working paper, 2021)Etter at koronapandemien brøt ut, har myndighetene innført en rekke tiltak rettet mot næringslivet. Støtten har i stor grad blitt gitt til de næringene som er hardest rammet av pandemien og smitteverntiltakene. En betydelig ... -
Langvarige konsekvenser i arbeidsmarkedet
(Staff Memo;1/2021, Working paper, 2021)Vi studerer langvarig sysselsettingskonsekvenser av dype økonomiske nedgangstider ved å utnytte den geografiske variasjonen i lokale økonomiske forhold i etterkant av oljepriskollapsen i 2014. Vi dokumenterer en negativ ... -
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 ... -
Estimates of banks' losses on loans to the corporate sector
(Staff Memo;10/2020, Working paper, 2020)Loans to non-financial enterprises are the main source of banks’ losses. Analyses of banks’ losses on corporate loans are therefore important in the assessment of financial stability. This paper presents Norges Bank’s framework ... -
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 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 ... -
Kostnadseffektiviseringen til de norske bankene kan forklares med automatisering og digitalisering
(Staff Memo;9/2020, Working paper, 2020)De norske bankene har redusert driftskostnadene betydelig de siste tiårene, både i forhold til inntektene og eiendelene. Det har gjort bankene mer robuste mot økte tap og redusert faren for kriser. I dette memoet analyserer ... -
Om gjennomslaget fra styringsrenten til bankenes renter
(Staff Memo;11/2020, Working paper, 2020)For at pengepolitikken skal virke inn på økonomien er det viktig at endringer i styringsrenten får gjennomslag til bankenes utlåns- og innskuddsrenter til foretak og husholdninger. Over tid ser vi at det er en sterk ... -
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 ... -
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 ... -
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 ... -
A macroprudential contagion stress test framework
(Staff Memo;4/2020, Working paper, 2020)We develop a macroprudential contagion stress test framework to examine how a network of Norwegian banks can amplify a shock to bank capital at the macro level. The framework looks at how fire sales of common asset holdings ... -
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 ... -
Handling structural break points in NEMO
(Staff Memo;2/2020, Working paper, 2020)This paper documents a new feature in Norges Bank’s policy model NEMO, namely the ability to handle structural break points, i.e. shifts in one or more parameter values at a specific point in time. This property is introduced ... -
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 ... -
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 ... -
The rationale for central bank liquidity insurance and liquidity regulation
(Staff Memo;3/2020, Working paper, 2020)One of the core functions of a central bank is to provide liquidity insurance, often termed the lender of last resort (LLR) function. During and after the Great Financial Crisis (GFC) in 2007-09 central banks’ role as ... -
Hvordan påvirker IFRS 9 bankenes tapsføring i dårlige tider?
(Staff Memo;9/2019, Working paper, 2019)IFRS 9 har endret tapsføringen i bankene. Under IFRS 9 skal nedskrivingene på utlån bygge på mer fremoverskuende vurderinger, slik at nedskrivinger reflekterer forventede tap. Formålet med dette memoet er å analysere hvordan ... -
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 ... -
Likviditetsindikatorer for det norske statsobligasjonsmarkedet
(Staff Memo;8/2019, Working paper, 2019)Statsgjeldsforvaltningen i Norges Bank har som mål å dekke statens lånebehov til lavest mulig kostnader. Samtidig skal forvaltningen søke å opprettholde en rentekurve opp til 10 år. Likviditeten i markedet har betydning ...