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Digitale sentralbankpenger : 3. rapport fra arbeidsgruppen
Get PDFDigitale sentralbankpenger (DSP) er allment tilgjengelige elektroniske penger utstedt av sentralbanken i den offisielle pengeenheten. DSP kan ta flere former og ha forskjellige egenskaper, avhengig av formål. En arbeidsgruppe i Norges Bank har gjennomført en fase tre av en utredning om DSP. Arbeidet bygger på rapportene fra første fase (Norges Bank Memo 1/2018) og andre fase (Norges Bank Memo 2/2019). I 2020 utga arbeidsgruppen også en statusrapport (Norges Bank Memo 2/2020).publishedVersio
Management of the Government Pension Fund Global
Get PDFIntroductory statement by Governor Øystein Olsen at the hearing before the Standing Committee on Finance and Economic Affairs of the Storting on 3 May.publishedVersio
Estimating firms’ bank-switching costs
Get PDFWe explore Lithuanian credit register data and two bank closures to provide a novel estimate of firms’ bank-switching costs and a novel identification of the hold-up problem. We show that when a distressed bank’s closure forced firms to switch, these firms started borrowing at lower interest rates immediately and permanently. This suggests that firms were held up and overcharged exante, and reveals the lower bound of their ex-ante switching costs. Opaquer firms were overcharged more, which suggests that information asymmetries significantly contribute to switching costs. In line with banks’ reputational concerns, a healthy bank’s closure revealed no overcharging. To policy-makers, our results suggest potential benefits of distressed banks’ closures.publishedVersio
The Inflation Rate Disconnect Puzzle: On the International Component of Trend Inflation and the Flattening of the Phillips Curve
Get PDFSince 2000 U.S. inflation has remained both below target and silent to domestic slack and monetary interventions. A trend-cycle BVAR decomposition explores the role of imported intermediate goods in explaining the puzzling behaviour of inflation. The trend analysis shows that, starting from the `90s, despite very well-anchored expectations, slow-moving imported "cost-push" factors induced deflationary pressure keeping trend inflation below target. The cycle block provides evidence in favour of a flattening of the Phillips curve, mainly attributable to a weaker wage pass-through. The business cycle behaviour of inflation is determined by a shock originating abroad, which indeed generates the main bulk of volatility in the international prices of intermediate goods and is poorly connected to the domestic slack.publishedVersio
Peer Monitoring vs. Search Costs in the Interbank Market: Evidence from Payment Flow Data in Norway
Get PDFBilateral payment flows between banks may provide private information about a borrowing bank’s liquidity position. This paper analyses whether private information on the bilateral payment flow of central bank reserves foster peer monitoring or whether the information is used to reduce search costs in the unsecured interbank market. In the former, banks with outflows of liquidity are penalized by their counterparties, while in the latter, these banks benefit through reduced search costs to find a liquidity provider. I use data from Norges Bank’s real time gross settlement system over the period 2012 to 2015 to identify unsecured overnight interbank loans and payment flows. The results suggest that banks are using private information from payment flows to reduce search costs and not for peer monitoring. This has important implications for regulators’ assessment of the pros and cons of a centralized versus a decentralized interbank market.publishedVersio
Kunderetta betalingsformidling 2020
Get PDFPandemiutbrotet som starta våren 2020, har påverka betalingsmåtane, og dette er godt synleg i statistikken. Talet på kortbetalingar på fysiske brukarstader fall frå 2019 til 2020. Samstundes auka den gjennomsnittlege storleiken på betalingane noko. Dei fleste kortbetalingane i fysiske betalingsterminalar, om lag to av tre, vart gjorde kontaktlaust. Mindre reising førte til at talet på betalingar med norske kort på fysiske brukarstader i utlandet gjekk markert ned. Bruken av kontantar på utsalsstader vart redusert, og uttak av kontantar frå minibankar og i samband med varekjøp fall svært mykje. Bankane har etablert ei ny teneste for uttak og innskot av kontantar i daglegvarebutikkar. Tal for uttak både gjennom denne tenesta, «Kontanttenester i butikk», og for uttak av kontantar over skranke i bankfilialar er frå i år samla inn og omtalt i statistikken. Den sterke veksten i netthandelen med kort heldt fram også i 2020. Ein del av netthandelen vert betalt på andre måtar enn med kort. Ifølgje ei spørjeundersøking gjennomført av Noregs Bank, vert ein av fire handlar på nett i første omgang betalt med faktura. Dersom fakturaen vert gjort opp med kort, vil også slike handlar verte registrerte som netthandel i statistikken. Ved overføringar mellom privatpersonar er bruken av mobiltelefon no den klart mest nytta betalingsmåten. Heile fire av fem slike betalingar vert gjorde med mobilen, først og fremst som venebetalingar gjennom betalingsløysinga Vipps. Dei fleste slike betalingar skjer som straksbetalingar direkte frå konto til konto, der mottakaren kan disponere midlane eit par sekund etter at betalinga har vorte send.publishedVersio
Financial Infrastructure Report 2021
Get PDFIn its annual Financial Infrastructure Report, Norges Bank discusses developments, vulnerabilities and risks in the financial infrastructure. The Report is a part of Norges Bank’s work to promote financial stability and an efficient financial infrastructure.publishedVersio
How does monetary policy affect household indebtedness?
Get PDFHouseholds’ debt-to-income ratios change due to (a) primary deficits or (b) "Fisher effects" from interest costs, income growth, and inflation. With Norwegian micro data, we estimate how monetary policy affects household indebtedness by debt levels. In response to interest rate hikes, channel (a) pulls debt-to-income ratios down while channel (b) pushes debt-to-income ratios up. Channel (a) dominates even among highly indebted households where Fisher effects are forceful. However, among indebted households with high unemployment risk, we find no discernible effect on debt-to-income ratios, indicating that monetary policy has limited potential to contain debt where the largest risks are concentrated.publishedVersio
