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Pengepolitisk rapport med vurdering av finansiell stabilitet 4/21
Get PDFPengepolitisk rapport med vurdering av finansiell stabilitet blir lagt frem fire ganger i året, i mars, juni, september og desember. Rapporten vurderer utsiktene for renten og danner beslutningsgrunnlaget for fastsettelse av nivået på motsyklisk kapitalbuffer. Rapporten inneholder anslag for utviklingen i norsk og internasjonal økonomi.publishedVersio
Eierskap og klimarisiko i SPU - om virkemidlene for å håndtere klimarisiko i SPU
Get PDFTale ved visesentralbanksjef Øystein Børsum, 21. desember 2021.publishedVersio
Håndtering av klimarelaterte risikoer og muligheter for en finansiell investor
No full textClimate change poses a financial risk to investors. Understanding when, where and how the effects of climate change will materialise is an important but complex exercise. Although the timing and magnitude of the consequences of climate change are uncertain, investors can address climate change risks and opportunities through their investment and ownership decisions. Norges Bank Investment Management (NBIM) initiated its climate ownership work in 2006 and published its first expectations on how companies should address climate change in 2009, making us an early mover among investors. We work to improve longterm returns and manage climate-related risks. The three pillars of our responsible investment strategy provide the foundation for this work: i) establishing principles; ii) exercising ownership; and iii) investing sustainably. This paper provides an asset manager’s perspective on how climate change risks and opportunities can be addressed in investment portfolios. First, we outline the financial risks stemming from climate change, regulatory responses addressing climate risks and emerging exposure assessment methods. Next, we provide an overview of strategies and tools used by institutional investors. Finally, we describe NBIM’s approach to and experience of using these tools.publishedVersio
Selskapers bærekraftrapportering
No full textCompanies’ activities have an impact on the world around them in ways that may not be priced into their market value. Their operations may in turn be affected by changes in their surroundings, either physical or social. How companies manage their use of natural and social resources can have a bearing on their ability to create value. As a long-term, global investor, we benefit from information on companies’ exposure to sustainability risks, how these are managed, and relevant performance metrics. Corporate sustainability reporting is growing, but needs further standardisation to ensure relevance and comparability. A good next step would be reporting requirements based on a core set of globally accepted, financially material and standardised sustainability metrics. Over time, a coherent standard responding to the needs of both investors and other stakeholders is needed. Sustainability disclosures should be subjected to similar internal governance procedures as financial disclosures, with a final sign-off from the board. As a starting point, companies can look to the industry-specific standards developed by SASB, and base broader social and environmental disclosures on the GRI Standards. Our public expectations of companies on selected sustainability topics provide further guidance.publishedVersio
Financial Infrastructure Report 2020
Get PDFIn its annual Financial Infrastructure Report, Norges Bank discusses developments, vulnerabilities and risks in the financial infrastructure. The Report is part of Norges Bank’s work to promote financial stability and an efficient financial infrastructure.publishedVersio
Banks’ wholesale funding share as an indicator of financial vulnerability
Get PDFA 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 sector. The historical development of the WFS in Norway is described. In light of theory and history, we provide an intuitive interpretation of why the WFS works well as an indicator of excessive credit growth in the non-financial sector and as a predictor of financial crises. We argue that other indicators, such as net aggregate household savings and households’ net financial investments, may have more intuitive links to excessive gross credit growth. These indicators predict the WFS in Norway.publishedVersio
Estimating hysteresis effects
Get PDFIn this paper we extend the standard Blanchard-Quah decomposition to enable fluctuations in aggregate demand to have a long-run impact on the productive capacity of the economy through hysteresis effects. These demand shocks are found to be quantitatively important in the US, in particular if the Great Recession is included in the sample. Demand-driven recessions lead to a permanent decline in employment while output per worker is largely unaffected. The negative impact of a permanent decline in investment (including R&D investment) on productivity is compensated by the fact that the least productive workers are disproportionately hit by the shock and exit the labor force.publishedVersio
Multiple credit constraints and timevarying macroeconomic dynamics
Get PDFI explore the macroeconomic implications of borrowers facing both loan-to-value (LTV) and debt-service-to-income (DTI) limits, using an estimated DSGE model. I identify when each constraint dominated over the period 1984-2019: LTV constraints dominate in contractions, when house prices are relatively low – and DTI constraints dominate in expansions, when interest rates are relatively high. I also find that DTI standards were relaxed during the mid-2000s’ boom, and that lower DTI limits or higher interest rates, but not lower LTV limits, would have prevented the boom. Finally, county panel data attest to multiple credit constraints as a source of nonlinear dynamics.publishedVersio
Management of the Government Pension Fund Global
Get PDFIntroductory statement by CEO Nicolai Tangen before the Standing Committee on Finance and Economic Affairs of the Storting on 30 October 2020.publishedVersio