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Finansiell infrastruktur 2019
Get PDFI den årlige rapporten Finansiell infrastruktur drøfter Norges Bank utviklingstrekk, sårbarhet og risiko i den finansielle infrastrukturen. Rapporten er en del av Norges Banks arbeid med å fremme finansiell stabilitet og å bidra til en effektiv finansiell infrastruktur. Effektivitet innebærer at betalinger kan gjennomføres raskt, sikkert, til lave kostnader og tilpasset brukernes behov.publishedVersio
Financial Infrastructure Report 2019
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. An efficient financial infrastructure carries out payment transactions swiftly, safely, at low cost and tailored to users’ needs.publishedVersio
Land- og industrifaktorer i det globale aksjemarkedet
No full textWe examine the importance of country and industry effects in global equity returns, and explore the implications for portfolio diversification.publishedVersio
Likviditet og finansiering av banker under krisehåndtering
Get PDFForedrag av Torbjørn Hægeland, direktør for finansiell stabilitet i Norges Bank, på Finans Norges fagseminar om krisehåndteringsregelverk 12. september 2019.publishedVersio
Pengepolitikkens verktøykasse
Get PDFForedrag av sentralbanksjef Øystein Olsen på et seminar i regi av Senter for monetær økonomi (CME)/Handelshøyskolen BI, 8. oktober 2019.publishedVersio
A framework for advice on the countercyclical capital buffer
Get PDFThe countercyclical capital buffer is a time-varying capital requirement for banks and one of the macroprudential instruments in Norway. The Ministry of Finance sets the buffer rate. Norges Bank is responsible for preparing a decision basis and advising the Ministry of Finance on the level of the buffer every quarter. The aim of this paper is to provide an updated, detailed description of the principles and information basis for Norges Bank’s advice on the countercyclical capital buffer. Compared with a similar paper from 2013 (Norges Bank Papers 1/2013), this updated paper contains a more elaborate description of the most important elements of the assessments on which a recommendation is based, both when the buffer is to be built up and when it is to be reduced.publishedVersio
Does Publication of Interest Rate Paths Provide Guidance?
Get PDFDoes the central bank practice of publishing interest rate projections (IRPs) improve how market participants map new information into future interest rates? Using high-frequent data on Forward Rate Agreements (FRAs) we compute market forecast errors; differences between expected future interest rates and ex post realizations. We assess their change in narrow windows around monetary policy announcements and macroeconomic releases in Norway and Sweden. Overall, communication of future policy plans do not improve markets’ response to information, irrespective of whether or not IRPs are in place. A decomposition of market reactions into responses to the current monetary policy action (“target”) and responses to signals about the future (“path”), reveals that only policy actions lead to improvements in market forecasts.publishedVersio
How to assess the systemic risk buffer for banks
Get PDFSince 2013, Norwegian banks have been required to hold a systemic risk buffer (SyRB) of 3 percent. The reason for the buffer is to address structural vulnerabilities in the economy and the financial system. The Ministry of Finance has proposed an increase in the buffer requirement to 4.5 percent. A framework for the use of the buffer has not been established in Norway or the EU. The countries that have introduced the buffer have used different indicators and cited different reasons. In this paper, we assess indicators and a possible framework for the systemic risk buffer in Norway. We find that a number of structural features of the banking sector indicate that systemic risk is high in Norway, and there are many indications that structural systemic risks have risen in recent years.publishedVersio
Climate change, climate risks and Norges Bank
Get PDFSpeech by Deputy Governor Egil Matsen, delivered at Norges Bank on 8 November 2019.publishedVersio