1,720,985 research outputs found
Norges Bank's Role in the Event of Liquidity Crises in the Financial Sector
Get PDFCentral banks have traditionally had a role as lender of last resort (LLR). This means that the central bank can supply extraordinary liquidity to an individual bank or the banking system when demand for liquidity cannot be met from other sources. This role has changed over time for Norges Bank. In the course of the past 30 years, the stance on extending loans on special terms (S-loans) to banks has become more restrictive. This is partly attributable to the liberalisation of credit markets and increased opportunities for banks to raise funds in the market. Following the banking crisis, Norges Bank’s attitude to providing extraordinary liquidity for the individual bank has remained unchanged. The Executive Board’s most recent review of the Bank’s role as LLR, in March 2004, confirms that extraordinary provision of liquidity should be reserved for situations in which financial stability may be threatened without such support. The review also clarified the Bank's reaction to different types of liquidity problems and its criteria for granting S-loans
The Neutral Real Interest Rate
Get PDFThe concept “neutral real interest rate” is generally associated with the real interest rate level, which implies that monetary policy is neither expansionary nor contractionary. We define the neutral real interest rate as the real interest rate level which in the medium term is consistent with a closed output gap. We consider in more detail how the neutral real interest rate in a small, open economy is influenced by global conditions. The neutral real interest rate cannot be observed, and estimates are uncertain. Different methods for estimating the neutral real interest rate are presented in this article. An overall assessment implies that it will normally lie in the range of about 2½–3½ per cent in Norway. In recent years, with low real interest rates globally, we cannot exclude the possibility that the neutral real interest rate in Norway may be even lower. The neutral real interest rate has probably been falling since the 1980s and early 1990s, partly as a result of lower inflation risk premia
On the Purpose of Models - the Norges Bank Experience
Get PDFMacroeconomic models are important ingredients in the monetary policy process, and, in the Norwegian case, projecting a forward interest rate path. In this paper we argue that when deciding on a model strategy, it is crucial to consider the purpose of models. If the purpose is to understand basic mechanisms in the economy and implications of economic policy, we need a set of models that highlight these features. If the purpose is to forecast short-term developments, a different set of models may be required. Given the complexity of the real world, we argue that it is better to provide the policymakers with a good characterization of uncertainty instead of only providing point forecasts, i.e. it is better to be "roughly right" than "exactly wrong". A robust strategy for handling uncertainty should be an inherent part of the preferred system of models
Den nøytrale realrenten
Get PDFBegrepet «nøytral realrente» assosieres gjerne med det nivået på realrenten som innebærer at pengepolitikken verken er ekspansiv eller kontraktiv. I artikkelen ser forfatterne nærmere på hvordan den nøytrale realrenten i en liten åpen økonomi påvirkes av globale forhold. Den nøytrale realrenten er uobserverbar, og beregninger av den er usikre. Den har trolig falt siden 1980-tallet, blant annet som følge av lavere inflasjonsrisikopremier. En samlet vurdering kan tilsi at den normalt vil ligge i et område rundt 2½–3½ prosent i Norge. I den siste tiden med lave realrenter internasjonalt kan det ikke utelukkes at den nøytrale realrenten i Norge også kan ligge noe under dette
Banks’ Counterparty Risk – Results of a Survey Conducted by Norges Bank and the Banking Insurance and Securities Commission
Get PDFNorges Bank has overall responsibility for promoting financial stability and works systematically to identify conditions that could trigger a systemic crisis. As part of this work, Norges Bank, in collaboration with the Banking, Insurance and Securities Commission, has conducted a survey of Norwegian banks’ exposures to their largest counterparties. The aim of the survey is to assess the risk of liquidity or solvency problems at Norwegian banks as a result of the failure of an important counterparty to fulfil its obligations. One exception is exposures to some large counterparties in foreign exchange transactions, but the credit risk associated with this type of transaction is expected to be reduced significantly when the krone is included in the international currency settlement system CLS in the first half of 2003. However, liquidity risk will not be reduced to the same exent
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Bankenes motpartsrisiko - resultater fra en kartlegging gjennomført av Norges Bank og Kredittilsynet
Get PDFNorges Bank og Kredittilsynet har kartlagt en del norske bankers usikrede eksponeringer mot deres største motparter for å vurdere risikoen for en systemkrise hvis en viktig motpart ikke innfrir sine forpliktelser. Funnene indikerer at det i de fleste tilfeller ikke vil føre til alvorlige problemer. Risikoen knyttet til store eksponeringer i valutaoppgjøret vil dessuten trolig avta sterkt når kronen blir inkludert i det internasjonale valutaoppgjørssystemet CLS i 2003
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
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