Macroprudential Policy Tools in Norway: Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège
In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008- 09 crisis. The Norwegian authorities have been well aware of the problem. Below-target inflatio...
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| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2014
|
| Series: | OECD Economics Department Working Papers
no.1126 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008- 09 crisis. The Norwegian authorities have been well aware of the problem. Below-target inflation and low interest rates abroad have kept policy interest rates low. "Macro-prudential" tools have been developed as additional policy instruments with a view to strengthen the banking system's resilience to possible shocks and dampen systemic risk. This chapter notes that although authorities seem to have succeeded in containing over-heating pressures in the housing market, high levels of household indebtedness persist, a phenomenon which was an important factor in the last major Norwegian recession. The chapter also provides some longer run considerations on resource allocation in the housing market. This Working Paper relates to the 2014 OECD Economic Survey of Norway (www.oecd.org/eco/surveys/economic-survey-norway.htm). |
| Physical Description: | 1 Online-Ressource (41 Seiten) 21 x 29.7cm. |
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| 520 | |a In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008- 09 crisis. The Norwegian authorities have been well aware of the problem. Below-target inflation and low interest rates abroad have kept policy interest rates low. "Macro-prudential" tools have been developed as additional policy instruments with a view to strengthen the banking system's resilience to possible shocks and dampen systemic risk. This chapter notes that although authorities seem to have succeeded in containing over-heating pressures in the housing market, high levels of household indebtedness persist, a phenomenon which was an important factor in the last major Norwegian recession. The chapter also provides some longer run considerations on resource allocation in the housing market. This Working Paper relates to the 2014 OECD Economic Survey of Norway (www.oecd.org/eco/surveys/economic-survey-norway.htm). | ||
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| spelling | Jin, Yosuke VerfasserIn aut Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège Yosuke, Jin, Patrick, Lenain and Paul, O'Brien Les instruments macroprudentiels en Norvège Paris OECD Publishing 2014 1 Online-Ressource (41 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1126 In Norway house prices have risen to high levels, associated with very strong credit growth, in a context of low interest rates. Such a combination was in many countries a contributory factor to the 2008- 09 crisis. The Norwegian authorities have been well aware of the problem. Below-target inflation and low interest rates abroad have kept policy interest rates low. "Macro-prudential" tools have been developed as additional policy instruments with a view to strengthen the banking system's resilience to possible shocks and dampen systemic risk. This chapter notes that although authorities seem to have succeeded in containing over-heating pressures in the housing market, high levels of household indebtedness persist, a phenomenon which was an important factor in the last major Norwegian recession. The chapter also provides some longer run considerations on resource allocation in the housing market. This Working Paper relates to the 2014 OECD Economic Survey of Norway (www.oecd.org/eco/surveys/economic-survey-norway.htm). Finance and Investment Economics Norway Lenain, Patrick MitwirkendeR ctb O'Brien, Paul MitwirkendeR ctb |
| spellingShingle | Jin, Yosuke Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège Finance and Investment Economics Norway |
| title | Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège |
| title_alt | Les instruments macroprudentiels en Norvège |
| title_auth | Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège |
| title_exact_search | Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège |
| title_full | Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège Yosuke, Jin, Patrick, Lenain and Paul, O'Brien |
| title_fullStr | Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège Yosuke, Jin, Patrick, Lenain and Paul, O'Brien |
| title_full_unstemmed | Macroprudential Policy Tools in Norway Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège Yosuke, Jin, Patrick, Lenain and Paul, O'Brien |
| title_short | Macroprudential Policy Tools in Norway |
| title_sort | macroprudential policy tools in norway strengthening financial system resilience les instruments macroprudentiels en norvege |
| title_sub | Strengthening Financial System Resilience = Les instruments macroprudentiels en Norvège |
| topic | Finance and Investment Economics Norway |
| topic_facet | Finance and Investment Economics Norway |
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