Norway
Norges Bank memo presents indicator of systemic stress
Staff memo outlines ‘composite indicator of systemic stress’ to help with decision on when to lower the countercyclical capital buffer
Research maps Norwegian challenges if oil prices stay low
Economic commentary considers how the increase in oil prices over the past decade has affected Norway in a bid to understand how the recent price drop could play out
Norway’s oil fund suffers loss in second quarter
Losses of about $9 billion were largely driven by the fixed-income portfolio, although equities delivered a weak performance; NBIM takes a more activist stance
NBIM report urges stock exchanges to prepare for next phase of development
Technological and regulatory changes have led to faster, more fragmented markets, and stock exchanges need to adapt if they are to keep up; latency race to zero is a ‘dead end’, says fund
Norway moves policy tools in opposite directions
Norges Bank cuts rates to tackle economic slowdown but government imposes higher countercyclical capital buffer as financial stability indicators show signs of danger
Cash payments still declining, Norges Bank report finds
Norwegians are making more and smaller payments using cards while cash use continues its downward trend, payments report shows
IMF sees limits to Norway ‘leaning against the wind’
Article IV conclusion says macro-prudential policy should be first line of defence, but governor Øystein Olsen still sees role for monetary policy
Norway’s oil fund boosted by market rally and weak krone
Fund returns 5.3% in the first quarter, a new record in krone terms, led by strong equity returns and weak currency; fund continues to use clout to encourage ethical decisions by firms
Norway SWF pioneers new activist approach at BP and Shell AGMs
Norges Bank Investment Management says it will vote in favour of resolution for more in-depth reporting of climate change risks by BP in AGM tomorrow
Olsen: Norway needs lower labour costs
Norges Bank governor Øystein Olsen argues labour costs must be brought into line with those of Norway’s trading partners to support a rebalancing of the economy away from oil
Energy producers should lower interest rates following drop in oil prices, suggests Norges Bank paper
Given spillovers to rest of economy, optimal policy calls for a reduction in interest rates, finds study; central banks face ‘trade-off' between stabilising inflation and closing output gap
Norges Bank cuts interest rates as krone weakens
Low inflation gives Norway's central bank room to tackle the impact on growth of falling oil prices; governor suggests key rate will remain at record low for the next two years
Norges Bank's Olsen sees dangers in too much transparency
Governor Øystein Olsen tells Central Banking that giving too much detail to the public might generate more questions than useful insight; defends tradition of not publishing minutes
Global housing trends can predict domestic financial stability – Norges Bank paper
Crisis probability increases markedly when ‘bubble-like behaviour' in the housing and credit markets coincides with high leverage, research shows
Norway SWF suffers weakest quarter in two years
Government Pension Fund Global returns 0.1% in third quarter following losses on European stocks; acquired several properties in EU and US
Bank of Canada will consult public on future banknote designs
Bank of Canada launches a nationwide consultation on banknote design principles, after a report concluding that Canadians should have increased participation in the process
IMF calls on Nordics to keep housing markets in check
Article IV reports warn Norges Bank will eventually have to normalise policy rate above inflation target and call for Swedish macro-pru measures targeted at households
Norges Bank paper finds ‘booming' resource sector has ‘significant' productivity spillovers
Working paper also finds evidence of two-speed economies, with non-traded industries growing at a faster pace than traded
Norway SWF manager doubles leadership team
Norges Bank Investment Management sets up separate ‘leader group' for real estate investments; wealth fund returns 3.3% ($31 billion) in second quarter
Norway governor sees greater role for central bank in new 'Nibor' framework
Øystein Olsen sees greater powers for Norges Bank over the interbank rate framework, which has 'obvious weaknesses' and should be overhauled 'as soon as possible'
Ethical investment may not mean higher returns, says Norway fund chief economist
Ethical investment is ‘consistent with earning good returns' and suits a long-term strategy, but there is no evidence linking higher returns with avoiding unethical sectors
Norwegian SWF plans $27bn expansion into real estate
New focus on real estate investments part of Norway's sovereign wealth fund strategy through 2016, which will see it hire 230 more staff and employ more external managers
Norges Bank says rates could stay low for longer
Norway's central bank held rates steady today and now projects it to stay lower for longer; banks may be required to build up bigger counter-cyclical buffers
Norges Bank poised to complete shift from FX buyer to seller before year's end
The Norwegian central bank sends strong signal it will make no foreign exchange purchases this year; analysts predict bank will make ‘symbolic shift' to net-seller in Q4