Open AccessDziałania Banku Centralnego Norwegii w czasie kryzysu gospodarczego 2007+
Author(s) -
Bartosz Twarowski
Publication year - 2019
Publication title -
kwartalnik kolegium ekonomiczno-społecznego studia i prace
Language(s) - English
Resource type - Journals
ISSN - 2082-0976
DOI - 10.33119/kkessip.2013.1.8
Subject(s) - market liquidity , interest rate , monetary policy , financial system , pace , real estate , business , economic policy , bond , monetary economics , economics , portfolio , central bank , finance , geography , geodesy
The period of global economic crisis starting from 2008 is a great challenge for public institutions responsible for macroeconomic management. Although Norway is a country that has not been significantly affected by the crisis, the pace and scale of countercyclical actions were a major challenge for Norwegian institutions. The activities of the Norwegian central bank included interest rate policy, liquidity management on the interbank market and supervision of the oil fund. The policy of interest rates had a huge importance in 2008 when the bank made a few decisions under conditions of high uncertainty and unprecedented scale. The initial phase of the crisis was also crucial in terms of liquidity and policy of enhancing stability of Norwegian banks. Due to high fluctuations of prices on stock, bond and real estate markets it was also extremely difficult to manage the oil fund portfolio. Nevertheless, through effective policy the Bank of Norway has contributed to minimizing the crisis’ costs.