Credit, House Prices, and Risk Taking by Banks in Norway

Bericht

Motivated by alternative explanations of the financial crisis (e.g., Acharya and Richardson, 2010; Taylor, 2007), I study, first, repercussions between house price growth and household credit growth in Norway, and second, I analyse the impact of expansionary monetary policy on measures of bank portfolio risk (the risk-taking channel). Using aggregate quarterly data from 1979Q1 to 2010Q3, I find evidence of two-way causality between house price growth and household credit growth, but I find no evidence for the bank risk-taking channel: low key policy rates do not seem to have induced a higher share of troubled loans nor increased our measure of banks' riskiness.

Angaben zum Objekt

• ISBN: 978-82-7553-626-4
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Staff Memo ; No. 13/2011

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Financial Markets and the Macroeconomy ; Monetary Policy, Central Banking, and the Supply of Money and Credit: General ; Money Supply; Credit; Money Multipliers ; Financial Crises ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
• Thema: house prices ; household credit ; risk-taking ; money and credit

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Karapetyan, Artashes
• Ereignis: Veröffentlichung
• (wer): Norges Bank
• (wo): Oslo
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/210229
• Letzte Aktualisierung: 10.03.2025, 11:47 MEZ