Norges Bank 1816-2016

Oxford University Press
  • erschienen am 23. April 2020
  • |
  • 352 Seiten
E-Book | ePUB mit Adobe-DRM | Systemvoraussetzungen
978-0-19-260387-6 (ISBN)
Norges Bank has been an integrated part of Norwegian economic development from the complicated birth of the new nation-state after the Napoleonic wars to the present nouveau-richness of the Norwegian oil economy. This book traces its 200-year history, focusing on its relations with political institutions that have shaped and reshaped the bank's role since its establishment in 1816. In the first fragile years of the new nation, Norges Bank took centre stage in the discussion on how to reconstruct a collapsed monetary system, and how trust and resources should support the core financial function of the State apparatus. The financial and political role of the bank came to the fore from the late 1800s and peaked during the turbulent interwar years of the 1920s, after which the bank became the foremost defender of the monetary order and the gold standard, in bitter conflict with the emerging Labour Party. The blow that the Second World War delivered to central bank independence left the bank firmly subordinated to the Ministry of Finance. Not until 1986 was larger autonomy in monetary policy granted, and since then the bank's weight and responsibilities have continued to expand with its position as manager of the Norwegian oil fund. The bank's role has been largely defined by perceptions of what kind of financial services Norway needed, how economic policy was coordinated, and how discretionary power was distributed between the elected bodies, the executive branch, and underlying institutions with a defined mandate. The central aim of this book is to trace and explain these changes over the past two centuries.
  • Englisch
  • Oxford
  • |
  • Großbritannien
978-0-19-260387-6 (9780192603876)
weitere Ausgaben werden ermittelt
Einar Lie is Professor of Economic History at the University of Oslo Jan Thomas Kobberrød is Professor of History at the University of South East Norway Eivind Thomassen is a research fellow in the Department of Archaeology, Conservation, and History at the University of Oslo Gjermund Forfang Rongved is a senior fellow at the Norwegian Institute for Defence Studies
  • Cover
  • Norges Bank 1816-2016
  • Copyright
  • Preface and Acknowledgements
  • Contents
  • List of Figures
  • Introduction: Norges Bank 1816-2016
  • The Parliament's Bank
  • Master in Its Own House-and That of Others
  • The Government's Bank
  • A Central Bank in an Open Parvenu State
  • 1: A Bank of Issue Forged in Silver and Tears
  • The Chaotic Monetary System
  • Models and Inspirations
  • Fear of Speculation and 'Jew-houses'
  • The Decision to Create Norges Bank is Taken
  • The Silver Fund, the Crisis, and Union Politics
  • Timetable Abandoned
  • Conclusion
  • 2: A Bank with a Divided Mandate
  • A Regional Bank in a Regional Nation
  • Conversion at Par Becomes a Distant Goal
  • Criticism of the Failure to Achieve Parity
  • Norges Bank as Mortgage Bank
  • A Conclusion of the Road to Parity
  • 3: A Relieved Norges Bank
  • The Government and the Bank of Issue
  • More Banks
  • Norges Bank in the Shadow of the February Revolution
  • Commercial Banks Emerge
  • 1857: Bad News Travels Fast
  • Conclusion
  • 4: Gold and Coins in the Age of Standardization
  • Norges Bank and Silver in the International System
  • Gold and Universal Coin
  • Towards a Distinctive Scandinavian System
  • The Coin Issue and Politics
  • The Coinage Union
  • The Global Gold Standard
  • Norges Bank in the International System
  • 5: A Bankers' Bank
  • Gold Reserves and Note Reserves in an Expanding State
  • Legislative Work in a Period Marked by Political Party Conflict
  • The Liberal Party Tightens its Grip on Government and Norges Bank
  • A Central Bank?
  • The Act of 1892
  • Employment Requires Professional Expertise
  • The Kristiania Boom and Norges Bank's Foot Dragging
  • Liquidity Support and Bank Rescue Plans
  • The New Central Bank
  • 6: Blurring the Borders: The Bank During the First World War
  • Panic and Central Bank Independence
  • Into the Government's Fold
  • Easy Money and a Difficult Balancing Act
  • Failed Attempts at Retrenchment
  • When the Party is Over
  • 7: The Pyrrhic Victories of the 1920s
  • Rationale for Parity
  • Contraction and Crises in Business and Banking
  • The Collapse of the Banking Sector
  • Back on the Road to Pre-War Parity
  • Threat from the Labour Party
  • Parity Policy's Rescue and the Organization Securitas
  • Fall of the Labour Party Government and Fulfilment of the Parity Policy Goal
  • A Victory More Costly than Pyrrhus'
  • 8: The 1930s Crisis: Collapse and Zenith
  • Gold is Abandoned
  • Rescue Operation for DnC and Bergen Privatbank
  • On an Autonomous Course
  • Into the Sterling Block
  • Rygg, His Resources and Network
  • The Nygaardsvold Government and Norges Bank
  • 9: Occupation and Loss of Autonomy
  • The Coming of War
  • Financing the German Occupation
  • The Occupation Account in Practice
  • Ræstad and Keilhau
  • A Tightening of the Reins
  • Norges Bank and the Bretton Woods System
  • A New Era
  • New Exchange Rate and Monetary Reform
  • The Recovery that Never Was
  • Conclusion
  • 10: The Government's Bank
  • Towards a More Open World
  • Credit Policy in the Making
  • Perceptions, Cultures, and Organization
  • Credit Policy in the Negotiation System
  • The Active Subordination
  • Interest Rate War and Downfall of the Negotiation System
  • The Government's Bank: A Summary
  • 11: The Foreign Currency Exchange Rate Policy Up Until 1986
  • The Defender of the Krone Exchange Rate
  • Foreign Exchange Regulation under Pressure
  • The Ministry of Finance Takes Control
  • Disagreements on the Exchange Rate Policy
  • Battling it Out in Public
  • Ignored and Devalued
  • New Directions for Exchange Rate Policy
  • Exchange Rate Selection and Deviation
  • 12: Downfall of the Regulatory System and Triumph of the Market
  • An Ineffective Regulatory System
  • Money Makes its Reappearance
  • Half-hearted Attempt at Reform
  • An Institution with Impaired Standing and Authority
  • Central Bank Legislation Behind the Times?
  • The Dam is Removed
  • The Final Devaluation and a Binding Fixed Exchange Rate Policy
  • 1986 as a Turning Point: A Summary
  • 13: In Search of an Anchor
  • Combating Inflation
  • Banking Crisis
  • A Floating Krone and Price Stability
  • Policy of Cooperation Takes Precedence
  • Inflation-Targeting Campaign
  • Real Inflation Targeting under a Formal Fixed Exchange Rate Regime
  • A Regime Falls into Place
  • Concentration on New Tasks
  • Price Stability Between the Past and the Future
  • 14: The Investment Manager
  • A Buffer Fund
  • A Brand New Role
  • Creating a New Unit
  • An Active and Growing Investor
  • Capital and Ethics
  • Capital and Politics
  • The Fund and the Financial Crisis
  • The Getting to Norway: The Oil Fund as a Historical Phenomenon
  • Conclusion: Norges Bank and the State, Past and Present
  • Managing Crises
  • Preventing Crises
  • A Central Bank in a Parvenu State
  • Bibliography
  • Archival Sources
  • Literary Sources
  • Index

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