Contents
Recent Economic and Monetary Trends
The Sustainability of the Low Long-Term Bond Yields
Allan Bødskov Andersen, Financial Markets, Jacob Wellendorph Ejsing, Market Operations and Michael Sand, Economics
Global demand for long-term bonds is currently strong and is attributable especially to pension funds, Asian central banks and oil exporters. This situation, as well as the stable low inflation, is generally expected to continue in coming years. As a consequence, the cyclically-determined increase in interest rates is expected to be lower than in previous upswings.
The Dutch Economy Over the Last Decade
Niels C. Beier, Economics
At the beginning of the 2000s the Netherlands encountered economic problems. The problems arose after a strong boom in the 1990s, culminating with an overheated economy. The Dutch economy has only recently seemed to be recovering. This article seeks to answer two questions: why did it go wrong, and what are the lessons to be learned?
Why Have Oil Prices Risen?
Jacob Wellendorph Ejsing, John Hydeskov and Palle Bach Mindested Market Operations
Oil prices have risen sharply during the last two years. The main explanation for the higher oil prices is the growth in the global demand for oil, which has been stronger than expected. The price of oil futures and the explicit expectations of market participants point to sustained high oil prices in the years to come.
The Stability and Growth Pact – Status 2006
Borka Babic, International Relations
The government budgets of the EU members states improved in 2005, but many still have substantial deficits. Since the 2005 reform a number of member states have been assessed under the excessive deficit procedure, and around the turn of the year all member states submitted updated stability and convergence programmes. On the basis of this experience, the article reviews the Stability and Growth Pact in practice since the reform in the spring of 2005, as well as the significance of the reform to the actual implementation of the Pact.
Vol. XLV, No. 2
| MONETARY REVIEW 2nd QUARTER 2006 The small picture on the front cover shows the " Bankers" clock, which was designed by Arne Jacobsen for the Danmarks Nationalbank building. Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted. The Monetary Review is available on Danmarks Nationalbank's website www.nationalbanken.dk under publications. Managing Editor: Jens Thomsen Editor: Anders Møller Christensen This edition closed for contributions on 24 May, 2006. The Monetary Review can be ordered from: Danmarks Nationalbank, Information Desk, Havnegade 5, DK-1093 Copenhagen K Telephone +45 33 63 70 00 (direct) or +45 33 63 63 63. Inquiries: Monday-Friday 9.00 a.m.-4 p.m. E-mail: info@nationalbanken.dk www.nationalbanken.dk Kvartalsoversigt – 3. kvartal 2006 planlægges offentliggjort 19. september 2006. Datagraf Auning A/S ISSN 0011-6149 (Online) ISSN 1398-3865 |
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