Monetary Review
2nd Quarter 2003
Contents
New Terms and Conditions for Accounts
The Balance of Payments – from Sustained Deficit to Sound Surplus
Erik Haller Pedersen, Economics
Denmark's balance of payments shows a sound surplus. Fundamentally, this is due to the resolution of the chronic Danish savings problem of former times. Higher exports of energy and marine transport and lower interest payments to abroad have contributed to improving the current account of the balance of payments in recent years. In a fixed-exchange-rate regime like Denmark's, importance must be attached to the development in the balance of payments.
Danmarks Nationalbank's Portfolio of Domestic Securities
Peter Jayaswal, Financial Markets
Danmarks Nationalbank has a portfolio of Danish bonds. The portfolio and risk management are described, and especially the risk management of callable mortgage-credit bonds is elaborated on.
Conversions of 30-year Mortgage-Credit Bonds During the Last 10 Years
Ulrik Knudsen, Market Operations
The general drop in interest rates since the early 1990s and the growing popularity of adjustable-rate mortgages have led to a significant reduction in the circulating volume of 30-year mortgage-credit bonds. The outstanding volume of 30-year mortgage-credit bonds with a coupon of 6 per cent maturing in 2026 is now reduced to less than 30 per cent of the highest outstandi ng amount.
Two Years with Inflation Targeting in Norway and Iceland
Niels C. Beier, Ulrik Bie and Lone Christensen, Economics
In March 2001, within an interval of a few days, Norges Bank, and Seðlabanki Íslands both changed their monetary-policy objective. Both central banks switched from a fixed-exchange-rate policy to monetary policy based on an inflation target with a floating exchange rate. The background to the shift was growing problems relating to the fixed-exchange-rate policy. This article describes the background to the new regime and experience so far.
New Mechanisms for Restructuring Public Debt in Crisis Countries
Ole Hollensen, International Relations
A number of proposals for debt-restructuring mechanisms to be used in connection with debt crises in IMF member countries are reviewed. The IMF has proposed a special mechanism to increase private-sector involvement in resolving crises. So far, US resistance has prevented the introduction of this mechanism.
New Interest-Rate Statistics
Tina Christoffersen and Marie Jakobsen, Statistics
As from January 2003 new and significantly improved interest-rate statistics have been introduced for MFIs in Denmark. The statistics are based on a regulation from the ECB defining the framework for pan-European interest-rate statistics. The presentation focuses on the interpretation of the statistics.
Danish Securities Statistics in An International Perspective
Katrine Skjærbæk and Birgitte Søgaard Holm, Statistics
Danmarks Nationalbank's new securities statistics and database are presented. This is followed by a description of the international development in the securities field, where there is now significant interest in coordinating statistics among countries and setting up international databases. The relationship between the Danish and the international databases is also considered.
XLII, No. 2
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The small picture on the front cover is a section of the Århus City Hall Tower, chosen as the motif for the first coin in a series of 7-10 thematic coins that are issued over a number of years.
 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 published by Danmarks Nationalbank and is issued quarterly. Managing Editor: Jens Thomsen Editor: Anders Møller Christensen 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. E-mail: info@nationalbanken.dk www.nationalbanken.dk Scanprint as, Viby J ISSN 0011-6149 (Online) ISSN 1398-3865 |
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