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"Monetary Review - 2nd Quarter 1998"



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DANMARKS NATIONALBANK

Monetary Review - 2nd Quarter 1998                  

Summary:

Table of contents

Recent Monetary Trends
Picture: Part of cover from printed version. This review covers the period from February 1998 to the middle of May 1998.

International background The convergence situaton in the EU member states Exchange-rate and interest-rate development in Denmark Development in activity and the balance of payments Development in wages and prices
DEBES - The Danish Part of TARGET
by Thomas Angelius, Søren Lundsby Hansen and Jesper Mærsk, Payment Systems Department

1. Introduction 2. DEBES 2.1 TARGET - the structure of the system 2.2 DEBES - the structure of the system 2.3 Queue function 2.4 Opening days and hours 2.5 Intra-day liquidity 2.6 Provision of collateral and drawing limits 2.7 The euro-account structure 2.8 DEBES participants 2.9 Indirect participants 2.10 Limited (domestic) participation 2.11 Remote participation 2.12 Capacity and transaction time 2.13 Availability and security 2.14 Control procedures 2.15 Bank-to-bank charges for customer payments 2.16 Legal conditions 2.17 Irrevocable and final payments 2.18 The EMU transition phase 2.19 Help desk 3. Relations with other systems 3.1 The DN Inquiry and Transfer System 3.2 Retail clearing 3.3 VP clearing 3.4 The FUTOP system 3.5 Interrelation between the retail clearing and VP clearing systems 4. Future euro payments References to EMI reports
Revision of the Weights for Calculation of the Nationalbank's Effective Krone Rate Index
by Erik Haller Pedersen, Economics Department

Introduction What is an effective exchange rate? The new krone-rate weights The basis for calculation of the Nationalbank's effective krone rate Appendix Double-weighted export weights Bilateral import weights Overall set of weights Calculation of the effective krone-rate index The consequences of not double weighting the export weights
Earnings of Danish Banks
by Michael Olsen and Morten Linnemann Bech, Financial Markets Department

Introduction Competition, interest-rate level and interest margin Value adjustment of securities and foreign exchange Cost/income ratio Loan loss provisions Core earnings Summary
Wage Development in Denmark
by Niels Lynggård Hansen, Economics Department

Introduction A wage equation for Denmark Structural shift in wage formation? Conclusion Appendix Model framework Data and methodology Estimation results Stability and forecast properties
Speech by Governor Bodil Nyboe Andersen at the Annual Meeting of the Association of Danish Mortgage Banks on April 23, 1998
The Nationalbank's Press Releases
March 16, 1998 on realignment of exchange rates within the EMS May 5, 1998 on the interest rate increase
Danmarks Nationalbank on the Internet
www.nationalbanken.dk Welcome About us Press releases Publications Statistics Markets Notes and coins Government debt
Tables

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Version 1.0 July 1998 Nationalbanken.
Published by Danmarks Nationalbank July 1998, http://www.nationalbanken.dk