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Articles in the Monetary review

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Articles in the Monetary review

International Stress Tests
Monetary review 3th Quarter 2010

Regulatory Initiatives in the Financial Sector
Babic, Borka and Rasmussen, Anne-Sofie Reng
Monetary review 1st Quarter 2010
The financial crisis has highlighted a number of weaknesses in the current
financial regulation. Against that background, authorities and international
organisations have launched proposals and initiatives to address the regulation
issues. This article outlines adopted, proposed and planned amendments to
legislation in the fields of capital adequacy, liquidity and financial reporting.

A New European Supervisory Architecture
Madsen, Birgitte Bundgaard and Mogensen, Louise C.
Monetary review 4th Quarter 2009
Proposals for a new European supervisory architecture entail the establishment
of the European Systemic Risk Board, ESRB, and the European System of Financial
Supervisors, ESFS, with a view to improving both macro-prudential and
micro-prudential supervision of the financial system.

Credit Institutions and Procyclicality
Babic, Borka
Monetary review 3rd Quarter 2009
Lenders have a tendency to amplify cyclical fluctuations, i.e. to have a procyclical effect. A number of factors, including financial regulation, may affect the lending capacity of credit institutions over a business cycle. Internationally there is agreement that it is necessary to adjust both accounting standards and capital adequacy rules with a view to reducing procyclicality in the financial sector. This article provides and overview of the work currently underway to reduce procyclicality.

The International Financial Crisis
Monetary review 4th Quarter 2008
For more than a year, the international financial crisis has raged in waves. The article looks back on the factors that triggered the crisis and what made it escalate in the autumn of 2008. This is followed by an outline of the measures and rescue packages implemented by governments and central banks worldwide in order to stem the crisis. The article concludes with a description of how the international financial crisis has affected the financial sector in Denmark.

New Principles for Liquidity Risk Management
Lund, Jakob Windfeld
Monetary review 3rd Quarter 2008
Liquidity risk is a natural part of traditional banking activities. The financial tur moil over the past year has highlighted the need to revise the approach to and supervision of liquidity risk management. This article reviews the new recom mendations and principles in these areas.

Hedge Funds and the Financial System
Thuesen, Jesper Ulriksen
Monetary review 4th Quarter 2007
Hedge funds can contribute to strengthening financial stability e.g. by enhancing price formation and supporting the development of new securities markets. At the same time, they can increase the risk of systemic crises. The most important means of protection against financial instability is competent risk management in the financial enterprises that are hedge-fund counterparties.

Turmoil in the Financial Markets
Lund, Jakob Windfeld
Monetary review 3rd Quarter 2007
This article describes the background to the recent turmoil in the financial markets. Credit risk on US subprime mortgages has been resold internationally via structured credit products and new types of leveraged investment vehicle. Model calculations showed a low risk of loss on these products, which was supported by rating agencies. In addition, European banks, among others, supplied liquidity. Over the summer, risk premia increased, and liquidity in the financial markets decreased.

Financial Groups and Conglomerates
Madsen, Birgitte Bundgaard
Monetary review 1st Quarter 2006
The establishment of financial groups and conglomerates is a natural element of the development of the single financial market in the EU. Conglomerates are subject to special types of risk. Developments make new demands of the boards and management of financial enterprises, but also of regulation and supervision, including international collaboration between supervisory authorities.

Trends in Mortgage-Credit Financing: the Market and its Players
Hansen, Lars Jul , and Thuesen, Jesper Ulriksen
Monetary review 1st Quarter 2006
A wide range of new products have been introduced in the Danish mortgage-credit market, but the fundamental structure of the Danish mortgage-credit system has not changed. This development has had and will have consequences for mortgage-credit institutes, markets, investors and borrowers.

Foreign Banks in Denmark
Lund, Jakob Windfeld , and Rasmussen, Kristine
Monetary review 1st Quarter 2006
In terms of new balance-sheet data, foreign banks have larger market shares in Denmark than in most other EU member states. The market for deposits and lending within Denmark's borders is dominated by Nordic banks. However, non-Nordic banks account for larger shares of cross-border lending to Danish customers and financial-market issues by Danish companies.

The Winding-Up of Varde Bank
Andersen, Niels C. and Dalsgaard, Jens
Monetary review 4th Quarter 2005
In the early 1990s the financial problems experienced by Varde Bank reached a point where a winding-up solution for the bank had to be established. For all practical purposes, the winding-up has now been completed. This article sums up the case and describes the background to Varde Bank's problems and the motives and considerations behind the winding-up solution chosen. In addition, the article focuses on some of the problems that arose during the process.

Memorandum of Understanding on Financial Supervision
Monetary review 2nd Quarter 2005
Memorandum of Understanding concerning financial supervision between Danmarks Nationalbank, the Danish Ministry of Finance and the Danish Ministry of Economic and Business Affairs (Department and Danish Financial Supervisory Authority)

Hedge Funds in Denmark and Internationally
Thuesen, Jesper Ulriksen
Monetary review 1st Quarter 2005
International focus on the significance of hedge funds to the financial markets and financial stability has increased. In December 2004 the Danish government presented a bill to create the basis for "hedge associations" that will have full freedom to determine their risk profile and investment strategy.

Transparency in Capital Markets
Thuesen, Jesper Ulriksen
Monetary review 4th Quarter 2004
Different market participants often have diverging interests in transparency in relation to the actual trading function in capital markets. The various markets also require different transparency solutions. The design of the overall new EU regulation on transparency will have great impact on the development of the European capital markets.

The Role of Capital in Banks
Kjeldsen, Kristian
Monetary review 3rd Quarter 2004
Banks play a distinct role in the economy and they are therefore subject to extensive regulation, including capital requirements as an important element. This article explains why special capital requirements for the banks are necessary and why the banks usually prefer to hold excess reserves. The expected implications of the new capital-adequacy rules to the banks are also considered.

The Basel Committee's Endorsement of New Capital-Adequacy Rules
Monetary review 3rd Quarter 2004

Mortgage Credit in the USA and Denmark
Kjeldsen, Kristian
Monetary review 2nd Quarter 2004
This articles describes the US mortgage-credit system in relation to the Danish system. The US mortgage-credit system resembles the Danish system in a number of ways, but the two systems also differ considerably in terms of structure and function. This becomes evident in periods with high conversion activity.

The EU's Financial Services Action Plan
Kurek, Dorte
Monetary review 1st Quarter 2004
The European Commission's Financial Services Action Plan is aimed at removing the remaining legislative and regulatory barriers to a single financial market in the EU. This article describes the Action Plan, the Lamfalussy procedure and the future work towards financial integration.

Last update: 04/07/2014

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