Engelsk

This paper offers new empirical evidence on the marginal propensity to consume out of an unanticipated liquidity shock. The results show a 43 dollar spending increase for each 100 dollar increase in liquid resources. The estimated spending patterns are consistent with the notion of wealthy hand-to-mouth behaviour.

The daily turnover in the Danish money market was kr. 93 billion in the 2nd quarter of 2020, which was an increase of 23 per cent compared to the same period last year. This appears from Danmarks Nationalbank's yearly money market survey, which includes turnover from interbank loan transactions and interest rate derivatives in the 2nd quarter. The increased turnover should be viewed in the light of elevated market volatility during the corona crisis and tighter liquidity conditions than previous years.

The corona pandemic and the lockdown of Danish society in spring 2020 gave rise to considerable uncertainty for many households. The lockdown and infection fears caused radical changes in consumption patterns and payment habits. This analysis looks at consumer payment habits before, during and after the corona lockdown. The analysis is based on a number of data sources used to draw information on the main trends in payment behaviour in Denmark during the lockdown and the first phases of the reopening.

In Denmark, consumers typically use their payment card or mobile telephone when paying for goods and services. Our position as one of the world's most digitalised societies is reflected in our payment behaviour. The analysis presents the most important insights into the development of Danes' electronic payment habits based on Danmarks Nationalbank's detailed household survey from 2019.

During the second quarter, the insurance and pension sector invested kr. 8 billion in assets not listed on a stock exchange – unlisted assets. Since the beginning of 2018, the insurance and pension sector has invested kr. 206 billion in unlisted assets, which have increased from 23 pct. to 27 pct. as a share of total investments. Besides increased investing, value changes have also contributed to the increase in unlisted assets.

​In August 2020, the foreign-exchange reserve increased by kr. 26 million to kr. 455.7 billion.

In the second quarter of 2020, the level of Danish payment card fraud was kr. 36 million, which is record low. This corresponds to 23 øre being misused for every kr. 1,000 paid with Danish cards. The fraud has been decreasing since 2016 when it was first calculated by Danmarks Nationalbank. In the most recent quarter, the decrease was kr. 14.5 million.

The government's net financing requirement in 2020 is increased by kr. 70 billion. The increase primarily reflects an additional deferral of tax and VAT payments. The target for issuance of government bonds in 2020 is maintained at kr. 125 billion. Given that the increased borrowing requirement primarily reflects temporary liquidity shifts, it willl be covered by short-term issuances. The outstanding amount of T-bills is expected to be kr. 80-100 billion at the end of 2020.