Engelsk

Both outward and inward direct investments have declined slightly in the three first quarters of 2018. They were reduced by kr. 26 and 11 billion respectively after a number of years with progress in outward investments.

The financial crisis ten years ago brought large costs to society and – as a consequence – an increase in policymakers’ focus on risks to the financial system as a whole and how to prevent and mitigate them, i.e. macroprudential policy. This paper gives an overview of key features of the Danish financial system and points to current macroprudential policy challenges. The paper sets the stage for a conference on macroprudential policy on 19 November 2018 that Danmarks Nationalbank hosts together with the European Department of the International Monetary Fund (IMF), and the Center for Financial Frictions (FRIC) at Copenhagen Business School (CBS).

​In October 2018, the foreign-exchange reserve decreased by kr. 298 million to kr. 467.6 billion.

This paper aims to test the microfoundations of consumption models and quantify the macro implications of heterogeneity in consumption behavior. We propose a new empirical method to estimate the sensitivity of consumption to permanent and transitory income shocks and apply it to administrative data from Denmark. We find that households who stand to lose from an interest rate hike are more sensitive to income shocks than those who stand to gain. This interest rate exposure channel is potentially more important than the standard intertemporal substitution channel.

In the first three quarters of the year, net invest-ments in passive equity funds totalled kr. 13.9 billion. In comparison, investments in active equity funds amounted to kr. 1.3 billion.