Engelsk

During 2021, Danish companies and banks repurchased shares and paid dividends for a historically high amount of almost kr. 114 billion. This took place on the backdrop of an upturn in both the global and Danish economy.

Danish private investors, i.e. employees and pensioners, have set a record with a purchase of foreign securities worth kr. 23 billion in 2021. This is on top of the very large purchases in 2020. Last time the purchases were in that order of magnitude was in 2004-06, when there were large price increases on the global stock market.

This analysis examines whether investors are willing to pay a higher price for a company with low CO2e emissions relative to a corresponding company with higher emissions. The analysis finds, other things being equal, that companies with lower emissions have a higher equity price. The reason for the higher price is found to be that their future earnings are connected with lower risks than comparable companies with higher emissions e.g. due to the prospect of a future carbon tax.

Danish homeowners increased their mortgage debt without instalments by kr. 63 billion in 2021 corresponding to 8.1 per cent. That is the largest annual increase since 2009. The development has been supported by new interest-only mortgage products and increasing prices on real estate. The increase means that kr. 843 billion (46.7 per cent) of Danish homeowners' total mortgage debt was without instalments at the end of 2021.

This paper examines the labor market effects of the Danish wage compensation scheme for employees during the covid-19 pandemic. The scheme prevented job losses, especially for low-tenured workers, but led to a decline in furloughed workers’ labor income. Labor market mobility was basically unaffected.

Governor Signe Krogstrup's presentation "Danish economy - Where do we stand and what are the prospects?" held on 12 January 2022 at the Danish Stockbrokers' Association’s New Year’s levee. (The presentation is in Danish only).

Governor Lars Rohde gave a presentation at the Insurance and Pension Denmark’s member meeting on 11 January. The presentation focused on the outlook for the Danish and global economy, as well as the long-term risks facing the pension sector. Among other things, governor Lars Rohde shared his thoughts on the dilemmas that low real interest rates pose to pension customers. (The presentation is in Danish only).