Engelsk

We study how the introduction of interest-only mortgages in 2003 affected job creation and the skill composition of the workforce over the business cycle. The reform significantly increased household expenditure and firms reacted to this demand shock by creating jobs. These positions, however, are classified as low-skilled occupations, filled by younger and less educated workers who face earlier separations and a higher degree of unemployment ex-post.

The analysis looks at the complex network created when the financial institutions exchange many thousands of transactions across the Danish interbank market. The analysis shows that there is a core consisting of a few institutions which are important in terms of spreading liquidity, and that a small number of institutions alone connect isolated institutions with the rest of the network. The interconnectedness of the network emphasise the importance of having robust central participants.

​In May 2019, the foreign-exchange reserve decreased by kr. 1.2 billion to kr. 451.7 billion.

The report presents the conclusions from Danmarks Nationalbank's oversight of the Danish payments infrastructure in 2018. Two major system changes were introduced with the implementation of Kronos2 and the migration of kroner to the trans-European securities platform, T2S. The core payment and settlement systems and most important payment solutions extensively comply with international standards for efficiency and security. Cyber risk management was still a focus area of Danmarks Nationalbank's oversight. The maturity of the systems' cyber security efforts varies.

In the first quarter of 2019, fraud with Danish pay-ment cards for 46 øre for every 1,000 kr. paid. Based on the number of transactions, this corresponds to one fraud per 5,000 transactions.

In total, Danish investors have purchased foreign bonds for kr. 70 billion since 2018. It is especially bank bonds with a high credit rating, AAA rating, which in particular Danish pension funds, investment funds, have bought. Conversely, they have sold for-eign government bonds, primarily German.