Other publications may include books, quarterly reviews, annual reports and economic bulletins from the ECB, PhD theses and Danmarks Nationalbank’s policies.
Danmarks Nationalbank's Earnings and Risk During the Crisis - Part 1
The financial crisis in recent years has impacted Danmarks Nationalbank's balance sheet, earnings and risk. The foreign-exchange reserve has increased fivefold, and the range of monetary-policy instruments has been expanded. Danmarks Nationalbank's earnings have been high during the crisis, largely reflecting capital gains on gold and bonds, which will not necessarily reoccur in future. Danmarks Nationalbank's current interest income is low due to the low interest rates, and the larger foreign-exchange reserve may give rise to larger fluctuations in earnings in future. This implies a risk of a deficit for Danmarks Nationalbank. Danmarks Nationalbank's aggregate risk has increased during the crisis. Given the fixedexchange- rate-policy against the euro, Danmarks Nationalbank is exposed to the sovereign debt crisis in the euro area. Danmarks Nationalbank's total financial risks are still limited.