## Norway: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway

_IMF Staff Country Reports, July 5, 2016_

## Source details

**Canonical URL:** [Norway: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Norway](https://www.imf.org/en/publications/cr/issues/2016/12/31/norway-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44044)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/norway-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44044/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/norway-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44044/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/norway-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44044/bundle-manifest.json)

## Bibliographic details
- Published: July 5, 2016
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498345026.002

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### Overview
- Publication date: July 5, 2016
- Focus: Examination of the nature and scale of spillovers to a number of European countries from monetary policies in the euro area and the United States.
- Geographic focus: Selected non-euro-area countries in Europe — the Czech Republic, Denmark, Hungary, Poland, and Sweden.
- Page count: 65

### Analytical approach
- The analysis uses three different approaches to assess spillovers from euro-area and U.S. monetary policies.
- Recent developments analyzed include sovereign bond yields and exchange rates in the focus countries.
- An event study is explicitly mentioned as one of the approaches and produced specific evidence on exchange rates.

### Key findings
- The paper’s most consistent analytical finding is for spillovers to lower domestic bond yields.
- Potential repercussions identified from lower domestic bond yields:
  - Credit expansion
  - Asset price effects
- The event study uncovered evidence of upward pressure on the exchange rate.
- Recent movements in sovereign bond yields and exchange rates are indicative of potential spillovers.

### Implications and risks
- Lower domestic bond yields could amplify domestic credit expansion and boost asset prices, creating financial stability considerations in the affected countries.
- Upward exchange rate pressure identified by the event study could have implications for competitiveness and domestic inflation dynamics.

### Subject areas and keywords
- Subject: Banking, Housing prices, Inflation, Labor, Labor markets, Oil prices, Prices
- Keywords: central government debt, CR, economy, Global, house price inflation, Housing prices, Inflation, inflation expectation, ISCR, Labor markets, liability positions vis-à-vis nonresident, money market rate, Oil prices, price

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## Content in this bundle

- **1. Risk Assessment Matrix**
  - [1. Risk Assessment Matrix (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16214.pdf.md){rel="alternate" type="text/markdown"}
  - [1. Risk Assessment Matrix (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2016/_cr16214.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/norway-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-44044_