{
  "title": "Norway: Financial Sector Assessment Program-Technical Note-Linkages and Interconnectedness in the Norwegian Financial System",
  "publication": "IMF Staff Country Reports, September 17, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/norway-financial-sector-assessment-program-technical-note-linkages-and-interconnectedness-in-43269",
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  "summary": "This Technical Note reviews linkages and interconnectedness in the Norwegian financial system for Norway. Norway’s banks have important connections with global financial centers, but regional links are also important.",
  "publishDate": "2015-09-17",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The Technical Note reviews linkages and interconnectedness in the Norwegian financial system for Norway.\n- Norway’s banks have important connections with global financial centers, and regional links are also important.\n- Norwegian banks are very dependent on global financial centers as sources of funding and to hedge currency risks.\n- Cross-sectoral exposures of Norway’s banks, insurance companies, and real estate companies are significant and extend beyond the Nordic region."
    },
    {
      "heading": "Systemic linkages and channels",
      "content": "- Banking links to global financial centers:\n  - Dependence on global financial centers for funding.\n  - Use of global markets to hedge currency risks.\n- Regional and cross-border connections:\n  - Regional links (Nordic and beyond) are important alongside global connections.\n  - Crossborder and cross-sectoral exposures extend beyond the Nordic region.\n- Cross-sectoral exposures:\n  - Significant exposures among banks, insurance companies, and real estate companies."
    },
    {
      "heading": "Policy recommendations and monitoring",
      "content": "- Expand monitoring efforts of crossborder and cross-sectoral exposures of the Norwegian financial sector.\n- Conduct regional stress tests to capture spillovers arising from regional and global linkages.\n- Use market data and, if available, balance sheet data of exposures at the individual financial institution level to support monitoring and stress testing.\n\n---\n\n Content in this bundle\n\n- cr15256\n  - cr15256 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr15256 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/norway-financial-sector-assessment-program-technical-note-linkages-and-interconnectedness-in-43269"
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    "Published: September 17, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513571737.002",
    "The Technical Note reviews linkages and interconnectedness in the Norwegian financial system for Norway.",
    "Norway’s banks have important connections with global financial centers, and regional links are also important.",
    "Norwegian banks are very dependent on global financial centers as sources of funding and to hedge currency risks.",
    "Cross-sectoral exposures of Norway’s banks, insurance companies, and real estate companies are significant and extend beyond the Nordic region.",
    "Banking links to global financial centers:",
    "Regional and cross-border connections:",
    "Cross-sectoral exposures:",
    "Expand monitoring efforts of crossborder and cross-sectoral exposures of the Norwegian financial sector.",
    "Conduct regional stress tests to capture spillovers arising from regional and global linkages.",
    "Use market data and, if available, balance sheet data of exposures at the individual financial institution level to support monitoring and stress testing.",
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