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175 years of financial risks and returns in central banking: Danmarks Nationalbank, 1839–2014

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  • Abildgren, Kim

Abstract

This article explores long-term trends in risks and returns within central banking using Danmarks Nationalbank as a case study. Core earnings generated by the basic functions and the associated risks typical of a central bank accounted on average for most of the Nationalbank's financial returns over the past 175 years. For a long period, this was the result of a passive risk-management strategy under which financial risks and returns just reflected the various functions performed by the Nationalbank and not the outcome of a deliberate decision-making process. A formalised and holistic risk-management framework was introduced only in the 1990s.

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  • Abildgren, Kim, 2017. "175 years of financial risks and returns in central banking: Danmarks Nationalbank, 1839–2014," Financial History Review, Cambridge University Press, vol. 24(3), pages 307-329, December.
    • Handle: RePEc:cup:fihrev:v:24:y:2017:i:03:p:307-329_00
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