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Norges Bank and the Four Criteria

In: The Origins and Nature of Scandinavian Central Banking

Author

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  • Steffen Elkiær Andersen

Abstract

In 1920, in Norway, the mood was bleak. Incomes from shipping, fisheries, and timber exports were decreasingly able to finance imports of necessities. It is significant that in the official history of Norges Bank, much space is used to discuss fishing volumes, fish prices, and freight rates, e.g. p. 215 (my translation): “In 1919, fishery was good. 657.000 tons were fished. Prices at first hand were not bad…and substantially better than in 1917 and 1918. In 1920, fishery was less good––only 484.000 tons were fished––and prices were much lower than the previous year.” It was explained that the drop in fishing volumes and prices in 1920 was partly caused by the sales of stocks built up during the war years. The stocks were sold in a market where capacities were being rebuilt elsewhere.

Suggested Citation

  • Steffen Elkiær Andersen, 2016. "Norges Bank and the Four Criteria," Palgrave Macmillan Studies in Banking and Financial Institutions, in: The Origins and Nature of Scandinavian Central Banking, chapter 10, pages 181-203, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-39750-4_10
    DOI: 10.1007/978-3-319-39750-4_10
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