{"id":9858,"date":"2014-05-22T23:12:27","date_gmt":"2014-05-23T03:12:27","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=9858"},"modified":"2014-05-22T23:12:27","modified_gmt":"2014-05-23T03:12:27","slug":"norway-teaches-britain-how-to-choke-house-booms-without-killing-economy-telegraph-blogs","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/22\/norway-teaches-britain-how-to-choke-house-booms-without-killing-economy-telegraph-blogs\/","title":{"rendered":"Norway teaches Britain how to choke house booms without killing economy \u2013 Telegraph Blogs"},"content":{"rendered":"<p>Ambrose Evans-Pritchard reports the resounding success of Norway&#8217;s central bank in using macroprudential tools to take the steam out of a housing bubble:<\/p>\n<blockquote>\n<p>if the Bank [BOE] wishes to contain credit, it should learn from Norway\u2019s success. Instead of raising rates, it has used \u201cmacroprudential\u201d tools. It cut the loan-to-value ceiling on mortgages from 90pc to 85pc. It forced the banks to raise to capital buffers further.<\/p>\n<p>The Norges Bank has recommended a 1pc counter-cyclical buffer based on its view of what constitutes a safe level of credit growth.<\/p>\n<p>Contrary to claims that these tools never work, they worked splendidly, as you can see from this chart today from HSBC\u2019s David Bloom.<\/p>\n<p><img data-recalc-dims=\"1\" height=\"224\" width=\"460\" decoding=\"async\" class=\"aligncenter\" title=\"Norway\/UK House Prices\" alt=\"Norway\/UK House Prices\" src=\"https:\/\/i0.wp.com\/blogs.telegraph.co.uk\/finance\/files\/2014\/05\/ambchart2-460x224.png?resize=460%2C224\" \/>\n<\/p><\/blockquote>\n<p>The RBNZ adopted similar measures and it is puzzling why the RBA, which faces an equal threat, is not doing the same.<\/p>\n<p>Read more at <a href='http:\/\/blogs.telegraph.co.uk\/finance\/ambroseevans-pritchard\/100027252\/norway-teaches-britain-how-to-choke-house-booms-without-killing-economy\/'>Norway teaches Britain how to choke house booms without killing economy \u2013 Telegraph Blogs<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ambrose Evans-Pritchard reports the resounding success of Norway&#8217;s central bank in using macroprudential tools to take the steam out of a housing bubble: if the Bank [BOE] wishes to contain credit, it should learn from Norway\u2019s success. Instead of raising rates, it has used \u201cmacroprudential\u201d tools. It cut the loan-to-value ceiling on mortgages from 90pc &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/05\/22\/norway-teaches-britain-how-to-choke-house-booms-without-killing-economy-telegraph-blogs\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Norway teaches Britain how to choke house booms without killing economy \u2013 Telegraph Blogs&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31,33],"tags":[1735,2129,2190,2502,2846,2860,2862],"class_list":["post-9858","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","category-uk-europe-countries-regions","tag-housing-boom","tag-loan-to-value-ceiling","tag-macroprudential-tools","tag-norway","tag-raising-capital-buffers","tag-rba","tag-rbnz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Norway teaches Britain how to choke house booms without killing economy \u2013 Telegraph Blogs - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norway teaches Britain how to choke house booms without killing economy \u2013 Telegraph Blogs - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Ambrose Evans-Pritchard reports the resounding success of Norway&#8217;s central bank in using macroprudential tools to take the steam out of a housing bubble: if the Bank [BOE] wishes to contain credit, it should learn from Norway\u2019s success. Instead of raising rates, it has used \u201cmacroprudential\u201d tools. 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Macroprudential regulation\u00a0are measures aimed to mitigate the risk of the financial system as a whole, or systemic risk, as opposed to the risk to individual participants. The [Reserve Bank of New Zealand] says it wants to\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11411,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/12\/08\/murray-has-endorsed-macroprudential-macrobusiness-com-au\/","url_meta":{"origin":9858,"position":1},"title":"Murray has endorsed macroprudential | Macrobusiness.com.au","author":"ColinTwiggs","date":"December 8, 2014","format":false,"excerpt":"Posted by Houses and Holes At 12:52pm on December 8, 2014 Published with permission from Macrobusiness.com.au. From Callam Pickering: The one glaring problem with the Financial System Inquiry is that it didn\u2019t push hard for the introduction of macroprudential policies. That takes the heat off both the RBA and APRA.\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15280,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/14\/rba-stuck\/","url_meta":{"origin":9858,"position":2},"title":"RBA stuck","author":"ColinTwiggs","date":"May 14, 2017","format":false,"excerpt":"Great slide from the NAB budget presentation: The RBA is in a cleft stick: Raising interest rates would increase mortgage stress and threaten stability of the banking system. Lowering interest rates would aggravate the housing bubble, creating a bigger threat in years to come. The underlying problem is record high\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15059,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/03\/30\/apra-fiddles-while-housing-risks-grow\/","url_meta":{"origin":9858,"position":3},"title":"APRA fiddles while housing risks grow","author":"ColinTwiggs","date":"March 30, 2017","format":false,"excerpt":"From Westpac today (emphasis added): ....With the Reserve Bank sharing our caution around 2018, along with ample capacity in the labour market (unemployment rate is 5.9% compared to full employment rate of 5.0%) and stubbornly low wages growth, there is only scope to cut rates. But as we have argued\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11177,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/21\/rba-targets-mortgage-lending\/","url_meta":{"origin":9858,"position":4},"title":"RBA targets mortgage lending","author":"ColinTwiggs","date":"October 21, 2014","format":false,"excerpt":"https:\/\/twitter.com\/Colin_Twiggs\/status\/524732011089371137","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10163,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/27\/bank-of-england-throws-egg-all-over-rba-apra-macrobusiness\/","url_meta":{"origin":9858,"position":5},"title":"Bank of England throws egg all over RBA, APRA | | MacroBusiness","author":"ColinTwiggs","date":"June 27, 2014","format":false,"excerpt":"Of all of the financial systems in the world, Australia\u2019s is most similar to the UK. Of all of the restrictive housing planning systems in the world, Australia\u2019s is most similar to the UK. Of all of the house price boom and bust cycles in the world, Australia\u2019s is most\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/9858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=9858"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/9858\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=9858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=9858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=9858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}