Norges Bank

Staff Memo

Money and credit in Norway

Christian Kascha
Staff Memo


The recent turmoil in the global financial markets raises questions about the nature of the downturn of the Norwegian economy. In particular, are worsening credit market conditions also a leading cause of the Norwegian 2009 recession? In order to shed some light on these questions, this note investigates the historical behavior of different money and credit series and their relationship with real economic activity as measured by growth in GDP Mainland Norway.


Staff Memos present reports and documentation written by staff members and affiliates of Norges Bank, the central bank of Norway. Views and conclusions expressed in Staff Memos should not be taken to represent the views of Norges Bank.

ISSN 1504-2596 (online)

Published 28 August 2009 14:05
Published 28 August 2009 14:05