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2016 | OriginalPaper | Buchkapitel

5. Norges Bank and the Four Criteria

verfasst von : Steffen Elkiær Andersen

Erschienen in: The Origins and Nature of Scandinavian Central Banking

Verlag: Springer International Publishing

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Abstract

For about 400 years Denmark and Norway had constituted a dual kingdom with the Danish kings as heads of state. In Norway, the king was represented by a statholder (governor) and a local administration residing in Christiania (spelt Kristiania since 1877, and renamed Oslo in 1925). The local administration was comprised mostly of civil servants educated in Copenhagen and recruited from the Danish central administration. The local administration would collect taxes, customs, and duties and remit the proceeds to Copenhagen where these incomes would contribute to the joint defenses and administration of the kingdoms.

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Vorheriges Kapitel Danmarks Nationalbank and the Four Criteria

Nächstes Kapitel The Scandinavian Currency Union (1873–1914)

The statholders were usually members of the aristocracy close to the royal family. Even before absolutism was introduced in 1660 (see Chap. 4), the statholder would often be a younger brother, a cousin, or a son in law of the king. The last governor was prince Christian Frederik, the son of an uncle to King Frederik VI. He was elected king of Norway in the spring of 1814, but abdicated three months later when Norway’s union with Sweden proved inevitable. In 1839 he became King Christian VIII of Denmark, succeeding King Frederik VI.

Whether Norway contributed more or less than its “fair share” of the joint expenses has been a frequently and hotly debated issue among older historians.

See Å. Egge (1978) Kredittvesenet i Norge under industrikapitalismens gennombrudd in G. Authén Blom (ed.) Utviklingen av kreditt og kredittinstitusjoner i de nordiske land ca 1850–1914 (Trondhjem) p. 9.

The British feared that Denmark–Norway would be unable to resist pressures from France following the Tilsit agreement between Emperor Napoleon and czar Alexander I. The issue was who would come first to gain control of the considerable Danish-Norwegian navy.

See Jahn, Eriksen & Munthe (1966) Norges Bank gjennom 150 år (0slo), p. 8. Jahn was head governor of Norges Bank between 1946 and 1954.

See Jahn, Eriksen & Munthe (1966) Norges Bank gjennom 150 År, Oslo, pp. 31–32.

After the latest amendments of May 27, 2014.

“Det tilkommer Stortinget…å føre oppsyn med rikets pengevesen.”

Loven om pengevesenet af 14. juni, 1816.

Loven om Norges Bank af 14. juni, 1816.

“Octroi for Norges Bank, saafremt Bankens Fond ved frivillig Subscription tilveiebringes, og i forbindelse dermed Fundation, der, istedenfor Octroien, skal være gjældende for Banken, dersom dens Fond tilveiebringes ved tvungent Indskud.”

See Jahn, Eriksen & Munthe (1966) Norges Bank gjennom 150 år (Norges Bank, Oslo), p. 31.

See Chap. 4, section 4.1.3.

I am grateful to Jan Qvigstad, a former governor of Norges Bank, for pointing this out to me.

Lov om Norges Bank og pengevesen mv (sentralbankloven) af 9. sept. 1985. See also Chap. 10 of this book.

Jahn, Eriksen & Munthe (1966) Norges Bank gjenom 150 år, (Norges Bank), p. 17: “Bankens virksomhet var fastsatt av Stortinget, og det er dettes lov Norges Bank har å rette sig etter. Den var med andre ord Stortingets bank…”

Jahn, Eriksen & Munthe (1966) Norges bank gjennom 150 år, (Norges BanK) p. 119 “…heller ikke måtte den opptre som spekulant på valutamarkedet.”

Lov om Norges Bank af 6. Juni 1863.

See Steffen Elkiær Andersen (2010) The Evolution of Nordic Finance (Palgrave Macmillan), pp. 128–32.

Jahn, Eriksen & Munthe, Norges Bank gjennom 150 år”, Norges Bank 1966, p. 141.

Kristiania was renamed Oslo in 1925.

This pattern was also seen in Denmark during the banking crises of 1906–08 and 1922–26.

Titel: Norges Bank and the Four Criteria
verfasst von: Steffen Elkiær Andersen
Verlag: Springer International Publishing
Buch: The Origins and Nature of Scandinavian Central Banking
Print ISBN: 978-3-319-39749-8

Electronic ISBN: 978-3-319-39750-4

Copyright-Jahr: 2016
DOI: https://doi.org/10.1007/978-3-319-39750-4_5