A Norwegian fixation: explaining cheap money in Norway, 1945--1986

Einar Lie and Eivind Thomassen

Scandinavian Economic History Review, 2016, vol. 64, issue 2, 160-174

Abstract: In a number of European countries, credit markets were characterised by heavy regulations of quantities and prices, in terms of interest rates, in the post war years. In Norway, the regulations became more vigorous and lasted much longer, than most other countries. This article seeks to explain the extent and persistence of the policy by tracing the role of leading economists, of financial sector, and political considerations in relation to growths policies and the housing markets. Whereas a number of factors are highlighted in the emergence of the system, the role of political considerations in relation to cheap funding for the housing sector appears as a fundamental cause and condition in explaining the persistence of the cheap money policies into the mid-1980s.

Date: 2016
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DOI: 10.1080/03585522.2016.1182581

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