摘要：After having remained relatively stable from the mid-1990s, the number of bankruptcies rose sharply in 2002and 2003, but then fell again last year and in the first six months of 2005. Using an empirical model, we analysefactors underlying developments in bankruptcies. We find that changes in profit margins, competitivenessand real interest rates, as well as cyclical fluctuations in the Norwegian and international economy, have beenamong the most important driving forces since 2002. The analysis indicates that deteriorating competitiveness in2002 as a result of a strong krone exchange rate and high wage growth contributed in particular to themarked increase in the number of bankruptcies. The depreciation of the krone exchange rate in 2003 and into2004, combined with moderate wage growth from 2003, helped to improve competitiveness in Norwegianenterprises. This explains a considerable portion of the recent fall in the number of bankruptcies
