The model of Stiglitz and Weiss ( American Economic Review , 1981, 71(3)) is the seminal analytical work on credit rationing. However, in a recent paper, Arnold and Riley ( American Economic Review , 2009, 99(5)) claim that the distributional assumption on which that model.s main result depends...

We assess the determinants of banks' liquidity holdings using balance sheet data for nearly 7000 banks from 30 OECD countries over a ten-year period. We highlight the role of several bank-specific, institutional and policy variables in shaping banks' liquidity risk management. Our main question...

The aim of this paper is to provide a uniform representation of functional concepts used in the field of payment and securities settlement systems. The framework developed here is encompassing the whole field while using as few elements as possible. It provides a basic functional model for...

In Continentaal Europa zijn onderhandse kapitaalmarkten een belangrijke bron voor de financiering van de collectieve sector. In de Verenigde Staten daarentegen hebben onderhandse leningen een belangrijke rol in de ondernemingsfinanciering. Deze studie laat zien dat er mogelijk een Europese...

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

We investigate interlinkages and contagion risks in the Dutch interbank market. Based on severaldata sources, including the answers of banks to a questionnaire, we estimate the exposures in the interbank market at bank level. Next, we perform a scenario analysis to measure contagion risks. We...

This paper discusses various theoretic concepts which play a role in assessing the public benefits of Target, the large value RTGS payment network operated by the Eurosystem. These concepts touch upon natural monopoly, network externalities, competition and contestability, as well as economies...

The continental European financial system distinghuishes itself from its American counterpart by the dominance of banks in the financing of nonfinancial companies. Only a fraction of the external capital need of the private sector is fulfilled directly, on the public capital market. Non-bank...

Countries differ as to financial structure. That goes also for countries taking part in the Economic and Monetary Union, EMU. As a result, the ECB's monetary policy does not necessarily affect economic activity and price developments in individual euro area countries to the same extent. The...

We analyse the effect of failing reinsurance cover on the stability of Dutch insurers. As insurers often reinsure themselves with other (re)insurers, losses could spread contagiously through the sector. Using a unique and confidential data set on reinsurance exposures, we perform a scenario...