This paper presents an information variable for financial stability consisting of a composite index and its related critical boundaries. It is an extension of a Financial Conditions Index with information on financial institutions. The indicator is bounded, on one side, by the instability...

In this paper we derive an analytic valuation formula for a generalized form of liabilities in hybrid pension plans taking account of both equity and interest rate risk. Comparative statistics are carried out to show the relevance of some key parameters in defining the hybrid pension plans,...

This paper identifies the key factors driving indexation in turbulent economic times within defined benefit plans using a unique panel dataset of 166 Dutch pension funds from 2007 to 2010. Key drivers of indexation are the funding ratio, inflation and real wage growth. The type of pension fund...

This paper investigates how changes in the monetary policy framework have affected the overnight money market lending rate for the Dutch segment of the euro area during tranquil and crisis times. We present an EGARCH model on the volatility of the overnight lending rate. The results show that...

This paper provides a brief overview of the main issues at stake related to institutional structure and monetary transmission in Europe. We argue that differences in institutional arrangements, both economic and legal, are potential causes of differences in monetary transmission mechanisms among...

Drawing on the literature on organizational psychology, this paper discusses the potential of studying corporate culture and organizational behaviour for financial supervision. First, we discuss how corporate culture is often linked to long-term firm performance. From that perspective, factoring...

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...

In card payment systems, no-surcharge rules prohibit merchants from charging consumers extra for card payments. However, Dutch retailers are allowed to surcharge consumers for their debit card use. This allows an empirical analysis of the impact of surcharging on the demand for debit card...