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Running for the Exit: International Banks and Crisis Transmission
Haas, Ralph de; Horen, Neeltje van - de Nederlandsche Bank - 2011
The global financial crisis has reignited the debate about the risks of financial globalization, in particular the … across borders. The simultaneous use of country and bank fixed effects allows us to disentangle credit supply and demand and … to control for general bank characteristics. We find that during the crisis banks continued to lend more to countries …
Persistent link: https://www.econbiz.de/10008828360
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Reforming the architecture of EMU: Ensuring stability in Europe
Haan, Jakob de; Hessel, Jeroen; Gilbert, Niels - de Nederlandsche Bank - 2014
This paper analyses the reforms in the architecture of EMU since the eruption of the euro crisis in 2010. We describe major weaknesses in the original set-up of EMU, such as lack of fiscal discipline, diverging financial cycles and competitiveness positions, and a lack of crisis instruments....
Persistent link: https://www.econbiz.de/10010945595
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Low real rates as driver of secular stagnation: empirical assessment
End, Jan Willem van den; Hoeberichts, Marco - de Nederlandsche Bank - 2014
We empirically test whether there is a causal link between the real interest rate and the natural rate of interest, which could be a harbinger of secular stagnation if the real rate declines. Outcomes of VAR models for Japan, Germany and the US show that a fall in the real rate indeed affects...
Persistent link: https://www.econbiz.de/10010945601
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Determinants of the rate of the Dutch unsecured overnight money market
Heijmans, Ronald; Hernández, Lola; Heuver, Richard - de Nederlandsche Bank - 2013
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...
Persistent link: https://www.econbiz.de/10011004570
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The Role of Wealth in the Economy: the 2002 Annual Meeting Papers of the Royal Netherlands Economic Association
Alessie, R.J.M.; Els, P.J.A. van; Hoogduin, L.H. - de Nederlandsche Bank - 2002
This study is an introduction to and summary of the 2002 Annual Meeting papers of the Royal Netherlands Economic Association. The general theme of this year's Annual Meeting is 'The role of wealth in the economy'. It is covered by 5 papers, which address the following topics: (i) household...
Persistent link: https://www.econbiz.de/10005021879
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Did the crisis affect inflation expectations?
Galati, Gabriele; Poelhekke, Steven; Zhou, Chen - de Nederlandsche Bank - 2009
We investigate whether the anchoring properties of long-run inflation expectations in the United States, the euro area and the United Kingdom have changed around the economic crisis that erupted in mid-2007. We document that in these three economies, expectations measures extracted from...
Persistent link: https://www.econbiz.de/10008482047
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The communication policy of the European Central Bank: An overview of the first decade
Haan, Jakob de; Jansen, David-Jan - de Nederlandsche Bank - 2009
Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary …
Persistent link: https://www.econbiz.de/10004983366
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Asset Price Shocks, Real Expenditures, and Financial Structure: A Multi-Country Analysis
Chirinko, Robert S.; Haan, Leo de; Sterken, Elmer - de Nederlandsche Bank - 2004
This paper examines the response of the economies of 11 EU countries, Japan, and the United States to shocks in housing and equity prices. The effects are assessed with a Structural Vector Auto Regressive (SVAR) model, and four key findings emerge. First, the impacts of asset price shocks are...
Persistent link: https://www.econbiz.de/10005101795
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Have market views on the sustainability of fiscal burdens influenced monetary authorities' credibility?
Galati, Gabriele; Lewis, John; Poelhekke, Steven; Zhou, Chen - de Nederlandsche Bank - 2011
During the Great Crisis, most governments in industrial countries supported their domestic financial sector under stress and responded to strong declines in output growth with fiscal stimulus packages. Starting in 2010, attention focused on the sustainability of the resulting debt burdens. We...
Persistent link: https://www.econbiz.de/10009193241
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Financial Globalization and Monetary Policy
Wagner, Helmut; Berger, Wolfram - de Nederlandsche Bank - 2003
Recently, it has often been argued that globalization eases the job of central banks as it helps to tame inflation … with globalization and to the corresponding increase in uncertainty by which the central banks are affected. As an example …
Persistent link: https://www.econbiz.de/10005106786