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Running for the Exit: International Banks and Crisis Transmission
Haas, Ralph de; Horen, Neeltje van - de Nederlandsche Bank - 2011
across borders. The simultaneous use of country and bank fixed effects allows us to disentangle credit supply and demand and …
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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Germany and the euro area: differences in the transmission process of monetary policy
Hubrich, K.S.E.M.; Vlaar, P.J.G. - de Nederlandsche Bank - 2000
This study analyses the transmission of monetary policy in Germany for the EMS period in the framework of a structural vector error correction model (S-VECM) analysis. Three stable cointegration relationships are found: a money demand relation, an interest rate spread and a stationary real...
Persistent link: https://www.econbiz.de/10005101872
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Consumer credit and payment cards
Bolt, Wilko; Foote, Elizabeth; Schmiedel, Heiko - de Nederlandsche Bank - 2011
We consider debit and credit card networks. Our contribution is to introduce the role of consumer credit into these … overdrafts are associated with current accounts and debit cards, and larger credit lines with 'grace' periods are associated with … credit cards. If we just introduce credit cards, we find their merchant fees depend not only on the networks' cost of funds …
Persistent link: https://www.econbiz.de/10009392062
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The comovement between household loans and real activity
Haan, Wouter den; Sterk, Vincent - de Nederlandsche Bank - 2009
In this paper, we analyze the business cycle behavior of home mortgages and consumer credit and investigate whether the … consumer credit, but even before the financial crisis hit, the data do not support the hypothesis that changes in mortgage …
Persistent link: https://www.econbiz.de/10005021820
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Towards a Stable Monetary Union: What Role for Eurobonds?
Gilbert, Niels; Hessel, Jeroen; Verkaart, Silvie - de Nederlandsche Bank - 2013
This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU's budgetary problems are not only caused by lack of budgetary discipline, but also by the large and sudden fiscal deterioration during the financial crisis. This type of shock...
Persistent link: https://www.econbiz.de/10010757280
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Can Open Capital Markets Help Avoid Currency Crises?
Garita, Gus; Zhou, Chen - de Nederlandsche Bank - 2009
By proposing a measure for cross-market rebalancing effects, we provide new insights into the different sources of currency crises. We address three interrelated questions: (i) How can we best capture contagion; (ii) Is the contagion of currency crisis a regional or global phenomenon?; and (iii)...
Persistent link: https://www.econbiz.de/10005101790
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Banking sector development and financial stability in the run up to EU accession
Brouwer, H.; Haas, R. de; Kiviet, B. - de Nederlandsche Bank - 2002
The EU accession countries have made remarkable progress in developing their financial sectors. Nevertheless, potential risks to banking sector stability remain. We take stock of these risks, with a focus on the challenges posed by the EU accession process. Important potential risks we identify...
Persistent link: https://www.econbiz.de/10005101924
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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