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...

This paper reviews the consecutive fiscal rules in operation in the Netherlands since 1945. The rules are assessed mainly from a life cycle perspective. It is shown that fiscal rules (in the Netherlands) exhibit a life cycle with the length of the cycle predominantly influenced by political...

The Liquidity Coverage Ratio (LCR) requirement of the Basel III framework is aimed at making banks more resilient against liquidity shocks and indicates the extent to which a bank is able to meet its payment obligations over a 30-day stress period. Notwithstanding the fact that it forms an...