In this paper we investigate Dutch corporate liquidity management in general, and target adjustment behaviour in particular. To this purpose, we use a simple error correction model of corporate liquidity holdings applied to firm-level data for the period 1977-1997. We confirm the existence of...

The Netherlands is ageing. The proportion of Dutch citizens aged 65 or older, expressed as a percentage of all Dutch residents in the 20-65 age bracket - the so-termed grey burden - currently stands at about 22. Expectations are that this number will at least double in the next few decades. This...

Banks play a central role in the functioning of the economy. Not only do they allocate financial resources, they also collectively create money in the process of granting loans. In this way, they have a considerable impact on the type of activities that are financed in society. During the...