Kopafbeelding publicaties CPB

Publications

How do the Dutch Finance their Own House? – Descriptive Evidence from Administrative Data

We investigate the major financing components which are used to purchase a house in the Netherlands. This is important to shed more light on the effects of changing lending norms. We look at the full universe of housing transactions in the Netherlands by making use of administrative data from Statistics Netherlands (CBS) for the period 2006-2014.

CPB Background Document | 5 June 2018

26 pages | pdf document, 1.3 MB

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A Review on ESBies - The senior tranche of sovereign bond-backed securities

Safe assets, assets with low risk and high liquidity, are the cornerstone for modern financial systems. The biggest holders of safe assets are banks, which need to hold safe assets to meet capital and liquidity requirements. Safe assets also provide high-quality, liquid collateral for banks’ repo transactions. Besides, safe assets provide benchmarks for the price formation of other financial assets.

CPB Background Document | 5 June 2018

20 pages | pdf document, 868.6 KB

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Capital position of banks in the EMU: an analysis of Banking Union scenarios

This CPB Background Document provides details of the simulations of shocks to the capital position of banks in the EMU that underpins the Financial Risk Report 2018 of the CPB. This involves investigating the potential impact of two legacy problems on the capital position of banks. These problems are the high amount of government debt, especially in Italy, and the high level of non-performing loans on banks’ balance sheets.

CPB Background Document | 29 May 2018

20 pages | pdf document, 1.4 MB

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Effects of Unconventional Monetary Policy on European Corporate Credit

In this paper we investigate whether the targeted longer-term refinancing operations (TLTRO) and the asset purchase program (APP) led to lower interest rates on new corporate credit, and whether the signalling channel and the capital relief channel played any role in the transmission of these ECB policies.

CPB Discussion Paper 372 | 6 February 2018

22 pages | pdf document, 383.8 KB

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The effects of unconventional monetary policy in the euro area

How effective are unconventional monetary policies? Through which mechanisms do they work? This discussion paper contains a detailed presentation of the new scientific evidence we reported in the policy brief, and adds to the relatively scarce literature in this field.

CPB Discussion Paper 371 | 6 February 2018

36 pages | pdf document, 583 KB

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Assets and liabilities of Dutch non-financial firms

The main purpose of this document is to assess the financial situation of non-financial firms. In particular, the document provides answers to two questions. Are there financial fragilities in Dutch non-financial firms? If yes, for which particular type of firms?

CPB Communication | 23 August 2017

32 pages | pdf document, 571.4 KB

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Optimal Tax Routing: Network Analysis of FDI diversion

The international corporate tax system is considered as a network and, just like for transportation, ‘shortest’ paths are computed, minimizing tax payments for multinational enterprises when repatriating profits. We include corporate income tax rates, withholding taxes on dividends, double tax treaties and the double taxation relief methods.

CPB Discussion Paper 349 | 5 April 2017

44 pages | pdf document, 1.7 MB

ISBN 978-90-5833-771-9 | Go to publication

The role of inflation-linked bonds

The market for inflation-linked bonds (ILBs) is growing, but still small when compared to the market for nominal bonds. This paper raises the question why governments do not rely more on ILBs to finance their public debts?

CPB Discussion Paper 344 | 24 March 2017

34 pages | pdf document, 1.4 MB

ISBN 978-90-5833-766-5 | Go to publication

Negative home equity and job mobility

We investigate the impact of negative home equity on job mobility. Panel fixed effects estimation is carried out by making use of Dutch administrative panel in the period 2006-2011.

CPB Discussion Paper 345 | 16 March 2017

40 pages | pdf document, 1.6 MB

ISBN 978-90-5833-767-2 | Go to publication

Dependence on External Finance and SME Survival

This CPB Background Document addresses whether, in the aftermath of the financial crisis, default probabilities of firms that depend more on external finance were affected more negatively than default probabilities of less dependent firms.

CPB Background Document | 26 July 2016

pdf document, 858 KB

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Determinants of long-term interest rates

The nominal long-term interest rate decreased in the past decades due to the decrease in (expected) inflation and in potential growth and due to changes in the age structure of the population.

CPB Background Document | 27 May 2016

34 pages | pdf document, 1.9 MB

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Credit Supply Shocks in the Netherlands

This study looks at the effects of credit supply shocks in the Netherlands and provides estimates of how important credit supply disturbances have been for explaining the recent disappointing economic growth.

CPB Discussion Paper 320 | 12 January 2016

44 pages | pdf document, 900.5 KB

ISBN 978-90-5833-713-9 | Go to publication

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