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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
This publication discusses the need for an EMU banking union and describes three possible transition scenarios. This is a translation of chapter 4 of the Dutch publication.
CPB Communication | 29 May 2018
16 pages | pdf document, 1 MB
The long-term interest rate in the Euro area is an important exogenous input in CPB macro-econometric models to project the world economy and the Dutch economy, so it is important to have a reliable projection for it. However, there were concerns about the CPB practice of forecasting the long-term interest rate, especially over the inconsistency of long-term interest rate projections in the short and medium term. Therefore, this document compares the old CPB practice with several alternative forecasting methods for long-term interest rates, and evaluates these methods.
CPB Background Document | 22 March 2018
26 pages | pdf document, 1.3 MB
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
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