Publications

August 15, 2017

Capital structure determinants and adjustment speed: An empirical analysis of Dutch SMEs

This paper presents empirical evidence of both the determinants and the adjustment speed of capital structure of small and medium-sized enterprises (SMEs) in the Netherlands.

May 12, 2017

Collateral Damage? Decreasing House Prices and Entrepreneurial Lending

We study the effect of housing collateral on entrepreneurial lending in the Netherlands. This residential collateral channel is especially relevant for sole proprietors for whom there is no legal distinction between the owner and the business.

April 3, 2017

The Impact of House Price Shocks on the Savings of Dutch Homeowners and Renters

We study the impact of changes in house prices on savings using administrative panel data on Dutch owner-occupying and renting households over the period 2006-2013.

July 26, 2016

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.

December 22, 2015

Home Ownership and Household Portfolio Choice

We study the effect of home equity and indebtedness on financial portfolio choices of Dutch households during the period 2006-2012.

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March 10, 2015

Estimating the Impact of Forced Sales on House Prices

We study the price effects of forced sales on the Dutch housing market. A forced sale may result in a lower transaction price because of e.g. suboptimal incentives for revenue maximization.

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January 12, 2015

House Price Shocks and Household Savings: evidence from Dutch administrative data

We study the effect of house price shocks on the savings behaviour of Dutch homeowners over the period 2006-2011.

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May 30, 2013

CPB Financial Stability Report 2013

The Dutch House of Representatives has requested CPB and DNB to prepare a joint report on international and national macro-economic developments and their relation to the developments in the financial sector.

February 14, 2013

The Dutch housing market - mortgage interest rates, house prices and consumption

Analysis of the consequences of the current financial position of banks in relation to the mortgage and housing markets and, following from that, for the current situation of the Dutch economy.

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