Publications

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. →

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. →

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. →

Productivity growth is on the decline, in the OECD countries. In the Netherlands, structural growth is also slowing down. On the basis of this fact, the European Commission proposed that each EU Member State would install a national productivity board (NPB). The Council of the European Union has since adopted this proposal. →

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. →

The Dutch economy is gathering steam. The economic boom is the result of a favourable international economy, low interest rates, expansive budgetary policy and a persistently strong housing market. These last two factors distinguish the Netherlands from other countries. Positive domestic dynamics between increasing employment, higher disposable income levels, higher consumption and more investments will lead to a 3.2% economic growth in 2018 and 2.7% in 2019. Over the 2017–2019 period, the Dutch economy is projected to outperform that of the eurozone by 0.6 percentage points, in each of those years.  →

The CPB World Trade Monitor (WTM) is an instrument for bringing together, aggregating, and summarizing worldwide monthly data on international trade and industrial production. →

This paper studies the impact of fiscal incentives on the choice of organizational form.To determine the fiscal incentive we construct the alternative before-tax income and simulate the tax incentive. →

This analysis is based on the measures in the financial appendix to the Coalition Agreement, as submitted to CPB on 29 September. Chapter 10 lists the measures included in the analysis. →

The circular economy aims to reduce the use of raw materials, promote re-use and recycling and limit waste. This study focuses on the circular economy of plastics and investigates what the major problems are in relation to the use of plastics and to what extent government policy is necessary and effective. →