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May 12, 2017

Collateral Damage? Decreasing House Prices and Entrepreneurial Lending

Publication

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 25, 2017

Tax arbitrage incentives for mortgage prepayment behavior: Evidence from Dutch micro data

Publication

This paper exploits a unique set of Dutch micro data to analyze the response in prepayment behavior to changes in incentives for prepaying.

April 5, 2017

Optimal Tax Routing: Network Analysis of FDI diversion

Publication

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.

April 3, 2017

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

Publication

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.

March 24, 2017

The role of inflation-linked bonds

Publication

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?

March 16, 2017

Negative home equity and job mobility

Publication

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.

January 30, 2017

Effecten van bodem in rekenrente voor pensioenfondsen

Publication (in Dutch only)

Naar aanleiding van Kamervragen heeft het ministerie van SZW aan het CPB gevraagd om de effecten van invoering van een bodem in de rekenrente te bepalen. Deze CPB Notitie beschrijft de gevraagde effecten.

January 20, 2017

The effect of financial development on economic growth: a meta-analysis

Publication

The financial crisis has renewed interest in the finance-growth relationship. We analyze the empirical literature and find a moderate positive but decreasing effect of finance on growth.

January 16, 2017

In vier stappen naar efficiëntere faillissementswetgeving

Publication (in Dutch only)

Een stabiele welvaartsontwikkeling is gebaat bij een flexibele economie die snel kan inspelen op veranderende omstandigheden.

December 27, 2016

Accounting for the Business Cycle Reduces the Estimated Losses from Systemic Banking Crises

Publication

We re-estimate the e ffects of systemic banking crises in industrialised countries reported by Cerra and Saxena with a model that includes transitory business cycle shocks.