Overview
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- DNBulletin: Labour market flexibilisation linked to fall in labour income share
- A data analysis involving eight Dutch industries between 1996 and 2015 shows that the decline of the labour income share (LIS) coincides with increased labour market flexibilisation. The weaker negotiating position of workers on flexible contracts compared to that of employees on permanent contracts may explain this decline.
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- DNBulletin: Strong correlation between consumption and house prices in the Netherlands
- According to an international comparative analysis, the Netherlands is one of a group of countries with a relatively strong relationship between house prices and private consumption. The strength of this relationship mainly depends on the relative share of homeowners with a mortgage loan. This suggests that institutional differences between mortgage markets (e.g. in the tax treatment of mortgage interest rates) probably play a substantial role in explaining why the relationship between house prices and private consumption is so much stronger in some countries.
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- DNBulletin: Favourable growth prospects mitigate impact of rising interest rates on investment
- A DNB study has revealed that there is considerable variation in the degree to which firms adjust investment in response to changes in interest rates. Firms with favourable growth prospects in the medium term are less likely to reduce investment in the light of a rise in interest rates. Future rises in interest rates could therefore be accompanied by a relatively modest decline in investments, in light of the current favourable economic outlook for the euro area.
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- DNBulletin: European stress test demonstrates vulnerabilities of pension funds
- The Dutch pension sector remains vulnerable to financial market shocks, compared with other European countries. An analysis shows that an extremely adverse but not unimaginable scenario in the financial markets will have a major impact on the capital positions of Dutch pension funds. This is apparent from the results published today of the stress test conducted this year among European pension funds by EIOPA, the European supervisory authority for insurers and pension funds.
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- DNBulletin: Call for review of preferential treatment of sovereign exposures in the capital framework
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Phasing out the current preferential treatment of sovereign exposures in the capital framework for banks is important particularly for Europe. The EU must now take the lead in responding to a discussion paper of the Basel Committee on Banking Supervision on this topic. The interconnectedness of banks and governments was one of the determining factors in the European sovereign debt crisis and its reduction must remain ongoing.
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- DNBulletin: Basel Committee completes post-crisis bank regulation reforms
- The Basel Committee on Banking Supervision today reached agreement on a new framework for calculating capital requirements for banks. This will create more uniformity in the ways in which banks calculate their capital buffers. We believe the agreement is an important milestone marking the completion of the reforms of the global bank regulation framework, ten years post-crisis.
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- DNBulletin: Accuracy of macroeconomic projections sensitive to cyclical fluctuations
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The projections for the Dutch economy include significant prediction errors. One of the underlying reasons is an underestimation of the economy's cyclicity. Overall, projections are overly optimistic in the downward phase of the cycle and overly pessimistic in the upward phase. This phenomenon has a statistical as well as an economical cause.
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- DNBulletin: A closer look at inflation measures in the euro area and the United States
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Adequately comparing inflation in the euro area with the US - which is required for example to compare monetary policy - involves taking into account the different ways of including owner-occupiers' housing costs in determining inflation. If these imputed housing costs are excluded, the inflation figures in the euro area and the US seem to have been slowly converging over the past few years.
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- DNBulletin: Increasing climate-related risks demand more action from the financial sector
- Financial institutions must increasingly factor in the consequences of a changing climate and the transition to a carbon-neutral economy. DNB explores the impact of climate-related risks on the Dutch financial sector in its recent report, "Waterproof? An exploration of climate-related risks for the Dutch financial sector". This impact can be felt increasingly strongly in a variety of areas, which is why DNB intends to embed climate-related risks more firmly in its supervision with the ultimate aim of ensuring sustainable financial stability.
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- DNBulletin: Dutch public positive about deposit guarantee scheme
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Three quarters of the Dutch public are aware that deposits are guaranteed up to a certain amount in the event of bank failure. They are less familiar with the specific features of the Deposit Guarantee Scheme (DGS), such as the maximum payout deadline of 20 working days. A study commissioned by DNB shows there is still room for improvement, considering that greater awareness is essential to promoting confidence in the industry.
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- DNBulletin: Almost half of all Dutch consumers are active on peer-to-peer markets
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A survey reveals that almost half of Dutch consumers use peer-to-peer markets, a figure that is expected to rise further. The most commonly mentioned reason for using these platforms is to earn or save money. Factors that keep consumers from using peer-to-peer markets are uncertainty about the reliability of suppliers and demanders and the quality of products and services offered, and uncertainty about payments.
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- DNBulletin: Herding among Dutch pension funds stabilises effects of volatile price movements
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Dutch pension funds mimic each other's investment behaviour in the sovereign bond market. This "herding" could be due to information efficiency (lower costs for smaller portfolios), or as a result of following each other's investment decisions in response to larger risks. Despite this tendency to herd, pension funds' investment behaviour has a stabilising influence in times of market volatility.
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- DNBulletin: Blockchain technology offers opportunities
- While the use of bitcoin entails risks, the technology underlying the virtual currency offers promising opportunities. That is also the reason why we are experimenting with this distributed ledger technology, the most well-known form of which is blockchain. The use of this technology in the financial world could result in more efficient markets, cost savings, and improved resilience to cyberattacks and operational disruptions.
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- DNBulletin: Pension fund consolidation continues – general pension funds are gaining market share
- The consolidation trend in the pension sector has been emerging for some time and is set to continue. The number of pension funds dropped to 268 in 2017 from 1060 in 1997. Recently, the proportion of general pension funds has been growing.
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- DNBulletin: Why protectionism does not work
- Protectionism is back on the agenda, not least due to anti-free trade rhetoric from across the Atlantic Ocean. However, the advanced globalisation has made trade relations so complex that protectionism distorts production processes and harms consumers' purchasing power.
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