Leo de Haan

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Leo de Haan

Economics and Research Division
Email Leo de Haan

Short bio

Senior research economist at the Research Department. Currently on secondment at the Central Bank of Aruba, as manager of the Research Department. Worked previously at several policy departments, specifically on business cycle analysis and forecasting and on monetary analysis. Current research focuses on financial behaviour of banks, pension funds and insurance companies. Was consultant in macro-econometric modeling and forecasting on behalf of national banks in several of The Netherlands' IMF-constituency countries (Armenia, Bulgaria, Cyprus, Georgia, Macedonia, Montenegro, Ukraine).

Education

1997 - Ph.D. Economics, Erasmus University
1991 - Master Financial Economics (cum laude), Tilburg University
1982 - M.Sc. Economics, University of Amsterdam

Research interests

  • Financial institutions
  • Financial stability
  • Financial markets
  • Corporate finance 

Working papers

The impact of sovereign debt ratings on euro area cross-border holdings of euro area sovereign debt (with Robert Vermeulen), Working Paper No. 620, December 2018. Download

Spillovers of monetary policy across borders: International lending of Dutch banks, insurers and pension funds (with Jon Frost, Patty Duijm, Clemens Bonner and Jakob de Haan), DNB Working Paper No. 609, October 2018. Download 

Benchmark selection and performance (with Dirk Broeders), DNB Working Paper No. 603, August 2018. Download

European banks after the global financial crisis: Peak accumulated losses, twin crises and business models (with Jan Kakes), DNB Working Paper No. 600, July 2018. Download

See also my Repec page.

Publications in refereed journals

Nikki Panjer, Leo de Haan and Jan Jacobs (2019), Is fiscal policy in the euro area Ricardian?, Empirica, forthcoming. 

Isabel Argimon, Clemens Bonner, Ricardo Correa, Patty Duijm, Jon Frost, Jakob de Haan, Leo de Haan and Viktors Stebunovs (2019), Financial institutions’ business models and the global transmission of monetary policy, Journal of International Money and Finance 90, 99-117. Download

Leo de Haan (2018), Recovery measures of underfunded pension funds: higher contributions, no indexation, or pension cuts?, Journal of Pension Economics and Finance 17(4), 437-468. Download

Leo de Haan and Jan Willem van den End (2018), The signalling content of asset prices for inflation: Implications for Quantitative Easing, Economic Systems 42(1), 45-63. Download

Leo de Haan and Maarten van Oordt (2018), Timing of banks' loan loss provisioning during the crisis, Journal of Banking and Finance 87, 293-303. Download

Leo de Haan, Jan Willem van den End and Philip Vermeulen (2017), Lenders on the storm of wholesale funding shocks: Saved by the central bank?, Applied Economics 49(46), 4679-4703. Download

Sebastiaan Pool, Leo de Haan and Jan Jacobs (2015), Loan loss provisioning, bank credit and the real economy, Journal of Macroeconomics 45, 124–136. Download

Leo de Haan, Jeroen Hessel and Jan Willem van den End (2014), Are European sovereign bonds fairly priced? The role of modelling uncertainty, Journal of International Money and Finance 47, 239-267. Download

Leo de Haan and Jan Willem van den End (2013), Bank liquidity, the maturity ladder, and regulation, Journal of Banking and Finance 37(10), 3930-3950. Download

Leo de Haan and Jan Willem van den End (2013), Banks’ responses to funding liquidity shocks: Lending adjustment, liquidity hoarding and fire sales, Journal of International Financial Markets, Institutions & Money 26, 152–174. Download

Wilko Bolt, Leo de Haan, Marco Hoeberichts, Maarten van Oordt and Job Swank (2012), Bank profitability during recessions, Journal of Banking and Finance 36 (9), 2552–2564. Download

Phil Davis and Leo de Haan (2012), Pension fund finance and sponsoring companies, Journal of Pension Economics and Finance 11(3), 439-463. Download

Leo de Haan and Jan Kakes (2012), A probit model for insolvency risk among insurance companies, Frontiers in Finance and Economics 9(1), 33-55. Download

Allard Bruinshoofd and Leo de Haan (2012), Market timing and corporate capital structure: A transatlantic comparison, Applied Economics 44(28), 3691-3703. Download

Leo de Haan and Jan Kakes (2012), Investment strategies of institutional investors: Evidence from Dutch flow-of-funds data, Applied Economics Letters 19(2), 155-159. Download

Allard Bruinshoofd and Leo de Haan (2011), Is the negative relation between leverage and historical market-to-book specific to US and ICT firms?, International Review of Finance 11(2), 227-243. Download

Leo de Haan and Jan Kakes (2011), Momentum or contrarian investment strategies: Evidence from Dutch institutional investors, Journal of Banking and Finance 35(9), 2245-2251. Download

Leo de Haan and Elmer Sterken (2011), Bank-specific daily interest rate adjustment in the Dutch mortgage market, Journal of Financial Services Research 39(3), 145-159. Download

Leo de Haan and Jan Kakes (2010), Are non-risk based capital requirements for insurance companies binding?, Journal of Banking and Finance 34(7), 1618-1627. Download

Leo de Haan, Hubert Schokker and Anastassia Tcherneva (2008), What do current account reversals in OECD countries tell us about the US case?, The World Economy 31(2), 286–311. Download 

Tijs de Bie and Leo de Haan (2007), Market timing and capital structure: evidence for Dutch firms, De Economist 155(2), 183-206. Download

Leo de Haan and Elmer Sterken (2006), The impact of monetary policy on the financing behaviour of firms in the euro area and the UK, The European Journal of Finance 12(5), 401-420. Download

Leo de Haan and Jeroen Hinloopen (2003), Preference hierarchies for internal finance, bank loans, bond, and share issues, Journal of Empirical Finance 10(5), 661-681. Download

Leo de Haan (2003), Microdata evidence on the bank lending channel in the Netherlands, De Economist 151(3), 293-315. Download

Leo de Haan, Kees Koedijk and Erik de Vrijer (1994), Buffer stock money and pecking order financing, De Economist 142(3), 287-305. Download

Publications in books

Leo de Haan (2003), The impact of monetary policy on bank lending in the Netherlands, in: I. Angeloni, A. Kashyap and B. Mojon (eds.), Monetary Policy Transmission in the Euro Area, Cambridge University Press, 335-346. Download
 
Hans van Ees, Harry Garretsen, Leo de Haan and Elmer Sterken (1998), Investment and debt constraints: evidence from Dutch panel data, in: S. Brakman, H. van Ees and S.K. Kuipers (eds.), Market Behaviour and Macroeconomic Modelling, Macmillan Press, 159-179. Download

Leo de Haan (1997), Financial Behaviour of the Dutch Corporate Sector, Thesis Publishers. 

Other publications

Dennis Bonam, Peter van Els, Jan Willem van den End, Leo de Haan and Irma Hindrayanto (2018), The natural rate of interest from a monetary and financial perspective, DNB Occasional Studies 16(3). Download

Leo de Haan and Jan Willem van den End (2017), The signalling content of asset prices for inflation, VoxEU.

Leo de Haan and Maarten van Oordt (2016), Voorzieningen voor slechte leningen van Nederlandse banken in crisistijd (Dutch banks' loan loss provisioning during the crisis), Economisch Statistische Berichten 101(4742), 664-667. Download

Wilko Bolt, Leo de Haan, Marco Hoeberichts, Maarten van Oordt, and Job Swank (2013), Bankwinsten in een krimpende economie (Bank profitability during recessions), Economisch Statistische Berichten 98(4662), 372-375. Download

Sybille Grob and Leo de Haan (2008), Pensioenfonds en sponsor (Pension fund and sponsor), Economisch Statistische Berichten 93(4536), 342-343. Download

Leo de Haan and Jan Kakes (2004), The financial system and corporate finance since the euro: recent developments, prospects and policy initiatives, Financial & Monetary Studies 22(4). To FMS-site

Leo de Haan (2003), Discussion of: Financing and investment interdependencies in unquoted Belgian companies: the role of venture capital, by K. Bayens, S. Manigart and I. Verschueren, in: P. Butzen and C. Fuss, Firms' Investment and Finance Decisions, Edward Elgar, 126-128.

Leo de Haan (1999), Het verband tussen investeren en financieren: een financiële-stromenmodel voor Nederlandse beurs-nv's (The link between investment and financing: a flow of funds model for Dutch listed firms), VBA Journaal 15(4), 2-8. Download

Rick Angevaare and Leo de Haan (1999), Nederlandse banken op weg naar 2000 (Dutch banks on their way toward 2000), Bank- en Effectenbedrijf 48(3), 15-20. Download

Leo de Haan (1999), Credit, Investments and the Macroeconomy, by M. Mazzoli, De Economist 147(1), 104-106.

Leo de Haan and Maarten van Rooij (1998), The Dutch economy in 1999 and 2000: a forecast using MORKMON, DNB Quarterly Bulletin, December.

Leo de Haan and Focco Vijselaar (1998), De vernieuwde conjunctuurindicator (The renewed business cycle indicator), Economisch Statistische Berichten 83(4165), 660-664. Download

Leo de Haan (1997), Nederlandse bedrijven prefereren interne financiering (Dutch firms prefer internal finance), F&O 12, 3-5. Download

Hans van Ees, Harry Garretsen, Leo de Haan and Elmer Sterken (1997), Investeringen en kredietbeperking (Investment and credit constraints), Maandblad voor Accountancy en Bedrijfseconomie 71(11), 557-567. Download

Kees Goudswaard, Jakob de Haan, Leo de Haan and Renske Oort (1996), Schuldmanagement van de Staat (Government debt management), Financiële & Monetaire Studies 15(1).

Leo de Haan (1996), Kosten van eigen vermogen: schattingen van het vereiste rendement op aandelen van Nederlandse beursondernemingen (Cost of equity: estimations of the required rate of return on equity for Dutch listed firms), VBA-Journaal 12(1), 14-20. Download

Leo de Haan (1995), Dividendbeleid van Nederlandse beursondernemingen (Dividend policy of Dutch listed firms), Maandblad voor Accountancy en Bedrijfseconomie 69(12), 774-785. Download

Leo de Haan, Kees Koedijk and Erik de Vrijer (1992), Gebruik van kort bankkrediet nader bekeken (A closer look at the use of short-term bank credit), Bank- en Effectenbedrijf 41(11), 28-33. Download

Leo de Haan, Kees Koedijk and Erik de Vrijer (1992), Het liquiditeitsbezit van bedrijven (Liquidity holdings by firms), Economisch Statistische Berichten 77(3886), 1116-1120. Download

Leo de Haan (1992), Solvabiliteit en pikordegedrag (Solvency and pecking order behaviour), Economisch Statistische Berichten 77(3854), 344-348. Download

Leo de Haan, Kees Koedijk and Erik de Vrijer (1992), De stijging van het liquiditeitsbezit in de jaren tachtig: een enquête onder Nederlandse bedrijven en financiële instellingen (The rise of liquidity holdings in the 1980s: a survey among Dutch nonfinancial firms and financial institutions), DNB-Monetaire Monografieën 12.

Jaap Bikker and Leo de Haan (1990), DNB-conjunctuurindicator: een terugblik op vooruitzien (The DNB business cycle indicator: the art of looking ahead in retrospect), Economisch Statistische Berichten 75(3787), 1188-1192. Download

Job Swank, Leo de Haan and Frank Veldkamp (1989), Financiële balansen van gezinnen en bedrijven (Financial balances of households and firms), 1982-1987, DNB-Monetaire Monografieën 10.

Leo de Haan (1989), De financiële kwetsbaarheid van gezinnen (Financial vulnerability of households), Economisch Statistische Berichten 74(3719), 768-771. Download

Jaap Bikker and Leo de Haan (1988), Forecasting business cycles: a leading indicator for the Netherlands, DNB-Quarterly Bulletin, December, 71-82. Download

Koos Alders and Leo de Haan (1988), Macro-economische en financieringsaspecten van de bouw (Macro-economic and financial aspects of construction), Rotterdamse Monetaire Studies 31.

 

Latest update: January 2019