Jon Frost

Jon Frost

Financial Stability Division
Phone: (+31) 20 5242203
E-mail: Jon Frost 

Short bio

Jon Frost is a senior economist in DNB's Financial Stability Division. He is currently seconded to the Innovation and the Digital Economy unit at the Bank for International Settlements (BIS) in Basel. Since September 2017, Jon is a Policy Fellow with the Centre for Science and Policy at the University of Cambridge.


2015 - PhD in Economics, University of Groningen
2008 - M.A. Economics, Ludwig-Maximilians Universität München
2007 - B.A. International Studies and B.S. in Economics, University of Washington

Research interests

  • International capital flows
  • Official sector support programs
  • Financial stability
  • Macroprudential policy
  • FinTech

Work in progress

The Matthew effect and modern finance (with Romina Gambacorta and Leonardo Gambacorta)

Hemming the tide: the effectiveness of macroprudential policy and capital restrictions (with Hiro Ito and René van Stralen, Portland State University)

Working papers

The economic forces driving FinTech adoption across countries, DNB Working Paper No. 663, January 2020. Download

BigTech and the changing structure of financial intermediation (with Leonardo Gambacorta, Hyun Shin, Yi Huang and Pablo Zbinden), BIS working paper No. 779, April 2019. Download

Macroprudential policy and income inequality, (with René van Stralen), DNB Working Paper No. 598, June 2018. Download

Hazardous tango: Sovereign-bank interdependencies across countries and time (with Jack Bekooij, Remco van der Molen and Krzysztof Muzalewski), DNB Working Paper No. 541, December 2016. Download

Effective macroprudential policy: Cross-sector substitution effects of price and quantity measures (with Janko Cizel, Peter Wierts and Aerdt Houben), IMF Working Paper No. 16/94, April 2016. Download

A theory of bazookas; or, “when (and when not) to use large-scale official sector support”, DNB Working Paper No. 479, 2015. Download

Financial globalization or great financial expansion? The impact of capital flows on credit and banking crises (with Ruben van Tilburg), DNB Working Paper No. 441, 2014. Download

Comparing different early warning systems: Results from a horse race competition among members of the Macro-prudential Research Network (with Lucia Alessi, António Antunes, Jan Babecký, Simon Baltussen, Markus Behn, Diana Bonfim, Oliver Bush, Carsten Detken, Rodrigo Guimarães, Tomáš Havránek, Mark Joy, Karlo Kauko, Jakub Matějů, Nuno Monteiro, Benjamin Neudorfer, Tuomas Peltonen, Paulo M. M. Rodrigues, Marek Rusnák, Willem Schudel, Michael Sigmund, Hanno Stremmel, Kateřina Šmídková, Ruben van Tilburg, Bořek Vašíček and Diana Žigraiová), April 2014. Download

Returns to qualification in informal employment: A study of urban youth in Egypt, MPRA Paper 12599, 2008. Download

See also my Repec and SSRN pages 

Publications in refereed journals

Janko Cizel, Jon Frost, Peter Wierts and Aerdt Houben, Effective macroprudential policy: Cross-sector substitution effects of price and quantity measures, Journal of Money, Credit and Banking, forthcoming. 

Clemens Bonner, Patty Duijm, Jon Frost, Leo de Haan and Jakob de Haan (2019), Monetary spillovers across borders: international lending of Dutch insurers and pension, Open Economic Review 160, 30(3), 445-465. Download

Stijn Claessens, Jon Frost, Grant Turner and Feng Zhu (2018), Fintech credit markets around the world: size, drivers and policy issues, BIS Quarterly Review, September. Download

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

Jon Frost and René de Sousa van Stralen (2018), Macroprudential policy and income inequality, Journal of International Money and Finance 85(C), pages 278-290. Download

Jon Frost, Neeltje van Horen and Jakob de Haan (2017), International banking and cross-border effects of regulation: Lessons from the Netherlands, International Journal of Central Banking 13(S1), 293-313. Download

Martijn Boermans, Jon Frost and Sophie Steins Bisschop (2016), European bond markets: do illiquidity and concentration aggravate price shocks?, Economics Letters 141, 143-146. Download

Ayako Saiki and Jon Frost (2014), Does unconventional monetary policy affect inequality? Evidence from Japan, Applied Economics 46(36), 4445-4454. Download

Jon Frost and Ayako Saiki (2014), Early warning for currency crises: what is the role of financial openness?, Review of International Economics 22(4), 722–743. Download

Publications in books

Christiaan Pattipeilohy, Jan Willem van den End, Mostafa Tabbae, Jon Frost and Jakob de Haan (2013), Unconventional monetary policy of the ECB during the financial crisis: An assessment and new evidence, in: Morten Balling and Ernest Gnan (eds.), 50 Years of Money and Finance: Lessons and Challenges, SUERF, Vienna. Download

Other publications

Pilar L'Hotellerie-Fallois, Pablo Moreno, Irina Balteanu, John Beirne, Axel Brüggemann, Matthieu Bussière, Ángel Estrada, Jon Frost, Valerie Herzberg, Paul Metzemakers, Dennis Reinhardt, Menno Broos, Michalis Ghalanos, Bernard Kennedy, Alexander Landbeck, Christina Lerner, Paula Menezes, Alessandro Schiavone, Thomas Tilley, Francesca Viani, Benjamin Vonessen (2016), Dealing with large and volatile capital flows and the role of the IMF, ECB Occasional Paper No. 180. Download

Jon Frost, Julia Giese, Michael Grill, Elisabeth Tietz, Michael Wedow, Olaf Weeken and Peter Wierts (2016), Macroprudential policy beyond banking: an ESRB strategy paper, July. Download

Sophie Steins Bisschop, Martijn Boermans and Jon Frost (2016), A shock to the system: Market illiquidity and concentrated holdings in European bond markets, DNB Occasional Studies 14(1). Download

Pilar L´Hotellerie-Fallois, Irina Balteanu, Pablo Moreno, Beatriz Urquizu, Caroline Janssens, Evelien Vincent, Petr Sedlacek, Axel Brüggemann, Felix Haupt
Mary Keeney, Geneviève Deanaz, Francesco Paternò, Jon Frost, Simon Whitaker, Julie McKay and Raymond Ritter (2015), IMF Surveillance in Europe, ECB Occasional Paper Series No. 158.

Jan Willem van den End and Jon Frost (2012), Vereisten voor het Europese noodfonds, Economisch Statistische Berichten 97 (4634).

Thierry Bracke, Éva Katalin Polgár, Kristel Buysse, Desislava Rusinova, Alexandre Francart, Jakob Ekholdt Christensen, Corinna Knobloch, Nikolaos Stavrianou, Pavel Diev, Emidio Cocozza and Jon Frost (2010), Financial stability challenges in EU candidate countries: Financial systems in the aftermath of the global crisis, ECB Occasional Paper Series 115. Download


Latest update: May, 2020