Aerdt Houben


Aerdt Houben

Financial Markets Division
Phone +31 20 5243224 
Email Aerdt Houben

Short Bio

Presently, director Financial Markets at DNB and professor ‘Financial Policies, Institutions and Markets’ at the University of Amsterdam. Before this he headed the Financial Stability division (responsible for macroprudential policy), the Supervisory Strategy Department (including during the merger between DNB and the Pensions and Insurance supervisor, PVK), and the Monetary Policy Department (including during the change-over to the euro). He has worked at the IMF, in the Policy Development and Review Department. He is currently a member of the Committee on the Global Financial System and the Markets Committee at the BIS, the Advisory Technical Committee of the European Systemic Risk Board and the Financial Stability Committee of the ECB. He chairs the Macroprudential Policy Group at the ECB and the Instruments Working Group at the ESRB. He has been a member of the Basel Committee on Banking Supervision and the International Organisation of Pension Supervisors and has been active in numerous other policy committees in the context of the IMF, the Eurosystem, the EU’s Economic and Financial Committee and the EU supervisory committee CEIOPS.


Ph.D. Economics, University of Groningen (dissertation: The Evolution of Monetary Policy Strategies in Europe)
Master Degrees in General Economics and Business Economics (both cum laude), University of Groningen

Research interests

  • Financial Stability
  • Financial Markets
  • Financial institutions
  • Monetary economics

Working papers

Cizel, J., J. Frost, A.C.F.J. Houben and P. Wierts (2016), Effective macroprudential policy: Cross-sector substitution from price and quantity measures, IMF Working Paper WP/16/94 (Download) or DNB Working Paper No. 498. Download

Houben, A.F.C.J. and J.I. Kakes (2000), Financing ICT innovation: The role of financial intermediation, paper for the G10 Committee on the Global Financial System, Basel.

Houben, A.C.F.J. (1997), Exchange Rate Policy and Monetary Strategy Options in the Philippines: The Search for Stability and Sustainability, IMF Paper on Policy Analysis and Assessment, PPAA/97/4, Washington DC, May. Download

Houben, A.C.F.J. (1990), An International Comparison of Real Output, Labor Productivity and Purchasing Power in the Mineral Industries of the United States, Brazil and Mexico for 1975, Research Memorandum 358, Institute of Economic Research, Groningen.

Publications in refereed journals

Haan, J. de, A.C.F.J. Houben and R. van der Molen (2012), Governance of macroprudential policy, Zeitschrift für Öffentliches Recht 67(2), 283-302. Download

Houben, A.C.F.J., I.P. Schrijvers and T. Willems (2008), Supervising Cross-Border Banks in Europe, Journal of Banking Regulation 9(4), 227–246. Download

Houben, A.C.F.J. and J.I. Kakes (2002), ICT Innovation and Economic Performance: The Role of Financial Intermediation, Kyklos 55(4), 543–562. Download

Houben, A.C.F.J. (2001), What central banks have learned: Lessons from pre-EMU Europe, Banca Nazionale del Lavoro Quarterly Review 218, 289-311. Download

Books and publications in books

Houben, A.C.F.J., and H. van Voorden (2014), Insuring the financial system against insurers: a macroprudential framework, in: Jan Monkiewicz and Marian Małecki (eds.), Macroprudential Supervision in Insurance: Theoretical and Practical Aspects, Palgrave Macmillan, 66-84. Download

Houben, A.C.F.J. (2014), Have we solved the Too Big to Fail problem?, in: The value of banks and their business models to society, Jakob de Haan and Allard Bruinshoofd (eds.), SUERF, The European Money and Finance Forum, Vienna

Houben, A.C.F.J. (2013), Aligning macro- and microprudential supervision, In: Financial Supervision in the 21st Century, A. Joanne Kellermann, Jakob de Haan and Femke de Vries (eds.), Heidelberg, Springer

Houben, A.C.F.J. and M.S. Teunissen (2011), Systemicness of Insurance Companies: cross-border aspects and policy implications, in: P. Liedtke and J. Monkiewicz (eds.), The Future of Insurance Regulation and Supervision, Palgrave Macmillan

Houben, A.C.F.J. and J.I. Kakes (2010), Risk identification and mitigation: Lessons from the crisis, SUERF, The European Money and Finance Forum, Vienna

Houben, A.C.F.J. (2010), Unwinding Public Interventions: Practical Considerations, in: Udaibir S. Das and Michael G. Papaioannou (eds.), Unwinding Financial Sector Interventions: Preconditions and Practical Considerations, IMF, Washington DC

Broeders, D., S.C.W. Eijffinger and A.C.F.J. Houben (eds., 2008), Frontiers in Pension Finance, Edward Elgar, Cheltenham

Houben, A.C.F.J. (2000), The Evolution of Monetary Policy Strategies in Europe, Financial and Monetary Policy Studies 34, Kluwer Academic Publishers, Dordrecht/Boston

Berk, J.M., A.C.F.J. Houben and J. Kakes (2000), The Monetary Policy Strategy of the Eurosystem, in: Peter van Bergeijk, Ron Berndsen and Jos Jansen (eds.), Euro Area Economics, Edward Elgar, Cheltenham

Other publications

Houben, A.C.F.J., S. Schmitz and M. Wedow (2016), Systemic liquidity and macroprudential supervision, Financial Stability Review, Oesterreichische Nationalbank.

Houben, A.C.F.J. and Maarten van Rooij (2016), Aanpassingen financiële systeem nog onvoldoende voor breed herstel vertrouwen, Me Judice.

Houben, A.C.F.J (2016), Nieuwe instrumenten voor een weerbaar financieel systeem - #vertrouwenonderbouwen, Oratie 567, Vossiuspers, Amsterdam University Press. Download

Houben, Aerdt, Rob Nijskens and Mark Teunissen (2014), Putting macroprudential policy to work, DNB Occasional Studies 12(7). Download

Houben, A.C.F.J., and J.I. Kakes (2013), Financial imbalances and macroprudential policy in a currency union, DNB Occasional Studies 11(5). Download

Houben, A.C.F.J., and J.I. Kakes (2013), Unity in diversity: Protecting the common market with divergent macroprudential policies, VoxEU

Houben, A.C.F.J, and J.W. Slingenberg (2013), Collateral scarcity and asset encumbrance: Implications for the European financial system, Financial Stability Review, Banque de France

Houben, A.C.F.J., R. van der Molen and P.Wierts (2012), Making macroprudential policy operational, Financial Stability Review, Banque centrale de Luxembourg

De Haan, J., A.C.F.J. Houben and R. van der Molen (2011), Governance van macroprudentieel beleid, Preadvies van de Vereniging voor de Staathuishoudkunde

Houben, A.C.F.J., I.P. Schrijvers and T. Willems (2008), The Supervision of Banks in Europe: The Case for a Tailor-Made Set-Up, DNB Occasional Studies 6(4). Download

Houben, A.C.F.J. (2008), European Pension Frameworks: diversity implies challenges, European Pensions, May

Houben, A.C.F.J. and R.J. Mosch (2007), Focus op risico’s in nieuwe toezichtvisie DNB (Focus on risks in DNB's new vision on supervision), Bank- en Effectenbedrijf 56, March

Schrijvers, I.P. and A.C.F.J. Houben (2006), Reken mét, maar niet óp pensioengeneratierekeningen (Count with, not on pension generational accounting), Tijdschrift voor Pensioenvraagstukken, December

Houben, A.C.F.J. and I.P. Schrijvers (2006), Een goed pensioen deelt risico’s, niet generaties (A good pension shares risk, not generations), Economisch Statistische Berichten, October

Houben, A.C.F.J., J.I. Kakes and G. Schinasi (2005), A practical approach to financial stability, The Financial Regulator 9(4), March.

Houben, A.C.F.J., J.I. Kakes and G. Schinasi (2004), Towards a Framework for Financial Stability, DNB Occasional Study 2(1), June. Download

Houben, A.C.F.J. (2002), Internationale financiële crises: de ene schuld is de andere niet (International financial crises: debts are different), Economisch Statistische Berichten, October

Houben, A.C.F.J. and M. de Vor (2002), Nieuwe stappen ter versterking van de internationale financiële architectuur (New steps to enforcement international financial architecture), Bank- en Effectenbedrijf 51, October

Houben, A.C.F.J. and J.I. Kakes (2002), De financiering van de informatie-economie (Financing the information economy), Economisch Statistische Berichten, August

Hofman, D., A.C.F.J. Houben and M.S. Teunissen (2001), IMF-top in teken financiële turbulentie (IMF-top focuses on financial turbulence), Bank- en Effectenbedrijf 50, November

Houben, A.C.F.J. (2001), Europe’s quest for monetary stability, Quarterly Journal of Central Banking, Vol. 12, Nr. 2, November

Hofman, D., A.C.F.J. Houben and M.Teunissen (2000), IMF Jaarvergadering: stille (r)evolutie in Praag (IMF Annual Meeting: Quiet (r)evolution in Prague), Bank- en Effectenbedrijf 49, November

De Haas, R.T.A., A.C.F.J. Houben, J.I. Kakes and H. Korthorst (2000), De kredietverlening door Nederlandse banken onder de loep (Investigation of lending by Dutch banks), DNB Monetaire Monografie 18

Houben, A.C.F.J. (1999), Commercial Bank Debt Restructuring: The Experience of Bulgaria, International Economic Policy Review 1(1), (published before as: IMF Paper on Policy Analysis and Assessment, PPAA/95/6, Washington DC, april 1995, including a synopsis in IMF Survey of 17 July 1995)

Berk, J.M., and A.C.F.J. Houben (1999), De monetaire beleidsstrategie van het Eurosysteem (The monetary strategy of the Euro System), Economisch Statistische Berichten, January

Capel, J. and A.C.F.J. Houben (1998), Asset Price Inflation in the Netherlands: Assessment, Risks and Policy Implications, BIS Conference Proceedings, Basel

Houben, A.C.F.J. (1997), Het stabiliteitspact en de begrotingsdiscipline in de EMU (The stability pact and budget discipline in EMU), Economisch Statistische Berichten, March

Houben, A.C.F.J., and J.W.M.P.M. van der Kaaij (1994), 50 jaar IMF: de toekomst van een gouden jubilaris (50 years anniversary of the IMF), Internationale Spectator 48(11), 530‑535

Houben, A.C.F.J. (1994), Nieuwe accenten in aanpassingsprogramma's IMF (New emphasis in IMF's adjustment programs), Bank- en Effectenbedrijf

Houben, A.C.F.J. (1992), De rol van het IMF in de wederopbouw van Oost-Europa (The IMF's role in reconstructing Eastern Europe), Internationale Spectator, August

Houben, A.C.F.J. (1990), Betalingsbalansonevenwichtigheden: financiering of aanpassing? (Balance of Payments inequilibria: funding or adjustment?), Economisch Statistische Berichten, September

Houben, A.C.F.J. and W.G. Nijkamp (1987), Produkteliminatie: Wanneer, Waarom? (Product elimination: when, why?), Maandblad voor Accountancy en Bedrijfshuishoudkunde, May (reprinted in Kluwer's Handboek Management Methoden en Technieken, No. 40, pp. 2.3.10.C 01-15)

Houben, A.C.F.J. and W.G. Nijkamp (1987), Produkteliminatie: En hoe verder? (Product elimination: And how to proceed?), Maandblad voor Accountancy en Bedrijfshuishoudkunde, June (reprinted in Kluwer's Handboek Management Methoden en Technieken, No. 40, pp. 2.3.10.C 01-15)


Latest update: February 2017