Short Bio
Aerdt Houben is Director Financial Markets at De Nederlandsche Bank, covering DNB’s market operations, asset management, risk management, market intelligence and investment operations. Prior to this, he headed DNB´s Financial Stability Division, its Supervisory Strategy Department and its Monetary Policy Department. He has worked at the IMF, in the Policy Development and Review Department. He currently chairs the Committee on Financial Markets at the OECD and is a member of the Committee on the Global Financial System and the Markets Committee at the BIS. He has been a member of the Basel Committee on Banking Supervision, the Financial Stability Committee of the ECB and the International Organisation of Pension Supervisors as well as numerous other policy committees in the context of the IMF, Financial Stability Board, ECB and the ESRB. Houben is professor of ´Financial Policies, Institutions and Markets´ at the University of Amsterdam. He has a PhD in monetary economics and has published broadly on financial issues.
Education
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
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
Bats, J.V., M. Giuliodori and A.C.F.J. Houben (2023), Monetary policy effects in times of negative interest rates: what do bank stock prices tell us? Journal of Financial Intermediation, 53, 101003. Download
Bats, J.V. and A.C.F.J. Houben (2020), Bank-based versus market-based financing: implications for systemic risk, Journal of Banking and Finance 114, 105776. Download
Cizel, J., J. Frost, A.C.F.J. Houben and P. Wierts (2019), Effective Macroprudential Policy: Cross-Sector Substitution from Price and Quantity Measures, Journal of Money, Credit and Banking 51(5), 1209-1235. Download
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., J. Kakes, and A. Petersen (2022), The interaction of monetary and financial tasks in different central bank structures, in: R. Holzmann and F. Restoy (eds.), Central banks and supervisory architecture in Europe: lessons from crises in the 21st century, Edward Elgar.
Houben, A.C.F.J., and H. van Voorden (2014), Insuring the financial system against insurers: a macroprudential framework, in: J. Monkiewicz and M. 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, J. de Haan and A. 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. J. Kellermann, J. de Haan and F. 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
Bats, Joost, Kasper Goosen and Aerdt Houben (2021), Groter systeemrisico door financiële structuur en crisisbeleid. Economische Statistische Berichten, forthcoming. Download
Bats, Joost, Massimo Giuliodori and Aerdt Houben (2020), Monetary policy effects when interest rates are negative. SUERF Policy Note 212. Download
Bats, Joost, Massimo Giuliodori and Aerdt Houben (2020), Monetary policy effects in times of negative interest rates. VoxEU, 17 November. Download
Houben, A.C.F.J., J. Cizel, J. Frost and P. Wierts (2019), ‘Waterbed effects of macroprudential policies: evidence on cross-sector substitution’, VoxEU
Houben, A.C.F.J., en D. Reijnders (2019), ‘De lat voor digitaal centralebankgeld ligt hoog’, Economische Statistische Berichten
Akerboom, S., A.C.F.J. Houben and D. Reijnders (2018), ‘Central Bank Digital Currencies: Alternatives, Benefits and Risks’, International Issue of Banking Bulletin, Slovenian Central Bank
Droës, M., A.C.F.J. Houben and R. van Lamoen (2017), ‘De prijsstijgingen op de Amsterdamse woningmarkt onder de loep’, Economisch Statistische Berichten
Houben, A.C.F.J (2016), ‘Nieuwe instrumenten voor een weerbaar financieel systeem - #vertrouwenonderbouwen’, Oratie 567, Vossiuspers, Amsterdam University Press
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: December 2022