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Jan Kakes

Jan Kakes

Jan Kakes

Financial Markets Division


1999 - Ph.D. Economics, University of  Groningen
1994 - M.Sc. Economics, University of  Groningen

Research interests 

  • Monetary policy
  • Financial stability
  • Financial institutions        

Working papers

See my Repec page.

Publications in refereed journals

Galati, Gabriele, Jan Kakes and Richhild Moessner (2021), Effects of credit restrictions in the Netherlands on credit growth and inflation, Financial History Review 28(2), 237-258. Download

de Haan, Leo, and Jan Kakes (2020), European banks after the global financial crisis: Peak accumulated losses, twin crises and business models, Journal of Banking Regulation 21(3), 197-211. Download

Pouw, Laurence, and Jan Kakes (2013), What drives bank earnings? Evidence for 28 banking sectors, Applied Economic Letters 20(11), 1062-1066. Download

de Haan, L., and J. Kakes (2012), A probit model for insolvency risk among insurance companies, Frontiers in Finance and Economics 9(1), 33-50. Download

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

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

Kakes, Jan, and Cees Ullersma (2010), Financial acceleration of booms and busts, Kredit und Kapital 43, 321-337

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

Kakes, Jan (2008), Pensions in a perfect storm: financial behaviour of Dutch pension funds (2002-2005), Applied Financial Economics Letters 4(1), 29-33.

Kakes, Jan, and Jan Willem van den End (2004), Do stock prices affect house prices? Evidence for the Netherlands, Applied Economics Letters 11, 741-744.

Kakes, Jan, and Jan-Egbert Sturm (2002), Monetary policy and bank lending: Evidence from German banking groups, Journal of Banking and Finance, 2077-2092

Houben, Aerdt, and Jan Kakes (2002), ICT innovation and economic performance: The role of financial intermediation, Kyklos, 543-562

Kakes, Jan, Jan-Egbert Sturm and Philipp Maier (2001), Monetary transmission and bank lending in Germany, Kredit und Kapital 34, 505-525

Kakes, Jan (2000), Identifying the mechanism: is there a bank lending channel of monetary transmission in the Netherlands?, Applied Economics Letters 7, 63-67 

Kakes, Jan (2000), Monetary policy and business cycle asymmetry in Germany, Kredit und Kapital 33, 182-197

Kakes, Jan, and Sitikantha Pattanaik (2000), The transmission of monetary shocks in the euro area. A VAR analysis based on euro-wide data, BNL Quarterly Review, 171-186

Books and publications in books

Kakes, Jan, Aerdt Houben and Annelie Petersen (2022), The interaction of monetary and financial tasks in different central bank structures, in: Central banks and supervisory architecture in Europe: Lessons from crises in the 21st CenturyRobert Holzmann and Fernando Restoy (eds.), Edward Elgar.

Houben, Aerdt, Jan Kakes and Annelie Petersen (2020), The interaction of monetary and financial tasks in different central bank structures, in: How do monetary, micro- and macroprudential policies interact?, Proceedings of OENB Workshops, No. 22. Download

Nijskens, Rob, and Jan Kakes (2020), What does the size of the banking sector mean for financial stability? Chapter in: A passion for research and PhD supervision in financial economics, Liber Amicorum, offered to Prof. Dr Sylvester Eijffinger with contributions by past PhD students, Tilburg University.

Bijlsma, Melle, Jan Kakes, and Eric Klaaijsen (2016), Measuring cross-sectoral shifts in credit provisioning, in: Statistical implications of the new financial landscape, 8th IFC Conference, BIS, Basel.

Houben, Aerdt, and Jan Kakes (2011), Risk identification and mitigation: lessons from the crisis, in: Frank Browne, David T. Llewellyn and Philip Molyneux (eds.), Regulation and Banking after the Crisis, 79-94.

Kakes, Jan, and Cees Ullersma (2003), Financial Stability in low-inflation environments, in: Monetary Policy in a changing environment, Bank for International Settlements. Download

Jacobs, Jan, and Jan Kakes (2001), Credit demand asymmetry in the Netherlands, 1983-1997, in: G. Kuper, E. Sterken and E. Wester (eds), Coordination and Growth, Kluwer, 199-215

Berk, Jan Marc, Aerdt Houben and Jan Kakes (2000), Monetary policy at the turn of the millennium: the strategy of the Eurosystem, in: Bergeijk, Peter van, Ron Berndsen and Jos Jansen (eds.), The Economics of the Euro Area, Edward Elgar, 179-200

Kakes, Jan (2000), Monetary transmission in Europe: The role of financial markets and credit, Edward Elgar, Cheltenham

Other publications

Giuliodori, Massimo, Jan Kakes and Dimitris Mokas (2022), How do central bank lending operations interact with equity offering announcements? SUERF Policy Brief 444.

Freriks, Jorien, Jan Kakes and Jan Willem van den End (2020), Negatieve rente knaagt aan rentemarge banken, Economisch Statistische Berichten 105(4781), 32-34.

Kakes, Jan and Dirk van der Wal (2019), Hypotheekverliezen tijdens crisis deze eeuw lager dan in jaren tachtig, Economisch Statistische Berichten (104)4776, 359-353.

Kakes, Jan and Rob Nijskens (2018), Size of the banking sector: implications for financial stability, DNB Occasional Studies 16(6), De Nederlandsche Bank.

Kakes, Jan, Herwin Loman and Remco van der Molen (2017), Verschuivingen in de financiering van hypotheekschuld, Economisch Statistische Berichten 102(4749S), 69-73.

Guido Schotten, Saskia van Ewijk, Martijn Regelink, Diederik Dicou and Jan Kakes (2016), Time for Transition - an exploratory study of the transition to a carbon-neutral economy, DNB Occasional Studies 14(2), De Nederlandsche Bank.

Johan Verbruggen, Remco van der Molen, Steven Jonk, Jan Kakes and Willem Heeringa, in cooperation with Diederik Dicou, Dorinth van Dijk, Leo de Haan, David-Jan Jansen, Jasper de Jong, Mauro Mastrogiacomo and Manu de Veirman (2015), Effects of further reductions in the LTV limit, DNB Occasional Studies 13(2), De Nederlandsche Bank.

Detken, C., O. Weeken, L. Alessi, D. Bonfim, M. Boucinha, C. Castro, S. Frontczak, G. Giordana, J. Giese, N. Jahn, J. Kakes, B. Klaus, J.H. Lang, N. Puzanova and O. Welz (2014), Operationalising the countercyclical capital buffer: indicator selection, threshold identification and calibration options, ESRB Occasional Paper Series, No. 5.

Houben, Aerdt and Jan Kakes (2013), Unity in diversity: protecting the common market with divergent macroprudential policies, VoxEU, www.voxeu.org.

Houben, Aerdt and Jan Kakes (2013), Financial imbalances and macroprudential policy in a currency union, DNB Occasional Studies 11(3).

Broos, Menno, Krit Carlier, Jan Kakes and Eric Klaaijsen (2012), Shadow banking: an exploratory study for the Netherlands, Occasional Studies, Vol. 10, No. 5, De Nederlandsche Bank.

Kakes, Jan and Tijmen Daniëls (2011), Renteverwachtingen zijn een slechte voorspeller, Economisch Statistische Berichten (Interest rate expectations are a bad predictor).

Berben, Robert-Paul, Beate Bierut, Jan Willem van den End and Jan Kakes (2010), Macro effects of higher capital and liquidity standards for banks. Empirical evidence for the Netherlands, DNB Occasional Studies 8(3).

Dijkhuizen, Arjen van and Jan Kakes (2009), Versterken banken de economische cyclus? (Do banks exacerbate the economic cycle?), Bank- en Effectenbedrijf 1/2, 8-12

Kakes, Jan and Dirk Broeders (eds.) (2006), The sustainability of the Dutch pension system, DNB Occasional Study 4(6). Download

Kakes, Jan (2006), De financiële gevolgen van de vergrijzing (The financial consequences of ageing), Tijdschrift voor Politieke Ekonomie 27(5), 102-114.

Houben, Aerdt, Jan Kakes and Garry Schinasi (2005), A policy perspective to financial stability, Financial Regulator 9(4), 70-77.

De Haan, Leo and Jan Kakes (2004), The financial system and corporate finance since the euro: recent developments, prospects and policy initiatives, Financial and Monetary Studies, No. 4 2003-2004, NIBE-SVV.

Houben, Aerdt, Jan Kakes and Garry Schinasi (2004), Towards a framework for financial stability, DNB Occasional Studies 2(1). Download

Bakker, Age and Jan Kakes (2003), Tegenwind voor de Nederlandse economie: minder kredietgroei, meer schuldproblemen (Head wind for the Dutch economy: less credit growth, more debt problems), Schuldsanering, April, 1-4

Bondt, Gabe de and Jan Kakes (2003), De Hollandse mix van een intermediair- en marktgeoriënteerd financieel systeem (The Dutch mix of a bank and market oriented financial system), Bank- en Effectenbedrijf, 12-15

Houben, Aerdt and Jan Kakes (2002), De financiering van de informatie-economie (Financing the information economy), Economisch Statistische Berichten, 606-609

Kakes, Jan (2001), Fabrication the Keynesian revolution, by D. Laidler, De Economist, 136-137

Kakes, Jan (2000), De regel van Taylor en het monetaire beleid van het Eurosysteem (The Taylor rule and the monetary policy of the Euro system), Maandschrift Economie, no. 2, 90-104

Haas, Ralph T.A. de, Aerdt C.F.J. Houben, Jan I. Kakes and Henk Korthorst (2000), De kredietverlening door Nederlandse banken onder de loep (A closer look at lending by Dutch banks), Monetaire Monografieën, no. 18, NIBE

Kakes, Jan and Elmer Sterken (1998), De invloed van banken (The influence of banks), Economisch Statistische Berichten, 235

Kakes, Jan (1998), De rente verlagen helpt niet, of toch? (Interest cuts help, don't they?), Economisch Statistische Berichten, 763

Van Ees, Hans and Jan Kakes (1995), Monetair beleid in een IS/LM-model met bankkrediet (Monetary policy in an IS/LM model with bank credit), Tijdschrift voor het economisch onderwijs, 102-107


Last update: December 2022