Leo de Haan
Short bio
Apart from doing research, experience consists of:
- Manager of the Research Department of the Central Bank of Aruba (2-year secondment).
- DNB consultant 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).
- DNB lecturer monetary analysis & policy on behalf of the EC-Tacis Training Programme for the central bank of the Russian Federation.
- DNB economist at several economic & monetary policy departments, working specifically on business cycle analysis and forecasting and on monetary analysis.
- Before joining DNB: research assistant at the University of Amsterdam.
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 markets
- Monetary policy
Publications in refereed journals
Dirk Broeders, Leo de Haan and Jan Willem van den End (2023), How quantitative easing changes the nature of sovereign risk, Journal of International Money and Finance 137, 102881. Download
Raymond Chaudron, Leo de Haan and Marco Hoeberichts (2023), Banks’ net interest income from maturity transformation and other interest income: communicating vessels?, Journal of Financial Services Research 63(1), 35-62. Download
Leo de Haan and Robert Vermeulen (2021), Sovereign debt ratings and the country composition of cross-border holdings of euro area sovereign debt, Journal of International Money and Finance 119, 102473. Download
Leo de Haan, Sarah Holton and Jan Willem van den End (2021), The impact of central bank liquidity support on banks’ sovereign exposures, Applied Economics 53(15), 1788–1806. Download
Leo de Haan and Mauro Mastrogiacomo (2020), Loan to value caps and government-backed mortgage insurance: Loan-level evidence from Dutch residential mortgages, De Economist 168, 453–473. Download
Dirk Broeders and Leo de Haan (2020), Benchmark selection and performance, Journal of Pension Economics and Finance 19(4), 511-531. Download
Leo de Haan 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
Nikki Panjer, Leo de Haan and Jan Jacobs (2020), Is fiscal policy in the euro area Ricardian?, Empirica 47, 411-429. Download
Jon Frost, Patty Duijm, Clemens Bonner, Leo de Haan and Jakob de Haan (2019), International lending of Dutch insurers and pension funds: The impact of ECB monetary policy and prudential policies in the host country, Open Economies Review 30(3), 445-456. 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
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
Dirk Broeders, Leo de Haan and Jan Willem van den End (2022), The impact of QE on sovereign risk, SUERF Policy Brief, No 326. Download
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
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). 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).
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: June 2023