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Razvan Vlahu

Razvan Vlahu

Razvan Vlahu

Economics and Research Division

Short Bio

Razvan Vlahu is a Principal Economist in the Economics and Research Division of De Nederlandsche Bank. He represented DNB in several consultative bodies, including those of the BIS (BCBS Research Task Force/Research Group) and the ECB (Macro-prudential Research Network). Razvan has held visiting positions at the Toulouse School of Economics (IDEI), the Bank of Finland, and the National Bank of Romania and worked in the DNB’s Financial Stability Division (Macroprudential Analysis). He is also affiliated with the University of Amsterdam, where he teaches graduate banking and risk management courses.


2010 - Ph.D. Finance, University of Amsterdam
2005 - M.Phil. Economics, Tinbergen Institute
2003 - B.Sc.Finance, Academy of Economic Studies, Bucharest
2001 - B.Sc.Economics, Academy of Economic Studies, Bucharest

Research interests

  • Banking
  • Financial intermediation
  • Financial stability
  • Regulation
  • Governance and resolution of banks

Work in progress

Beyond financing: Effects of changes in bank relationships on client-firms (with Steven Poelhekke and Vadym Volosovych)

Cross-border banking, intragroup exposures, and bank risk-taking (with Eric Cuijpers)

Borrower runs and the lender of last resort

Central bank digital currencies and financial stability: Market discipline in the era of digital money

Regulation, supranational bank supervision and the corporate structure of foreign affiliates (with Natalya Martynova)

Working papers

Credit ratings and investments (with Anna Bayona and Oana Peia), DNB Working Paper No. 776, 2023. Latest version. See also SUERF policy brief.

Recourse and (strategic) mortgage defaults: Evidence from changes in housing market laws (with Alin Andries, Anca Copaciu and Radu Popa), DNB Working Paper No. 727, 2021. Latest version

Corporate acquisitions and bank relationships (with Steven Poelhekke and Vadym Volosovych), DNB Working Paper No. 726, 2021. Latest version

Publications in refereed journals

König-Kersting, Christian, Stefan Trautmann and Razvan Vlahu (2022), Bank instability: Interbank linkages and the role of disclosure, Journal of Banking and Finance 134, 106353. Download

Stanga, Irina, Razvan Vlahu and Jakob de Haan (2020), Mortgage arrears, regulation and institutions: Cross-country evidence, Journal of Banking and Finance 118, 105889. Download. See also Vox column

Martynova, Natalya, Lev Ratnovski and Razvan Vlahu (2020), Bank profitability, leverage constraints, and risk-taking, Journal of Financial Intermediation 44, 100821. Download

Brown, Martin, Stefan Trautmann and Razvan Vlahu (2017), Understanding bank-run contagion, Management Science 63(7), 2272-2282. Download. See also Vox column

de Haan, Jakob, and Razvan Vlahu (2016), Corporate governance of banks: A survey, Journal of Economic Surveys,30(2), 228-277. Download

Trautmann, Stefan, and Razvan Vlahu (2013), Strategic loan defaults and coordination: An experimental analysis, Journal of Banking and Finance 37(3), 747-760. Download. See also Vox column

Perotti, Enrico, Lev Ratnovski and Razvan Vlahu (2011), Capital regulation and tail risk, International Journal of Central Banking 7(4), 123-163. Download. See also Vox column

Books and publications in books

Marinc, Matej, and Razvan Vlahu (2011), The Economics of Bank Bankruptcy Law, Springer.

Other publications

Boermans, Martijn, Sinziana Petrescu, and Razvan Vlahu (2014), De toekomst voor CoCo-obligaties (The future of CoCo bonds), Economisch Statistische Berichten 4695, 616-619. Download 

The economic perspective of bank bankruptcy law (with Matej Marinc), DNB Working Paper No. 310, 2011. Download

See also my Google Scholar, RePEc, and SSRN pages and my contributions to VoxEU and SUERF.

Latest update: January 2024