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Robert Vermeulen

Robert Vermeulen

Robert Vermeulen

Financial Stability Division


2010 – Ph.D. Economics, University of Luxembourg and Maastricht University, dissertation: Essays on International Financial Integration   
2007 – M.Phil. Economic and Financial Integration, Maastricht University, Thesis: The Impact of Trade and Financial Liberalization on Stock Market Comovement
2005 – B.Sc. Economics, specialization International Economic Studies, Maastricht University

Working papers

Mudde, Y., Samarina, A. and Vermeulen, R. Spillover effects of sovereign bond purchases in the euro area. DNB Working Papers No. 706, January 2021. Download

Van Limbergen, D. and Vermeulen, R. The importance of value chains for euro area trade: a time series perspective. DNB Working Papers No. 672, February 2020. Download

Boermans, M. and Vermeulen, R. Quantitative easing and preferred habitat investors in the euro area bond market, DNB Working Paper No. 586, March 2018. Download

Publications in refereed journals

Vermeulen, R., Schets, E., Lohuis, M., Kölbl, B., Jansen, D., Heeringa, W. (2021). The heat is on: A framework for measuring financial stress under disruptive energy transition scenarios. Ecological Economics 190, 107205. Download

de Haan, L. and Vermeulen, R. (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

Boermans, M. and Vermeulen, R. (2020), International investment positions revisited: Investor heterogeneity and individual security characteristics, Review of International Economics 28(2), 466-496. Download

Staehr, K. and Vermeulen, R. (2019), How competitiveness shocks affect macroeconomic performance across euro area countries. The World Economy 42(1), 68-66. Download

Vašíček, B., Žigraiová, D., Hoeberichts, M., Vermeulen, R., Šmídková, K. and de Haan, J. (2017), Leading indicators of financial stress: New evidence. Journal of Financial Stability 28, 240-257. Download

Bijlsma, M. and Vermeulen, R. (2016), Insurance companies' trading behaviour during the European sovereign debt crisis: Flight home or flight to quality? Journal of Financial Stability 27, 137–154. Download

Boermans, M. and Vermeulen, R. (2016), Newton meets Van Leeuwenhoek: Identifying international investors' common currency preferences, Finance Research Letters 17, 62–65. Download

Vermeulen, R., Hoeberichts, M., Vašíček, B., Žigraiová, D., Šmídková, K., and de Haan, J. (2015), Financial stress indexes and financial crises, Open Economies Review 26(3), 383-406. Download

Kosse, A. and Vermeulen, R. (2014), Migrants' choice of remittance channel: Do General payment habits play a role?, World Development 62, 213-227. Download

Vermeulen, R. and de Haan, J. (2014), Net foreign asset (com)position: Does financial development matter?, Journal of International Money and Finance 43, 88-106. Download

Grammatikos, T., and Vermeulen, R. (2014), The 2007-2009 financial crisis: Changing market dynamics and the impact of credit supply and aggregate demand sensitivity, Applied Economics 46(8), 895–911. Download

Vermeulen, R. (2013), International diversification during the financial crisis: A blessing for equity investors?, Journal of International Money and Finance 35, 104-123. Download

Beine, M., Lodigiani, E., and Vermeulen, R. (2012), Remittances and financial openness, Regional Science and Urban Economics 42(5), 844-857. Download

Grammatikos, T., and Vermeulen, R. (2012), Transmission of the financial and sovereign debt crises to the EMU: Stock prices, CDS spreads and exchange Rates, Journal of International Money and Finance 31(3), 517-533. Download

Holinski, N., and Vermeulen, R. (2012), The international wealth channel: A global error-correcting analysis, Empirical Economics 43(3), 985-1010. 

Candelon, B., Muysken, J. and Vermeulen, R. (2010), Fiscal policy and monetary integration in Europe: An update, Oxford Economic Papers 62(2), 323-349. 

Beine, M., Cosma, A. and Vermeulen, R. (2010), The dark side of global integration: Increasing tail dependence, Journal of Banking & Finance 34(1), 184-192. Download

Other publications

Vermeulen, R., Schets, E., Lohuis, M., Kölbl, B., Jansen, D., Heeringa, W. (2018), An energy transition risk stress test for the financial system of the Netherlands. DNB Occasional Study No. 16-7.

Berben, R., Kearney, I. and Vermeulen, R. (2018), DELFI 2.0, DNB's Macroeconomic Policy Model of the Netherlands, DNB Occasional Study No. 16-5. Download

Parlevliet, J., Doll, M., Vermeulen, R. and de Winter, J. (2016), Perspectief op groei: De Nederlandse economie in beweging. DNB Occasional Study No. 4 (2016). Download 

Kosse, A., and Vermeulen, R. (2013), Waarom migranten op informele wijze geld sturen naar hun thuisland (Why migrants send money home informally), Economisch Statistische Berichten 98(4663), 404-407. Download 

Vermeulen, R. (2010), Promotie in ESB: Essays on international financial integration, Université du Luxembourg & Universiteit Maastricht, Economisch Statistische Berichten 95(4593), 574. Download


Latest update: March 2022