Netherlands
Balance sheet policies may not be enough to lift expectations, Dutch research finds
Working paper analyses the impact of credit and quantitative easing policies on inflation expectations, finding central banks may need to do more to lift them
Dutch paper finds public campaigns can boost debit card use
Working paper examines a campaign run in the Netherlands in 2007, finding it led to debit card use increasing by 2%; effects most prominent at early stage of campaign
Dutch paper finds global banking system has adopted ‘a more regional focus’
Researchers say global banking has not become more fragmented, but has undergone some ‘important transformations’ since the crisis
Researchers find evidence of ‘European unemployment cycle’
Working paper published by The Netherlands Bank separates the different origins of unemployment in Europe, finding the continent- and country-level factors most influential
Dutch paper examines bank responses to wholesale funding shocks
Working paper published by The Netherlands Bank finds banks with large exposure to government bonds show ‘relatively stronger response’ to wholesale funding shocks
DNB paper calls for ‘fundamental overhaul' of Dutch pensions system
Central bank says current system has ‘opaque redistributive elements that are difficult to justify' and puts some generations ‘at a disadvantage in favour of others'
DNB bulletin: International cooperation ‘essential’ over cyber threats
Latest bulletin from The Netherlands Bank encourages both financial institutions and national authorities to collaborate more in bolstering defences against attacks
Netherlands Bank moves 122.5 tonnes of gold from New York to Amsterdam
Central bank will now keep 31% of its gold reserves in own country; move was designed to create a more even distribution of its reserves across the globe
Netherlands at the ‘forefront’ of global reforms, says FSB
Peer review finds macro-prudential tools and crisis planning in the Netherlands are well-advanced, but FSB says authorities face challenges that provide ‘instructive test’
Dutch central bank adopts new supervisory structure
The Netherlands Bank is creating four new divisions as part of its response to the SSM launching this week; Femke de Vries has been appointed secretary-director as part of reshuffle
Dutch economists recommend using social media as confidence indicator
ECB paper finds social media sentiment and consumer confidence are ‘highly correlated’ and could be useful in policy-making
Dutch payments forum looking to ‘speed-up’ transfers
Frank Elderson hopes the forum’s plan will ‘spark real-time payment transfers’, noting this would require a ‘comprehensive renewal’ of market infrastructure
Better budgeting tools could encourage low earners to switch from cash to card
Researchers find that low earners prefer to use cash over the debit card because they find it more effective as a monitoring and budgeting tool
Preferential treatment distorts banks' demand for government bonds
Transaction-level data suggests comparatively beneficial liquidity and capital regulation is incentivising banks to swap other bonds for sovereign debt
Dutch say US stress tests produced ‘valuable information’
Researchers find the disclosure of stress test results in the wake of the financial crisis had a ‘strong’ effect on credit default swap spreads, but less of an impact on stock returns
DNB's Knot says EMU countries must stick to macroeconomic rules
Blame for the euro crisis should be shared between surplus and deficit countries, says Dutch central bank chief, who urges a strict adherence to rules governing monetary union
Knot backs advanced economies to buck secular stagnation
Netherlands Bank president Klaas Knot says a period of technological change will stop advanced economies from sliding into a new era defined by lower growth rates
New collateral framework will have a ‘limited’ impact on banks, says DNB
Dutch central bank imposes tougher collateral requirements on the banks that use its services; more stringent than the wider Eurosystem, which has made a number of accommodations in recent years
Dutch paper finds that bonuses are main cause of distrust in banks
Researchers at Dutch central bank find that banker bonuses have a greater impact on public trust than government intervention, stock prices and media reports
Fiscal profligacy biggest threat to central bank independence, says Dudley
Netherlands Bank president Knot is concerned by the possibility of negative capital in central banks, but New York Fed's Dudley says the sustainability of national budgets is a bigger problem
Dutch study uses neuroscience to dissect consumers’ payment choices
The Netherlands Bank uses an MRI scanner to examine what is going on in consumers’ minds as they choose whether to pay by cash or card
Dutch paper quantifies impact of FOMC guidance on market rates
Working paper says Fed forward guidance lowered market interest rates up to seven years ahead; flattened yield curves in markets for US Treasuries and eurodollar futures
ECB’s LTROs had ‘favourable effect’ on sovereign yields
Dutch working paper evaluates the impact of the ECB’s unconventional monetary policy; says LTRO had beneficial short-term effect on government borrowing in most distressed eurozone countries
DNB working paper puts forward Eurobonds solution
Proposal would see Eurobonds distributed by an ‘independent budgetary authority' and would be made available depending on a member state's fiscal responsibility as per the Maastricht Treaty