On this page a more complete overview of my research. I've refrained from listing the entire graveyard full of brilliant papers that never made it to a peer reviewed state. For an exhaustive list you can always check my profiles on Google Scholar, SSRN and REPEC.

Working Papers

The ‘New Normal’ During Normal Times – Liquidity Regulation and Conventional Monetary Policy

Joint with Sînziana Kroon, Clemens Bonner and Jan Wrampelmeyer in 2022 in R&R at International Journal of Central Banking

What does the introduction of the LCR really do? To assess this you should look at a period without all the confounding effects introduced by post-GFC policy responses.
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How banks respond to distress: Shifting risks in Europe's banking union

Joint with Mark Mink and Rodney Ramcharan in 2020 in De Nederlandsche Bank Working Paper, No. 669

Banks invest in all kinds of bonds. What drives these decisions? Is it possible that they aim to shift risks?
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Do Information Contagion and Business Model Similarities Explain Bank Credit Risk Commonalities?

Joint with Dieter Wang and Julia Schaumburg in 2018 in De Nederlandsche Bank Working Paper, No. 619

Banks do similar things and thus their exposures overlap. Does this overlap translate into risk pass through?
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Published Papers

Crowded trades, market clustering, and price instability

Joint with Marc van Kralingen, Diego Garlaschelli and Karolina Scholtus in 2021 in Entropy, 23(3), p. 1-29

Does similar trading behaviour affect price discovery in the market?
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Pension fund equity performance: Patience, activity or both? 

Joint with Tanja Artiga González and Katarina Lučivjanská in 2020 in  Journal of Banking and Finance, 115, p. 1-16

Pension funds tend to herd, incentivized by the fear of solitary failure or regulatory straightjackets. The question we tackle here is whether it pays for pension funds to go it alone and stay the course.
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A dynamic network model of the unsecured interbank lending market

Joint with Francisco Blasques and Falk Bräuning in 2018 in Journal of Economic Dynamics & Control, 90, 310-342

Does the network structure affect the setting of monetary policy -- especially in the face of asymmetric information? Conversely, does the monetary policy framework affect private contracting?
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The missing links: A global study on uncovering financial network structures from partial data

Joint with Kartik Anand and many great co-authors in 2018 in Journal of Financial Stability, 35, 107-119

Network structure is important. But what if we don't have the information about bilateral linkages? What is the best approach?
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Enhanced capital-asset pricing model for bipartite financial networks reconstruction

Joint with Tiziano Squartini, Assaf Almog, Guido Caldarelli, Diego Garlaschelli and Giulio Cimini in 2017 in Physical Review E, 96(3), 32315–32327

Reconstructing patterns of interconnections from partial information is one of the most important issues in the statistical physics of complex networks. What can we learn if we apply these concepts to financial networks?
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Dynamic visualization of large financial networks

Joint with Ronald Heijmans, Richard Heuver and Clement Levallois in 2016 in Journal of Network Theory in Finance, 2(2), 57–79

Networks are fascinating to look at, even more so if we can show how they develop over time.
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Banks’ liquidity buffers and the role of liquidity regulation

Joint with Clemens Bonner and Robert Zymek in 2015 in Journal of Financial Services Research, 48(3),  215-234

Does liquidity regulation neutralizes banks’ incentives to hold liquid assets?
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Geographic diversification in Banking

Joint with Yiwei Fang in 2014 in Journal of Financial Stability, 15, 172-181

Can international banks diversify away local risks? And, if so, should prudential regulation reflect this?
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Finding the core: Network structure in interbank markets

Joint with Daan in ‘t Veld in 2014 in Journal of Banking and Finance, 49, 27-40

Networks connections are not random. But what structure do we see in the Dutch interbank market?
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Multinational banks and the global financial crisis: Weathering the perfect storm?

Joint with Ralph de Haas in 2014 in Journal of Money, Credit and Banking, 46(s1), 333–364

The benefits of international bank have a flip side …
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Early-Warning Signals of Topological Collapse in Interbank Networks

Joint with Tiziano Squartini and Diego Garlaschelli in 2013 in Scientific Reports, 3 (3357)

Getting an early warning signal from changes in the deeper network structures not immediately apparent from market aggregates could give us some time to react to imminent market collapse. At least, we can predict the last crisis …
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Home Bias and Dutch Pension Funds’ Behaviour

Joint with Ghulame Rubbaniy and Willem F.C Verschoor in 2013 in European Journal of Finance, 1-13

Theory tells us that investors should consider all investments, not just domestic ones. Do Dutch pension funds follow this insight?
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Network Dynamics of TOP payments

Joint with Marc Pröpper and Ronald Heijmans in 2013 in Journal of Financial Market Infrastructures, 2(3), 3–30

Networks are changing all the time. Can we find ways to incorporate more dynamic measures of what constitutes a network?
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An empirical assessment of reinsurance risk

Joint with Franka Liedorp and Manuel Kampman in 2011 in Journal of Financial Stability, 7(4), 191-203

Insurers reinsure their risks thus creating a network of exposures. Does this reduce or increase financial stability risks?
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Internal Capital Markets and Lending by Multinational Bank Subsidiaries

Joint with Ralph de Haas in 2010 in Journal of Financial Intermediation, 19(1), 1-2

Our original internal capital markets paper. Here we look at the benefits of diversifying away local shocks.
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Do financial conglomerates create or destroy value? Evidence for the EU

Joint with Klaas Knot in 2009 in Journal of Banking and Finance, 33 (12), 2312-2321

Theoretically, combining very different activities in a single conglomerate should make the total less risky. Does it ….?
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Interbank Contagion in the Dutch Banking Sector

Joint with Franka Liedorp in 2006 in International Journal of Central Banking, 2, 99-132

My first venture into networks where we investigated interlinkages and contagion risks in the Dutch interbank market.
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Foreign Banks and Credit Stability in Central and Eastern Europe: A Panel Data Analysis

Joint with Ralph de Haas in 2006 in Journal of Banking and Finance, 30(7), 1927-1952

We examine whether foreign and domestic banks in Central and Eastern Europe react differently to business cycles and banking crises.
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Foreign Bank Penetration and Private Sector Credit in Central and Eastern Europe

Joint with Ralph de Haas in 2004 in Journal of Emerging Market Finance, 3(2), 125-152

The first venture into the activities of internationally active banks. Here we analyse foreign bank penetration in Central and Eastern Europe (CEE) and its influence on private sector credit.
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Inflation and Unemployment? Who cares?

Just me in 1999 in European Journal of Political Economy, 15(3), 463-484.

My first publication! Do the public's first-hand experience of inflation matter for their preferences? And, if so, what does this imply for monetary policy?
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Granular Data Offer New Opportunities for Stress Testing

Joint with Cees Ullersma in 2022 in Doyne Farmer, Til Schuermann, Alissa Kleinnijenhuis, and Thom Wetzer editors (2022), Handbook of Financial Stress Testing, Cambridge: Cambridge University Press

The 2008-2010 crisis has shown that authorities were missing crucial information for accurately identifying risks in the financial system. In response, more and more granular data is being collected. What can we actually do with this?
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Liquidity Risk Management and Supervision: A Guide to Better Practice

Edited jointly with Clemens Bonner and Paul Hilbers in 2015 in Risk Books (2015)

Eventually, liquidity problems are at the core of risk management headaches, both from a micro- as well as from a macro-prudential view.
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Stress-testing linkages between banks in the Netherlands

Joint with Franka Liedorp and Marc Pröpper in 2009 in Mario Quagliariello editor (2009), Stress-testing the Banking System: Methodologies and Applications, Cambridge: Cambridge University Press

Stress testing allows us to see how yet unknown events play out. How did that work out for the Dutch banking system?
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Economic Capital Modelling: Concepts, Measurement and Implementation

Editor in 2006 in Risk Books (2006)

Before the GFC we loved Economic Capital models. Read this overview to see what kind of models failed utterly when the market turned.
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You can find me @VU or @DNB or mail me. I do not respond to commercial enquiries.