In this paper the relationship between stock prices and house prices is analysed for six countries over the years 1976-2001. We find that both asset prices show a positive long-term relationship, which can partly be explained by common macro-economic factors such as credit, consumption and...

This research memorandum presents a chronology of (press) information about important measures, events, adresses, quotations an comments by politicians, banking economists and other financial experts closely involved in the European integration process. Central points in the report are the weak...

In Continentaal Europa zijn onderhandse kapitaalmarkten een belangrijke bron voor de financiering van de collectieve sector. In de Verenigde Staten daarentegen hebben onderhandse leningen een belangrijke rol in de ondernemingsfinanciering. Deze studie laat zien dat er mogelijk een Europese...

In this paper we discuss whether the introduction of the euro may cause price changes. Besides a critical survey of the theoretical arguments supporting price effects, we discuss the empirical evidence on price effects obtained from comparable events. Neither the theoretical arguments nor the...

This report investigates monetary transmission in a monetary union of developing countries (West-African monetary union or Communauté Financière Africaine, CFA). This requires existing monetary transmission models to be adapted. Three econometric methods are applied to assess the impact of...

From the 28th of January 2002 on the guilder will no longer be legal tender. This date marks a long and rich history of our national currency. Together with the German mark the Dutch guilder will be remembered as one of the most stable currencies in Europe. This report reviews the life of our...

One of the major puzzles of the economic profession is the pricing of exchange rates. Despite the development of numerous theories, the actual behaviour of exchange rates, especially in the short run, is not well understood. This article evaluates several popular exchange rate theories and...

Dutch media often pay a lot of attention to small and medium-sized enterprises (SMEs). They are considered to be the engine of the Dutch job industry and therefore deserve our attention. In this study we highlight the role the Dutch SMEs play in the Dutch economy. This study's first objective is...

The last few years have seen a major restructuring of network industries around the world. This has also occurred in the Netherlands. The changes are the result of liberalisation projects initiated by the Dutch government and follow EU Directives. Both theoretical and empirical research suggest...

In dit artikel wordt geanalyseerd wanneer en hoe een land met een currency board het beste van een dergelijk arrangement kan afstappen. Geconcludeerd wordt dat een tijdige 'exit' van de currency board op een geleidelijke manier de voorkeur verdient boven een abrupte afschaffing die onder druk...