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Ralph De Haas

Short bio

Ralph De Haas (Maastricht, 1976) is a Deputy Director of Research at the EBRD. Prior to joining the EBRD, Ralph worked at the Banking Supervision and Monetary Policy Departments of the Dutch central bank. Ralph holds a PhD in Economics from Utrecht University and is currently a part-time Associate Professor of Finance at Tilburg University. His main research interests include international banking and financial integration, development economics, and small-business finance. He is currently working on large-scale randomized field experiments to measure the impact of microfinance on poverty alleviation in Bosnia, Mongolia, and Morocco.


2006 - Ph.D. Economics, Utrecht University
1999 - M.Sc. Economics, Radboud University Nijmegen

Research interests

  • International Banking
  • Empirical Finance
  • Financial Stability
  • Development Economics

Publications in journals

The Impacts of Microcredit: Evidence from Bosnia and Herzegovina, joint with Britta Augsburg, Heike Harmgart, and Costas Meghir (forthcoming in the American Economic Journal: Applied Economics)”
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The impacts of microfinance: Evidence from joint-liability lending in Mongolia, joint with Orazio Attanasio, Britta Augsburg, Emla Fitzsimons, and Heike Harmgart, American Economic Journal: Applied Economics, forthcoming, EBRD Working Paper 136 (419KB - PDF)

De Haas, R., Y. Korniyenko, A. Pivovarsky, and T. Tsankova (2014), “Taming the Herd? Foreign Banks, the Vienna Initiative and Crisis Transmission”, Journal of Financial Intermediation, forthcoming.
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De Haas, R. and I. Van Lelyveld (2014), Multinational banks and the global financial crisis: Weathering the perfect storm?, Journal of Money, Credit, and Banking, 46(1), 333-364.
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De Haas, R. and N. Van Horen (2013), Running for the exit? International bank lending during a financial crisis, Review of Financial Studies, 26(1), 244-285.
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De Haas, R. and N. Van Horen (2012), International Shock Transmission after the Lehman Brothers Collapse. Evidence from Syndicated Lending, American Economic Review Papers and Proceedings, 102(3): 231–237.
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Brown, M. and R. De Haas (2012), Foreign Currency Lending in Emerging Europe: Bank-level Evidence, Economic Policy, 27(69), pp. 59-98. 
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De Haas, R., D. Ferreira and A. Taci (2010), What determines the composition of banks' loan portfolios? Evidence from transition countries, Journal of Banking and Finance, 34, pp. 388-398.

De Haas, R. and I.P.P. van Lelyveld (2010), Internal capital market and lending by multinational bank subsidiaries, Journal of Financial Intermediation, 19, pp. 1-25.
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De Haas, R. and I.P.P. van Lelyveld (2006), Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis, Journal of Banking and Finance, 30, pp.1927-1952.

De Haas, R. and I.J. Naaborg (2006), Foreign banks in transition countries: to whom do they lend and how are they financed?, Financial Markets, Institutions & Instruments, 15(4), pp. 159-199.
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Haas, R.T.A. and H.M.M. Peeters (2006), The dynamic adjustment towards target capital structures of firms in transition economies, Economics of Transition, 14(1), pp. 133-169.
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De Haas, R.T.A. (2004), Law, finance, and growth during transition: a survey, De Economist, 152(3), pp. 1-28.
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De Haas, R.T.A. and I.P.P. van Lelyveld (2004), Foreign bank penetration and private sector credit in Central and Eastern Europe, Journal of Emerging Market Finance, 3(2), pp. 125-151.

Naaborg, I., B. Scholtens, J. de Haan, H. Bol and R. de Haas (2004), How important are foreign banks in the financial development of European transition countries?, Journal of Emerging Market Finance, 3(2), pp. 99-123.

Working papers

When arms’ length is too far: relationship banking over the business cycle, EBRD Working Paper No. 169, joint with Thorsten Beck, Hans Degryse, and Neeltje Van Horen

Regional inflation and financial dollarization, EBRD Working Paper No. 163, joint with Martin Brown and Vladimir Sokolov.

The crisis as a wake-up call: Do banks tighten screening and monitoring during a financial crisis?, EBRD Working Paper 117 (210KB - PDF), joint with Neeltje van Horen. 

Chapters in books

“Banking union: The view from emerging Europe”, 2012, with Erik Berglöf and Jeromin Zettelmeyer, In: Banking Union for Europe - Risks and Challenges, Thorsten Beck (ed.), Centre for Economic Policy Research (CEPR), London.

“Foreign banks and financial stability: lessons from the Great Recession”, 2012, In: Financial Stability in Emerging Markets. Dealing with Global Liquidity, Ulrich Volz (ed.), German Development Institute, Bonn.

Last updated 14 July 2014


EBRD, Office of the Chief Economist
Phone +44 207 338 7213
Email: dehaasr@ebrd.com