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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 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

Microfinance at the margin: Evidence from a randomised field experiment in Bosnia, joint with Britta Augsburg, Heike Harmgart, and Costas Meghir (2nd round R&R at the American Economic Journal: Applied Economics), EBRD Working Paper 146 (2MB - PDF)

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 28 March 2014


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