Ralph De Haas


Ralph De Haas (Maastricht, 1976) is the Director of Research at the European Bank for Reconstruction and Development. He holds a PhD in Economics from Utrecht University and previously worked as a Senior Economist in the Prudential Supervision Department and the Economic Policy and Research Department of the Dutch central bank. Ralph is also a part-time Associate Professor of Finance at Tilburg University; a CEPR Research Fellow; a Fellow at the European Banking Center (EBC); a Senior Fellow at LSE’s Institute of Global Affairs; and the recipient of the 2014 Willem F. Duisenberg Fellowship Prize. His main research interests include international banking, financial inclusion and small-business finance, and development economics. Ralph’s research has appeared in the Journal of Financial Economics, Review of Financial Studies, Review of Finance, American Economic Journal: Applied Economics, and various other peer-reviewed journals.

Email address: dehaasr “at” ebrd “dot” com.
Twitter: https://twitter.com/ralphdehaas


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

Research interests

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

Selected publications

Bircan, C. and R. De Haas (2019), The limits of lending? Banks and technology adoption across Russia, Review of Financial Studies, forthcoming.
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De Haas, R. and S. Poelhekke (2019), Mining matters: natural resource extraction and firm-level constraints, Journal of International Economics, 117, 109-124.

Attanasio, O., B. Augsburg and R. De Haas (2018), Microcredit contracts, risk diversification and loan take-up, Journal of the European Economic Association, 1-46.

Beck, T., H. Degryse, R. De Haas and N. van Horen (2018), When arms’ length is too far: relationship banking over the credit cycle, Journal of Financial Economics, 127,174-196.
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Brown, M., R. De Haas and V. Sokolov (2018), Regional inflation, banking integration and dollarization, Review of Finance, 22(6), 2073-2108.

De Haas, R. and M. Millone (2017), The impact of information sharing on the use of collateral versus guarantees, World Bank Economic Review, forthcoming.

De Haas, R., M. Djourelova and E. Nikolova (2016), The Great Recession and Social Preferences: Evidence from Ukraine, Journal of Comparative Economics, 44, 92-107.

Augsburg, B., R. De Haas, H. Harmgart and C. Meghir (2015), The Impacts of Microcredit: Evidence from Bosnia and Herzegovina, American Economic Journal: Applied Economics, 7(1): 183–203.

Attanasio, O. B. Augsburg, R. De Haas, E. Fitzsimons and H. Harmgart (2015), The impacts of microfinance: Evidence from joint-liability lending in Mongolia, American Economic Journal: Applied Economics, 7(1): 90-122.

De Haas, R., Y. Korniyenko, A. Pivovarsky, and T. Tsankova (2015), “Taming the Herd? Foreign Banks, the Vienna Initiative and Crisis Transmission”, Journal of Financial Intermediation, 24 (3), 325-355.
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.
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.
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.
Brown, M. and R. De Haas (2012), Foreign Currency Lending in Emerging Europe: Bank-level Evidence, Economic Policy, 27(69), pp. 59-98.

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.

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 (2006), Foreign banks and credit stability in Central and Eastern Europe. A panel data analysis, Journal of Banking and Finance, 30, pp.1927-1952.

Other publications

De Haas R., D. Ferreira and T. Kirchmaier (2019), The inner workings of the board: evidence from emerging markets, Emerging Markets Review, forthcoming.

Aghion, P., R. De Haas, G. Friebel, S. Guriev and J. Luksic (2017), Introduction to the Special Issue on the Economics of the Middle East and North Africa, Economics of Transition, 25(2), 141-148.

De Haas, R., B. Markovic and A. Plekhanov (2017), Reducing Non-Performing Loans in Europe, European Economy. Banks, Regulation, and the Real Sector, 1, 107-116.

De Haas, R. (2014),  The Dark and the Bright Side of Global Banking: A (Somewhat) Cautionary Tale from Emerging Europe, Comparative Economic Studies 56, 271-282.
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.
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.
De Haas, R.T.A. (2004), Law, finance, and growth during transition: a survey, De Economist, 152(3), pp. 1-28.

Working papers

Gender discrimination in small business lending. Evidence from a lab-in-the-field experiment in Turkey, EBRD Working Paper No. 232, joint with J. Michelle Brock.

Move a little closer? Information sharing and the spatial clustering of bank branches, EBRD Working Paper No. 223, joint with Shusen Qi, Steven Ongena and Stefan Straetmans.

Close competitors? On the causes and consequences of bilateral competition between banks, EBRD Working Paper No. 221, joint with Liping Lu and Steven Ongena.

Do laws shape attitudes? Evidence from same-sex relationship recognition policies in Europe, EBRD Working Paper No. 219, joint with Cevat G. Aksoy, Christopher S. Carpenter and Kevin Tran.

Finance and Carbon Emissions, CEPR Discussion Paper DP 14012, joint with Alexander Popov.

Sharing borrower information in a competitive credit market, EBRD Working Paper No. 180, joint with Jaap Bos and Matteo Millone.

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

Chapters in books

“Recent Trends in Cross-Border Banking in Europe”, 2017, with Neeltje van Horen, In: The Palgrave Handbook of European Banking (Chapter 18), Barbara Casu and Thorsten Beck (eds.), pp. 475-497, Palgrave.

“Global Banking: Old and New Lessons from Emerging Europe”, 2017, In: The Future of Large, Internationally Active Banks, Asli Demirgüç-Kunt, Douglas D Evanoff and George G Kaufman (eds.), Chapter 10, pp. 143-166, World Scientific Studies in International Economics Vol. 55, Singapore.

“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.