Ralph De Haas


Ralph De Haas (Maastricht, 1976) is the Director of Research at the European Bank for Reconstruction and Development.

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.

Email address: dehaasr “at” ebrd “dot” com.


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

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

Beck, T., H. Degryse, R. De Haas and N. van Horen (2018), When arms’ length is too far: relationship banking over the business cycle, Journal of Financial Economics, 127,174-196.
View      Online Appendix

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

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

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.

Financial development and industrial pollution, EBRD Working Paper No. 217, joint with Alexander Popov.

The inner workings of the board: evidence from emerging markets, EBRD Working Paper No. 201, joint with Daniel Ferreira and Tom Kirchmaier.

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

The limits of lending: banks and technology adoption across Russia, EBRD Working Paper No. 178, joint with Cagatay Bircan.

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.