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Christoffer Kok

Macro Prud Policy&Financial Stability

Division

Stress Test Modelling

Current Position

Deputy Head of Division

Fields of interest

Macroeconomics and Monetary Economics, Mathematical and Quantitative Methods, Financial Economics

Email

christoffer.kok@ecb.europa.eu

Biography

Education
1999

MSc (econ) Aarhus University, MSc (finance) Copenhagen Business School

Professional experience
1997-

EPRU (Copenhagen University) 1997-99, Danmarks Nationalbank 1999-2002, ECB 2002- , IMF Short-Term Expert 2019-

ECB publications
11 December 2020
Contagion accounting
English
25 November 2020
A macroprudential perspective on replenishing capital buffers
Financial Stability Review Issue ,
English
24 November 2020
Financial stability considerations arising from the interaction of coronavirus-related policy measures
Financial Stability Review Issue ,
English
10 November 2020
Reversal interest rate and macroprudential policy
English
19 October 2020
Enhancing macroprudential space when interest rates are “low for long”
English
22 June 2020
Cross-border spillover effects of macroprudential policies: a conceptual framework
English
26 May 2020
Macroeconomic impact of financial policy measures and synergies with other policy responses
Financial Stability Review Issue ,
English
20 February 2020
Macroprudential policy measures: macroeconomic impact and interaction with monetary policy
English
21 November 2019
The ECB after the crisis: existing synergies among monetary policy, macroprudential policies and banking supervision
English
20 November 2019
Interconnected banks and systemically important exposures
English
29 October 2019
The disciplining effect of supervisory scrutiny on banks’ risk-taking: evidence from the EU wide stress test
English
29 May 2019
Macroprudential space and current policy trade-offs in the euro area
Financial Stability Review Issue ,
English
26 April 2019
Mapping bank securities across euro area sectors: comparing funding and exposure networks
English
29 March 2019
Macroprudential policy in a monetary union with cross-border banking
English
16 January 2019
CoMap: mapping contagion in the euro area banking sector
English
16 January 2019
Leaning against the wind: macroprudential policy and the financial cycle
English
29 November 2018
How can euro area banks reach sustainable profitability in the future?
Financial Stability Review Issue ,
English
4 October 2018
Systemic liquidity concept, measurement and macroprudential instruments
ECB Task Force on Systemic Liquidity
English
30 April 2018
Using large exposure data to gauge the systemic importance of SSM significant institutions
English
5 May 2017
Do stress tests matter? Evidence from the 2014 and 2016 stress tests
English
27 February 2017
Macro stress testing euro area banks' fees and commissions
English
27 February 2017
A stochastic forward-looking model to assess the profitability and solvency of European insurers
English
2 February 2017
The systemic implications of bail-in: a multi-layered network approach
English
24 November 2016
Adapting Bank Business Models: Financial Stability Implications of Greater Reliance on Fee and Commission Income
Financial Stability Review Issue ,
English
25 August 2016
Multi-layered interbank model for assessing systemic risk
English
25 August 2016
When shadows grow longer: shadow banking with endogenous entry
English
7 June 2016
Bank capital structure and the credit channel of central bank asset purchases
English
24 May 2016
Systemic Implications of the European Bail-In Tool: a Multi-Layered Network Analysis
Financial Stability Review Issue ,
English
24 May 2016
Recent Trends in Euro Area Banks' Business Models and Implications for Banking Sector Stability
Financial Stability Review Issue ,
English
8 March 2016
The impact of bank capital on economic activity - evidence from a mixed-cross-section GVAR model
English
25 November 2015
Euro area insurers and the low interest rate environment
Financial Stability Review Issue ,
English
25 November 2015
Quantifying the Policy Mix in a Monetary Union with National Macroprudential Policies
Financial Stability Review Issue ,
English
28 May 2015
Bank Profitability Challenges in Euro Area Banks: the Role of Cyclical and Structural Factors
Financial Stability Review Issue ,
English
28 July 2014
The impact of regulating occupational pensions in Europe on investment and financial stability
English
28 May 2014
Recent Experience of European Countries with Macro-Prudential Policy
Financial Stability Review Issue ,
English
7 March 2014
Modeling emergence of the interbank networks
English
27 November 2013
Gauging the Effectiveness of Cross-Sectional Macro-Prudential Tools through the Lens of Interbank Networks
Financial Stability Review Issue ,
English
14 November 2013
Bank reactions after capital shortfalls
English
11 October 2013
A macro stress testing framework for assessing systemic risks in the banking sector
English
2 August 2013
Measuring contagion potential among sovereigns and banks using a mixed-cross-section GVAR
English
29 May 2013
Exploring the Nexus between Macro-Prudential Policies and Monetary Policy Measures
Financial Stability Review Issue ,
English
24 January 2013
Assessing interbank contagion using simulated networks
English
2 November 2010
The impact of supply constraints on bank lending in the euro area - crisis induced crunching?
English
1 October 2010
Macroeconomic propagation under different regulatory regimes: Evidence from an estimated DSGE model for the euro area
English
29 January 2010
Do bank loans and credit standards have an effect on output? A panel approach for the euro area
English
31 March 2009
Housing finance in the euro area
Task Force of the Monetary Policy Committee of the ESCB
English
7 January 2009
Modelling loans to non-financial corporations in the euro area
English
31 March 2008
Impact of bank competition on the interest rate pass-through in the euro area
English
28 June 2007
A new approach to measuring competition in the loan markets of the euro area
English
23 February 2007
Mortgage interest rate dispersion in the euro area
English
16 January 2007
The dynamics of bank spreads and financial structure
English
26 May 2006
Euro area banking sector integration: using hierarchical cluster analysis techniques
English
16 January 2006
Bank interest rate pass-through in the euro area: a cross country comparison
English
External publications
2021
International Journal of Central Banking
"Leaning against the wind", macroprudential policy and the financial cycle
  • Kocherels
  • T. and Kok
  • C.
2020
Journal of Financial Stability
CoMap: Mapping Contagion in the Euro Area Banking Sector
  • Covi
  • G.
  • Gorpe
  • M.Z. and Kok
  • C.
2020
Journal of Network Theory in Finance
Mapping bank securities across euro area sectors: comparing funding and exposure networks
  • Hüser
  • A.-C. and Kok
  • C.
2019
Journal of International Financial Markets, Institutions & Money
Macro Stress Testing Euro Area Banks’ Fees and Commissions
  • Kok
  • C.
  • Mirza
  • H. and Pancaro
  • C.
2018
Journal of Financial Stability
The systemic implications of bail-in: A multi-layered network approach
  • Halaj
  • G.
  • Hüser
  • A.-C.
  • Kok
  • C.
  • Perales
  • C. and van der Kraaij
  • A.
2015
Journal of Network Theory in Finance
Emergence of the EU corporate lending network
  • Halaj
  • G.
  • Kochanska
  • U. and Kok
  • C.
2015
Quantitative Finance
Emergence of interbank networks
  • Grzegorz Halaj
  • C. Kok
2014
Quarterly Journal of Finance
The Dynamics of Bank Spreads and Financial Structure
  • Gropp
  • R.
  • Kok
  • C. and Lichtenberger
  • J.
2013
Applied Economics Vol. 45 (11), pp. 1359-1380
Impact of Bank Competition on the Interest Rate Pass-through in the Euro Area
  • Van Leuvensteijn
  • M.
  • Kok
  • C.
  • Bikker
  • J.A. and Van Rixtel
  • A.R.J.M. (forthcoming)
2013
Computational Management Science, Vol. 10(2), pp. 157-186
Interbank contation using simulated networks
  • Grzegorz Halaj
  • C. Kok
2011
Applied Economics Vol. 43 (23), pp. 3155-3167
A New Approach to Measuring Competition in the Loan Markets of the Euro Area
  • Van Leuvensteijn
  • M.
  • Bikker
  • J.A.
  • Van Rixtel
  • A.R.J.M. and Kok
  • C. (2011)
2011
International Journal of Central Banking, Dec. 2011)
Macroeconomic Propagation under Different Regulatory Regimes: Evidence from an Estimated DSGE for the Euro Area
  • Darracq Pariès
  • M.
  • Kok
  • C. and Rodriguez Palenzuela
  • D. (2011)
2017
Handbook on Competition in Banking and Finance by J. Bikker and L. Spiedijk (eds.), October 2017, Edward Elgar Publishing Ltd.
Competition and contestability in bank retail markets
  • Gropp
  • R. and Kok
  • C.
2015
Computational Network Theory-Theoretical Foundations and Applications-Quantitative and Network, by M. Dehmer, F. Emmert-Streib and S. Pickl (eds.), 2015, Wiley-VCH Verlag GmbH & Co.
Contagion in interbank networks
  • Halaj
  • G. and Kok
  • C.
2006
Elements of the Euro Area: Integrating financial markets by J. Berg, M. Grande and F. Mongelli (eds.), 2005, Ashgate Publishers
How are euro area financial structures changing?
  • Kok
  • C. and Maddaloni
  • A.
2020
VoxEU
The effect of bank capital requirements on the real economy and their interaction with monetary policy
  • Cozzi
  • G.
  • Darracq Pariès
  • M.
  • Karadi
  • P.
  • Körner
  • J. Kok
  • C.
  • Mazelis
  • F.
  • Nikolov
  • K.
  • Rancoita
  • E.
  • Van der Ghote
  • A. and Weber
  • J.
2020
VoxEU
The ECB after the crisis: Existing synergies among monetary policy, macroprudential policies, and banking supervision
  • Cassola
  • N.
  • Kok
  • C. and Mongelli
  • F.P.
2020
SUERF Policy Brief No. 37
In Support of Monetary Policy: Using the Countercyclical Capital Buffer to Avoid a Reversal Interest Rate
  • Darracq Pariès
  • M.
  • Kok
  • C. and Rottner
  • M.
2018
JRC Technical Report
Review of the Symbol Model
  • Hordijk
  • L. and Kancs
  • D.
  • editor(s)
  • Kok
  • C.
  • Ongena
  • S.
  • Pelizzon
  • L.
  • Cariboni
  • J.
  • Heynderickx
  • W.
  • Maccaferri
  • S.
  • Pagano
  • A. and Petracco Giudici
  • M.
2010
VoxEU
The effect of bank loans and credit standards on output
  • Cappiello
  • L.
  • Kadareja
  • A.
  • Kok
  • C. and Protopapa
  • M.