Banking Supervision
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Laeven, Luc

Research

Current position

Director General

Fields of interest

Financial Economics,
International Economics,
Macroeconomics and Monetary Economics

Email

luc.laeven@ecb.europa.eu

Other current responsibilities
  • 2019-
    Member of Advisory Board of Financial Markets Group, London School of Economics
  • 2017-
    Member of Research Advisory Council of SAFE
  • 2016-
    Chair of Steering Committee of Euro Area Business Cycle Network
  • 2016-
    Co-Editor, International Journal of Central Banking
  • 2015-
    Board member of TalentNomics
  • 2015-
    Member of Scientific Advisory Council of Bundesbank Research Data and Service Center
  • 2015-
    Chair of Research Coordination Committee
  • 2013-
    Associate Editor, Journal of International Money and Finance
  • 2013-
    Associate Editor, Journal of Financial Intermediation
  • 2012-
    Associate Editor, Journal of Money, Credit, and Banking
  • 2009-
    Professor of Finance, Tilburg University
  • 2009-
    Research Fellow, CEPR, London
Education
  • 1999-2001
    PhD, Economics, University of Amsterdam, The Netherlands
  • 1998-1999
    MPhil (no degree), London School of Economics
  • 1996-1997
    Masters in International Finance, University of Amsterdam, The Netherlands
  • 1992-1996
    MSc Econometrics, Tilburg University, The Netherlands
Professional experience
  • 2015-
    Director General - Directorate General Research, European Central Bank
  • 2006-2015
    Lead Economist/Deputy Division Chief - Research Department, International Monetary Fund
  • 2001-2006
    (Senior) Financial Economist - Financial Sector Department, The World Bank
  • 1997-1998
    Investment Analyst - Asset Management, ABN Amro Bank, Amsterdam/London
Teaching experience
  • 2008
    Bank Regulation (Executive Education), Universitat Pompeu Fabra
  • 2007
    Banking, Regulation and Financial Crises (PhD level) - Columbia University, New York, USA
  • 2004
    Advanced Topics in Corporate Finance (PhD level), Tilburg University
Awards
  • 2014
    NYU-Fordham-RPI Rising Star in Finance Award
  • 1998
    Full-tuition University Fellowship, London School of Economics
  • 1997
    Full-tuition University Fellowship, University of Amsterdam

ECB Working Paper Series

2020
Boot, Arnoud, Hoffmann, Peter, Laeven, Luc, Ratnovski, Lev
Financial intermediation and technology: What’s old, what’s new?
No 2438
Ivashina, Victoria, Laeven, Luc, Moral-Benito, Enrique
Loan types and the bank lending channel
No 2409
Laeven, Luc, Perez-Quiros, Gabriel, Rivas, María Dolores Gadea
Growth-and-risk trade-off
No 2397
2019
Huizinga, Harry, Laeven, Luc
The procyclicality of banking: evidence from the euro area
No 2288
Asriyan, Vladimir, Laeven, Luc, Martin, Alberto
Collateral booms and information depletion
No 2266
Hospido, Laura, Laeven, Luc, Lamo, Ana
The gender promotion gap: evidence from central banking
No 2265
Kalemli-Ozcan, Sebnem, Laeven, Luc, Moreno, David
Debt overhang, rollover risk, and corporate investment: evidence from the European crisis
No 2241
2018
Dell'Ariccia, Giovanni, Ferreira, Caio, Jenkinson, Nigel, Laeven, Luc, Martin, Alberto, Minoiu, Camelia, Popov, Alexander
Managing the sovereign-bank nexus
No 2177
Laeven, Luc, McAdam, Peter, Popov, Alexander
Credit shocks, employment protection, and growth: firm-level evidence from Spain
No 2166
2016
Popov, Alexander, Laeven, Luc
Waking up from the American dream: on the experience of young Americans during the housing boom of the 2000s
No 1910
Laeven, Luc, Dell’Ariccia, Giovanni, Suarez, Gustavo A.
Bank leverage and monetary policy's risk-taking channel: evidence from the United States
No 1903
Popov, Alexander, Laeven, Luc
A lost generation? Education decisions and employment outcomes during the U.S. housing boom-bust cycle of the 2000s
No 1892
2011
Gropp, Reint, Corradin, Stefano, Huizinga, Harry, Laeven, Luc
Who invests in home equity to exempt wealth from bankruptcy?
No 1337

ECB Research bulletin

2019
Lamo, Ana, Laeven, Luc
The gender promotion gap: what holds back female economists from making a career in central banking?
No 63
2018
Laeven, Luc, McAdam, Peter, Popov, Alexander
After the credit squeeze: how labour market flexibility can strengthen firm growth and employment
No 52

Journal publications

2019
Dagher, J., Dell’Ariccia, G., Laeven, L., Ratnovski, L., and Tong, H.
Bank Capital: A Seawall Approach
International Journal of Central Banking
Huizinga, H., and Laeven, L.
The Procyclicality of Banking: Evidence from the Euro Area
IMF Economic Review, Vol. 67(3), pp. 496–527
2018
D. Gong, D., Huizinga, H., and Laeven, L.
Nonconsolidated Affiliates, Bank Capitalization, and Risk Taking
Journal of Banking and Finance
2017
Laeven, L. and Popov, A.
Waking Up from the American Dream: On the Experience of Young Americans during the Housing Boom of the 2000s
Journal of Money, Credit, and Banking, Vol. 49(5), 861–895
Cerutti, E., Claessens, S., and Laeven, L.,
The Use and Effectiveness of Macroprudential Policies: New Evidence
Journal of Financial Stability, Vol. 28, pp. 203–224
Dell’Ariccia, G., Laeven, L. and Suarez, G.
Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States
Journal of Finance, Vol. 72(2), 613–654
2016
Laeven, L., Ratnovski, L. , and Tong, H.
Bank Size, Capital, and Systemic Risk: Some International Evidence
Journal of Banking and Finance
Calomiris, C., Flandreau, M. and Laeven, L.
Political Foundations of the Lender of Last Resort: A Global Historical Narrative
Journal of Financial Intermediation, Vol. 28, pp. 48–65
Goetz, M., Levine, R. and Laeven, L.
Does the Geographic Expansion of Banks Reduce Risk?
Journal of Financial Economics, Vol. 120(2), pp. 346–362
Laeven, L. and Popov, A.
A Lost Generation? Education Decisions and Employment Outcomes during the Housing Boom-Bust Cycle of the 2000s
American Economic Review, Vol. 106(5), pp. 630–635
2015
Laeven, L., Levine, R. and Michalopoulos, S.
Financial innovation and endogenous growth
Journal of Financial Intermediation, Vol. 24(1), pp. 1–24
2014
DellʼAriccia, G., Laeven, L. and Marquez, R.
Real interest rates, leverage, and bank risk-taking
Journal of Economic Theory, Vol. 149, pp. 65–99
2013
Goetz, M., Laeven, L. and Levine, R.
Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks
Review of Financial Studies, Vol. 26(7), pp. 1787-1823
Laeven, L. and Valencia, F.
Systemic Banking Crises Database
IMF Economic Review, Vol. 61(2), pp. 225-270
Laeven, L. and Valencia, F.
The Real Effects of Financial Sector Interventions during Crises
Journal of Money, Credit and Banking, Vol. 45(1), pp. 147–177
2012
Huizinga, H. and Laeven, L.
Bank valuation and accounting discretion during a financial crisis
Journal of Financial Economics, Vol. 106(3), pp. 614–634
Giannetti, M. and Laeven, L.
Flight Home, Flight Abroad, and International Credit Cycles
American Economic Review, Vol. 102(3), pp. 219–224
Laeven, L. and Tong, H.
US monetary shocks and global stock prices
Journal of Financial Intermediation, Vol. 21(3), pp. 530–547
Klapper, L., Laeven, L. and Rajan, R.
Trade credit contracts
Review of Financial Studies, Vol. 25(3), pp. 838–867
Barrios, S., Huizinga, H., and Laeven, L. and Nicodème, G.
International taxation and multinational firm location decisions
Journal of Public Economics, Vol. 96, pp. 946–958
Giannetti, M. and Laeven, L.
The flight home effect: Evidence from the syndicated loan market during financial crises
Journal of Financial Economics, Vol. 104(1), pp. 23–43
Dell’Ariccia, G., Igan, D., Laeven, L.
Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market
Journal of Money, Credit and Banking, Vol. 44(2-3), pp. 367–384
2009
Laeven, L. and Levine, R.
Bank governance, regulation and risk taking
Journal of Financial Economics, Vol., 93, pp. 259-275
Giannetti, M. and Laeven, L.
Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment
Review of Financial Studies
Chhaochharia, V. and Laeven, L.
Corporate governance norms and practices
Journal of Financial Intermediation
2008
Huizinga, H., Laeven, L. and Nicodeme, G.
Capital structure and international debt shifting
Journal of Financial Economics
Claessens, S., Feijen, E., Laeven, L.
Political connections and preferential access to finance: The role of campaign contributions
Journal of Financial Economics
De Nicolò, G., Laeven, L. and Ueda, K.
Corporate governance quality: Trends and real effects
Journal of Financial Intermediation
Huizinga, H. and Laeven, L.
International profit shifting within multinationals: A multi-country perspective
Journal of Public Economics
Beck, T., Demirguc-Kunt, A., Laeven, L. and Levine, R.
Finance, Firm Size, and Growth
Journal of Money, Credit and Banking
Demirgüç-Kunt, A., Kane, E. and Laeven, L.
Determinants of deposit-insurance adoption and design
Journal of Financial Intermediation
Laeven, L. and Levine, R.
Complex Ownership Structures and Corporate Valuations
Review of Financial Studies
2007
Laeven, L. and Woodruff, C.
The Quality of the Legal System, Firm Ownership, and Firm Size
The Review of Economics and Statistics
Kroszner, R., Laeven, L., and Klingebiel, D.
Banking crises, financial dependence, and growth
Journal of Financial Economics
Laeven, L. and Levine, R.
Is there a diversification discount in financial conglomerates?
Journal of Financial Economics
Caprio, G., Laeven, L. and Levine, R.
Governance and bank valuation
Journal of Financial Intermediation
2006
Klapper, L., Laeven, L. and Rajan, R.
Entry regulation as a barrier to entrepreneurship
Journal of Financial Economics
2005
Claessens, S. and Laeven, L.
Financial Dependence, Banking Sector Competition, and Economic Growth
Journal of the European Economic Association
2004
Claessens, S. and Laeven, L.
What Drives Bank Competition? Some International Evidence
Journal of Money, Credit and Banking
Demirguc-Kunt, A., Laeven, L. and Levine, R.
Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation
Journal of Money, Credit and Banking
2003
Claessens, S. and Laeven, L.
Financial Development, Property Rights, and Growth
Journal of Finance

Other publications

2015
Freixas, X., Laeven, L. and Peydro, J.-L.
Systemic Risk, Crises, and Macroprudential Regulation
MIT Press
2008
Demirguc-Kunt, A., Kane, E. and Laeven, L.
Deposit Insurance around the World: Issues of Design and Implementation
MIT Press
2005
Honohan, P. and Laeven, L.
Systemic Financial Distress: Containment and Resolution
Cambridge University Press