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Luc Laeven

Research

Division

Current Position

Director General

Fields of interest

Financial Economics, International Economics, Macroeconomics and Monetary Economics

Email

luc.laeven@ecb.europa.eu

Biography

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

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

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

ECB publications
22 January 2021
16 December 2020
3 July 2020
14 May 2020
21 April 2020
14 October 2019
7 June 2019
16 April 2019
16 April 2019
15 February 2019
14 November 2018
24 September 2018
3 July 2018
25 May 2016
10 May 2016
20 April 2016
2 May 2011
External publications
2019
International Journal of Central Banking
Bank Capital: A Seawall Approach
  • Dagher
  • J.
  • Dell’Ariccia
  • G.
  • Laeven
  • L.
  • Ratnovski
  • L.
  • and Tong
  • H.
2019
IMF Economic Review
The Procyclicality of Banking: Evidence from the Euro Area
  • Huizinga
  • H.
  • and Laeven
  • L.
2018
Journal of Banking and Finance
Nonconsolidated Affiliates, Bank Capitalization, and Risk Taking
  • D. Gong
  • D.
  • Huizinga
  • H.
  • and Laeven
  • L.
2017
Journal of Money, Credit, and Banking
Waking Up from the American Dream: On the Experience of Young Americans during the Housing Boom of the 2000s
  • Laeven
  • L. and Popov
  • A.
2017
Journal of Financial Stability
The Use and Effectiveness of Macroprudential Policies: New Evidence
  • Cerutti
  • E.
  • Claessens
  • S.
  • and Laeven
  • L.,
2017
Journal of Finance
Bank Leverage and Monetary Policy’s Risk-Taking Channel: Evidence from the United States
  • Dell’Ariccia
  • G.
  • Laeven
  • L. and Suarez
  • G.
2016
Journal of Banking and Finance
Bank Size, Capital, and Systemic Risk: Some International Evidence
  • Laeven
  • L.
  • Ratnovski
  • L.
  • and Tong
  • H.
2016
Journal of Financial Intermediation
Political Foundations of the Lender of Last Resort: A Global Historical Narrative
  • Calomiris
  • C.
  • Flandreau
  • M. and Laeven
  • L.
2016
Journal of Financial Economics
Does the Geographic Expansion of Banks Reduce Risk?
  • Goetz
  • M.
  • Levine
  • R. and Laeven
  • L.
2016
American Economic Review
A Lost Generation? Education Decisions and Employment Outcomes during the Housing Boom-Bust Cycle of the 2000s
  • Laeven
  • L. and Popov
  • A.
2015
Journal of Financial Intermediation
Financial innovation and endogenous growth
  • Laeven
  • L.
  • Levine
  • R. and Michalopoulos
  • S.
2014
Journal of Economic Theory
Real interest rates, leverage, and bank risk-taking
  • DellʼAriccia
  • G.
  • Laeven
  • L. and Marquez
  • R.
2013
Review of Financial Studies
Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks
  • Goetz
  • M.
  • Laeven
  • L. and Levine
  • R.
2013
IMF Economic Review
Systemic Banking Crises Database
  • Laeven
  • L. and Valencia
  • F.
2013
Journal of Money, Credit and Banking
The Real Effects of Financial Sector Interventions during Crises
  • Laeven
  • L. and Valencia
  • F.
2012
Journal of Financial Economics
Bank valuation and accounting discretion during a financial crisis
  • Huizinga
  • H. and Laeven
  • L.
2012
American Economic Review
Flight Home, Flight Abroad, and International Credit Cycles
  • Giannetti
  • M. and Laeven
  • L.
2012
Journal of Financial Intermediation
US monetary shocks and global stock prices
  • Laeven
  • L. and Tong
  • H.
2012
Review of Financial Studies
Trade credit contracts
  • Klapper
  • L.
  • Laeven
  • L. and Rajan
  • R.
2012
Journal of Public Economics
International taxation and multinational firm location decisions
  • Barrios
  • S.
  • Huizinga
  • H.
  • and Laeven
  • L. and Nicodème
  • G.
2012
Journal of Financial Economics
The flight home effect: Evidence from the syndicated loan market during financial crises
  • Giannetti
  • M. and Laeven
  • L.
2012
Journal of Money, Credit and Banking
Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market
  • Dell’Ariccia
  • G.
  • Igan
  • D.
  • Laeven
  • L.
2009
Journal of Financial Economics
Bank governance, regulation and risk taking
  • Laeven
  • L. and Levine
  • R.
2009
Review of Financial Studies
Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment
  • Giannetti
  • M. and Laeven
  • L.
2009
Journal of Financial Intermediation
Corporate governance norms and practices
  • Chhaochharia
  • V. and Laeven
  • L.
2008
Journal of Financial Economics
Capital structure and international debt shifting
  • Huizinga
  • H.
  • Laeven
  • L. and Nicodeme
  • G.
2008
Journal of Financial Economics
Political connections and preferential access to finance: The role of campaign contributions
  • Claessens
  • S.
  • Feijen
  • E.
  • Laeven
  • L.
2008
Journal of Financial Intermediation
Corporate governance quality: Trends and real effects
  • De Nicolò
  • G.
  • Laeven
  • L. and Ueda
  • K.
2008
Journal of Public Economics
International profit shifting within multinationals: A multi-country perspective
  • Huizinga
  • H. and Laeven
  • L.
2008
Journal of Money, Credit and Banking
Finance, Firm Size, and Growth
  • Beck
  • T.
  • Demirguc-Kunt
  • A.
  • Laeven
  • L. and Levine
  • R.
2008
Journal of Financial Intermediation
Determinants of deposit-insurance adoption and design
  • Demirgüç-Kunt
  • A.
  • Kane
  • E. and Laeven
  • L.
2008
Review of Financial Studies
Complex Ownership Structures and Corporate Valuations
  • Laeven
  • L. and Levine
  • R.
2007
The Review of Economics and Statistics
The Quality of the Legal System, Firm Ownership, and Firm Size
  • Laeven
  • L. and Woodruff
  • C.
2007
Journal of Financial Economics
Banking crises, financial dependence, and growth
  • Kroszner
  • R.
  • Laeven
  • L.
  • and Klingebiel
  • D.
2007
Journal of Financial Economics
Is there a diversification discount in financial conglomerates?
  • Laeven
  • L. and Levine
  • R.
2007
Journal of Financial Intermediation
Governance and bank valuation
  • Caprio
  • G.
  • Laeven
  • L. and Levine
  • R.
2006
Journal of Financial Economics
Entry regulation as a barrier to entrepreneurship
  • Klapper
  • L.
  • Laeven
  • L. and Rajan
  • R.
2005
Journal of the European Economic Association
Financial Dependence, Banking Sector Competition, and Economic Growth
  • Claessens
  • S. and Laeven
  • L.
2004
Journal of Money, Credit and Banking
What Drives Bank Competition? Some International Evidence
  • Claessens
  • S. and Laeven
  • L.
2004
Journal of Money, Credit and Banking
Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation
  • Demirguc-Kunt
  • A.
  • Laeven
  • L. and Levine
  • R.
2003
Journal of Finance
Financial Development, Property Rights, and Growth
  • Claessens
  • S. and Laeven
  • L.
2015
MIT Press
Systemic Risk, Crises, and Macroprudential Regulation
  • Freixas
  • X.
  • Laeven
  • L. and Peydro
  • J.-L.
2008
MIT Press
Deposit Insurance around the World: Issues of Design and Implementation
  • Demirguc-Kunt
  • A.
  • Kane
  • E. and Laeven
  • L.
2005
Cambridge University Press
Systemic Financial Distress: Containment and Resolution
  • Honohan
  • P. and Laeven
  • L.