Psychology Today
May 2025 | Invest in your human capital for a good life
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May 2025 | Invest in your human capital for a good life
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March 2025 | Learning to stay focused.
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March 2025 | Times 2 feature
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I am thrilled to share that The Times has featured my new book Ignite in an article exploring my journey from high-achieving economist to author and speaker on personal transformation. The piece highlights my story of navigating stress, self-doubt, and the pressures of perfectionism—and how small, science-backed shifts helped me change not only how I work, but also how I live.
Read the article here
Neeltje van Horen is a professor of financial economics at the University of Amsterdam and a senior research advisor at the Bank of England. Her research focuses on the interplay between the financial sector and the real economy, particularly during times of crisis and uncertainty. Her work has been published in leading academic journals, and she is a sought-after speaker. Neeltje has also worked at the World Bank and De Nederlandsche Bank and has been a visiting scholar at institutions such as the EBRD, IMF, and Chicago Fed.
Although she excelled in her demanding career, Neeltje faced challenges familiar to many: self-doubt, stress, and the relentless pressures of modern life. Determined to find a better way forward, she turned to neuroscience and psychology. By exploring how her brain functioned, she discovered that small, intentional changes dramatically improved her life. This personal journal inspired her to translate cutting-edge research and personal insights into practical tools, helping others overcome their own struggles.
In her debut book, Ignite, Neeltje makes complex research accessible and actionable for everyday life. Drawing from neuroscience, psychology, and economics, she blends scientific insights with relatable stories and practical tools. As a writer and speaker, she guides readers and audiences to build resilience, unlock their potential, and create positive, lasting change.
Neeltje divides her time between London, where she lives with her partner, his children, and their two cats, and Amsterdam.
With Vasso Ioannidou, Sudipto Karmakar and Elena Markoska
My paper “Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign Debt Crisis”, written together with Alex Popov won the 2016 Pagano-Zechner price for the best non-investment paper in the Review of Finance. In this paper we show that tensions in Eurozone government-bond markets were transmitted internationally through the bank lending channel. Lending by European banks with sizeable exposures to sovereign debt from the troubled Eurozone countries became impaired after the start of the crisis. This resulted in a reallocation away from foreign markets except the US and an increase in home bias.
My paper “When Arm’s Length is too Far: Relationship Banking over the Credit Cycle” written jointly with Thorsten Beck, Hans Degryse and Ralph de Haas has been accepted for the Journal of Financial Economics. Using data from 21 countries in central and eastern Europe we show that relationship lending alleviates credit constraints during a cyclical downturn but not during a boom period. The positive impact of relationship lending in an economic downturn is strongest for smaller and more opaque firms and in regions where the downturn is more severe.
In my new working paper “Repo Market Functioning: The Role of Capital Regulation”, Antonis Kotidis and I show that a tightening of the leverage ratio in the UK reduced repo market liquidity, especially affecting smaller end users such as banks, insurers, pension funds and asset managers. We also show that other foreign dealers not affected by the tightening stepped into the market and gained market share, effectively benefitting from tighter UK regulation.
At the 2018 CEBRA Annual Meeting the Deutsche Bundesbank and Financial Stability Board organized a high‐level panel on the evaluation of the G20 regulatory reforms. Together with Dietrich Domanski (FSB) and Joao Santos (NY Fed), I discussed the challenges and opportunities of policy evaluation.
See here my presentation .
My paper “The Invisible Hand of the Government: Moral Suasion during the European Sovereign Debt Crisis” written jointly with Steven Ongena and Alexander Popov has been accepted for the American Economic Journal – Macroeconomics. Using a novel two-layered identification strategy we provide evidence of moral suasion affecting government bond markets during the European sovereign debt crisis. During the height of the sovereign debt crisis, domestic banks were more likely than foreign banks to purchase domestic sovereign bonds during months in which the government needed to roll over a relatively large amount of maturing debt. Domestic banks that received government support, are small or with weaker balance sheets were particularly susceptible to moral suasion. Governance of banks played less of a role.
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At the fourth ESRB Annual Conference I discussed the link between demographic changes and non-bank activity in the mortgage market. I highlighted the role insurers can play unlocking cash when retirees are asset rich but cash poor.
See here my presentation
European domestic banks were more likely to buy bonds issued by the governments when default looked imminent. What persuaded them? See Here
In a new working paper: “All you need is cash: Corporate cash holdings and investment after the financial crisis” written jointly with Andi Joseph, Christiane Kneer and Jumana Saleheen we show that having cash at hand allows firms to continue to invest during the crisis while industry rivals without cash have to divest. This gives cash-rich firms an important competitive edge that not only benefits them during the crisis but that gives them an advantage that lasts way beyond the crisis years. See also our blog on the topic.
In this paper Stijn Claessens and I exploit our Bank Ownership Database and we show that the presence and entry of a foreign bank has a positive impact on bilateral export and (to a lesser extent) import. We find evidence that indicates that foreign banks facilitate trade by reducing financial frictions for firms that (want to) trade.
I have been appointed Professor of Financial Economics at the Faculty of Economics and Business at the University of Amsterdam (UvA). Starting from July 2020 I will combine my professorship with my position as a Senior Research Advisor at the Bank of England. You can find the announcement here.
Cash is king as we argue in our new VoxEU blog (joint with Andi Joseph, Christiane Kneer and Jumana Saleheen). Companies with large amounts of cash on their balance sheet at the onset of the coronavirus crisis might enjoy a place in the sun and might emerge as winners in the post-Covid world.
In this paper Belinda Tracey and I study the UK Help-to-Buy program. We show that relaxing the down payment constraint positively affects household consumption in addition to stimulating housing market activity. Our findings point to a further link between the housing market and household consumption that does not operate through the home purchase and housing wealth channels.
New research with Ralph de Haas and Vincent Sterk studying dynamics of European startups using unsupervised learning . We distinguish five starts-up types: capital intensive, cash-rich, high leverage, large and basic. We show that shifting the composition of startup cohorts can boost macroeconomic performance.