Personal profile

Personal information

Maarten is associate professor at the department of Finance of the Vrije Universiteit Amsterdam. Prior to his work at the VU, Maarten worked as a Research Advisor at the Banking and Payments Department at the Bank of Canada to mentor a team of talented young research economists that advised the Bank on cryptocurrencies and central bank digital currency (CBDC). His research has been published in academic journals such as the Journal of Money, Credit and Banking, the Journal of Financial and Quantitative Analysis, Management Science and the Journal of Political Economy. He holds a PhD in financial economics from the Erasmus University Rotterdam (2013).


Maarten’s main academic interests revolve around the areas of digital currencies and risk management. 

Digital Currency Research

Working Papers

  • The Crypto Multiplier (with Rodney J. Garratt). [link]
    • Video of presentation at the Economics of Payments XII conference hosted by the Federal Reserve Board.
  • Crypto Exchange Tokens (with Rodney J. Garratt). [link]
  • The Demand for Programmable Payments (with Charles M. Kahn). [link]
    • Best paper award at Tokenomics 2022; presented at the EFA 2023; upcoming presentation at the AFA 2024.
    • Video of presentation at the CEPR-Bocconi conference on The Future of Payments and Digital Assets.
  • Best Before? Central Bank Digital Currency and Loss Recovery (with Charles M. Kahn and Yu Zhu). [link, voxeu]
    • Video of presentation at the Future(s) of Money conference hosted by École Polytechnique.


  • Why Fixed Costs Matter for Proof-of-Work Based Cryptocurrencies (with Rodney J. Garratt). Management Science. [link]
  • Privacy as a Public Good: A Case for Electronic Cash (with Rodney J. Garratt). Journal of Political Economy. [link]
  • Entrepreneurial Incentives and the Role of Initial Coin Offerings (with Rodney J. Garratt). Journal of Economic Dynamics & Control. [link]
  • On the Value of Virtual Currencies (with Wilko Bolt). Journal of Money, Credit and Banking. [link, voxeu]
  • Discussion of “Central Bank Digital Currency: Stability and Information.” Journal of Economic Dynamics & Control. [link]
  • The Emerging Autonomy-Stability Choice for Stablecoins. Book Chapter. Edward Elgar Publishing. [link, wp]

Risk Management Research


  • Calibrating the Magnitude of the CCyB Using Market-Based Stress Tests. Journal of Money, Credit and Banking. [link]
  • On Agricultural Commodities’ Extreme Price Risk (with Philip A. Stork and Casper G. de Vries). Extremes. [link]
  • Estimating Systematic Risk under Extremely Adverse Market Conditions (with Chen Zhou). Journal of Financial Econometrics. [link]
  • Systemic Risk and Bank Business Models (with Chen Zhou). Journal of Applied Econometrics. [link]
  • Timing of Banks’ Loan Loss Provisioning during the Crisis (with Leo de Haan). Journal of Banking & Finance. [link]
  • Systemic Risk of European Banks: Regulators and Markets (with Chen Zhou). Book Chapter. Cambridge University Press. [link, wp]
  • Systematic Tail Risk (with Chen Zhou). Journal of Financial & Quantitative Analysis. [link]
  • Securitization and the Dark Side of Diversification. Journal of Financial Intermediation. [link]
  • Bank Profitability during Recessions (with Wilko Bolt, Marco Hoeberichts, Leo de Haan and Job Swank). Journal of Banking & Finance. [link]
  • The Simple Econometrics of Tail Dependence (with Chen Zhou). Economics Letters. [link]


  • New Developments in Risk Management (BSc-3)
  • Blockchain and Digital Currencies (MSc)
  • Thesis Supervision (MSc)

Ancillary activities

  • Université Paris Panthéon-Assas | Paris | Visiting Professor | 2024-03-18 - 2024-03-23

Ancillary activities are updated daily

User created Keywords

  • Cryptocurrency
  • Digital currency
  • CBDC
  • Financial stability
  • Risk management
  • Systemic risk
  • Extreme value theory