The effectiveness of Public Employment Service workers in the Netherlands

In this paper, we measure the effectiveness of the Dutch Public Employment Service (PES) workers for various performance indicators. Using unique administrative monthly data from local PES offices during 2004, we exploit the fact that the number of PES workers per job seeker varies substantially between offices and over time. We find additional PES workers to significantly increase outflow rates for short term unemployed (i.e. the first half year of unemployment), whereas no effects are obtained for the outflow rates of long term unemployed. PES workers are also found to reduce the inflow into the schemes and to increase the number of vacancies that are registered by offices. Although the effectiveness of PES workers is limited, we conclude that changes in the number of PES workers per client are cost-effective—that is, the extra costs are compensated for by the resulting reduction in benefit expenses.     

Netherlands company pension funds international portfolio diversification: An empirical analysis 1967 I–1972 II

A model of portfolio behaviour is developed, based on the assumption that the distribution of a portfolio over different countries is determined by the general level of returns and costs of investments in those countries. From the model an iso-capital exports line is derived. With the help of this line it is shown under which circumstances ‘perverse’ capital movements will occur. The model implies that only temporary compensating operations on the domestic money and capital markets may be sufficient to make a domestic monetary policy effective.A partial adjustment version of the model is estimated for Netherlands company pension funds.