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The Netherlands is almost a textbook-case of an open economy that is highly integrated in the world economy in terms of both financial flows and trade. Its current account has been persistently in surplus for over three decades and the surplus is one of the highest as in percentage of GDP of the euro area. A key issue that stands out is the shift in sectoral savings balances that has taken place since 2001, with non-financial corporations instead of households becoming the main contributors to the surplus. This shift to a large extent reflects the pivotal role played by the housing market in shaping the balance sheet of Dutch households, which have piled up substantial residential mortgage debt. At the same time, profits received from foreign affiliates have spurred the savings of non-financial corporations. Arguably, the size of financial inflows and outflows and the concurrent structure of assets and liabilities have made the Dutch economy more sensitive to valuation changes and the whims of international capital markets
