Financial markets - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T13:56:01+00:00Transparency and the Response of Interest Rates to the Publication of Macroeconomic Data
https://www.bankofcanada.ca/wp-content/uploads/2010/06/parente.pdf
The benefits of transparency—the outcome of the measures taken by the central bank to allow financial markets and economic agents to understand the factors it takes into account in formulating monetary policy—are now widely recognized. These benefits include smoother implementation of monetary policy and increased effectiveness as markets improve their ability to anticipate the Bank's policy decisions and account for them in their operations.
How interest rates respond to the publication of macroeconomic data depends on the degree of transparency in monetary policy, as the rates will rise or fall as a reflection of the market's revised expectations. Before the Bank of Canada adopted initiatives to improve transparency, such as the inflation-control targets, the semi-annual publication of the Monetary Policy Report and Updates, and the fixed announcement dates, changes to the overnight rate created some volatility in interest rates, and publishing Canadian macroeconomic data did not appear to have a major impact on rates. This article shows how the Bank of Canada's steps towards greater transparency have increased the impact of Canadian data on short-term interest rates and have improved financial markets' understanding of how monetary policy decisions are taken.2002-12-20T08:12:11+00:00enTransparency and the Response of Interest Rates to the Publication of Macroeconomic Data2002-12-20The Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area
https://www.bankofcanada.ca/2002/11/working-paper-2002-35/
This paper reviews both the theoretical and empirical literature on the impact of common currencies on financial markets and evaluates the first three years of experience with Economic and Monetary Union (EMU).2002-11-01T14:44:46+00:00enThe Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro Area2002-11-01Exchange rate regimesFinancial marketsWorking Paper 2002-35 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-35.pdfThe Impact of Common Currencies on Financial Markets: A Literature Review and Evidence from the Euro AreaLiliane KarlingerNovember 2002EE4E44FF2F21F3F36GG1G15How Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?
https://www.bankofcanada.ca/2002/11/working-paper-2002-34/
This paper examines the daily hedging and risk-management practices of financial intermediaries in the Canadian foreign exchange (FX) market.2002-11-01T14:34:09+00:00enHow Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?2002-11-01Financial institutionsFinancial marketsMarket structure and pricingWorking Paper 2002-34 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-34.pdfHow Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?Chris D'SouzaNovember 2002FF3F31GG1G14G2G21Alternative Trading Systems: Does One Shoe Fit All?
https://www.bankofcanada.ca/2002/11/working-paper-2002-33/
This paper examines the factors that lead liquidity-motivated investors to choose the type of market structure they prefer.2002-11-01T13:55:35+00:00enAlternative Trading Systems: Does One Shoe Fit All?2002-11-01Financial marketsWorking Paper 2002-33 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-33.pdfAlternative Trading Systems: Does One Shoe Fit All?Nicolas AudetToni GravelleJing YangNovember 2002GG1G10G14G18Exponentials, Polynomials, and Fourier Series: More Yield Curve Modelling at the Bank of Canada
https://www.bankofcanada.ca/2002/10/working-paper-2002-29/
This paper continues the work started by Bolder and Stréliski (1999) and considers two alternative classes of models for extracting zero-coupon and forward rates from a set of observed Government of Canada bond and treasury-bill prices.2002-10-01T12:03:37+00:00enExponentials, Polynomials, and Fourier Series: More Yield Curve Modelling at the Bank of Canada2002-10-01Econometric and statistical methodsFinancial marketsInterest ratesWorking Paper 2002-29 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-29.pdfExponentials, Polynomials, and Fourier Series: More Yield Curve Modelling at the Bank of CanadaDavid BolderScott GusbaOctober 2002CC0C6EE4GG1Financial Structure and Economic Growth: A Non-Technical Survey
https://www.bankofcanada.ca/2002/09/working-paper-2002-24/
There is a large body of literature that studies the relationship between financial structure (that is, the degree to which the financial system is either market- or intermediary-based) and long-run economic growth.2002-09-01T10:35:55+00:00enFinancial Structure and Economic Growth: A Non-Technical Survey2002-09-01Development economicsEconomic modelsFinancial institutionsFinancial marketsFinancial servicesWorking Paper 2002-24 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-24.pdfFinancial Structure and Economic Growth: A Non-Technical SurveyVeronika DolarCésaire MehSeptember 2002FF3F36GG0G00G1G14G2G21KK2K22OO1O16A Market Microstructure Analysis of Foreign Exchange Intervention in Canada
https://www.bankofcanada.ca/2002/06/working-paper-2002-16/
This paper clarifies the role and the impact of foreign exchange dealers in the relationship between foreign exchange intervention and nominal exchange rates using a unique dataset that disaggregates trades by dealer and by type of trade.2002-06-01T13:51:37+00:00enA Market Microstructure Analysis of Foreign Exchange Intervention in Canada2002-06-01Exchange ratesFinancial institutionsFinancial marketsWorking Paper 2002-16 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-16.pdfA Market Microstructure Analysis of Foreign Exchange Intervention in CanadaChris D'SouzaJune 2002FF3F31GG1G14G2G21Corporate Bond Spreads and the Business Cycle
https://www.bankofcanada.ca/2002/06/working-paper-2002-15/
This paper examines the predictive power of credit spreads from the corporate bond market. The high-yield bond spread and investment-grade spread can explain 68 per cent and 42 per cent of output variations one year ahead, while the term spread based on government debts can explain only 12 per cent of them.2002-06-01T12:53:32+00:00enCorporate Bond Spreads and the Business Cycle2002-06-01Financial marketsMonetary and financial indicatorsMonetary policy transmissionWorking Paper 2002-15 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-15.pdfCorporate Bond Spreads and the Business CycleZhiwei ZhangJune 2002EE3E5GG1Modelling Financial Instability: A Survey of the Literature
https://www.bankofcanada.ca/2002/05/working-paper-2002-12/
The magnitude and frequency of recent financial crises underscore the importance of understanding financial instability for the purpose of crisis prevention and crisis management.2002-05-01T12:10:27+00:00enModelling Financial Instability: A Survey of the Literature2002-05-01Financial institutionsFinancial marketsFinancial servicesWorking Paper 2002-12 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-12.pdfModelling Financial Instability: A Survey of the LiteratureAlexandra LaiMay 2002GG2G20G21G28Risk, Entropy, and the Transformation of Distributions
https://www.bankofcanada.ca/2002/04/working-paper-2002-11/
The exponential family, relative entropy, and distortion are methods of transforming probability distributions. We establish a link between those methods, focusing on the relation between relative entropy and distortion.2002-04-01T11:54:42+00:00enRisk, Entropy, and the Transformation of Distributions2002-04-01Econometric and statistical methodsFinancial marketsMarket structure and pricingWorking Paper 2002-11 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-11.pdfRisk, Entropy, and the Transformation of DistributionsMark ReesorDon McLeishApril 2002CC0C1DD8GG0