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  • May 21, 2002

    Bank of Canada Review - Spring 2002

    BoC Review - Spring 2002

    Cover page

    Japanese Hansatsu

    The notes on the cover range in value from 5 ryo to 50 mon and date from the late eighteenth century to the mid-nineteenth century. The largest measures 5.5 by 16.8 centimetres. All four pieces are part of the National Currency Collection, Bank of Canada.

    Photography by James Zagon, Ottawa.

    Content Type(s): Publications, Bank of Canada Review
  • May 20, 2002

    Trends in Productivity Growth in Canada

    Bank of Canada Review - Spring 2002 Allan Crawford
    This article describes the major trends in the growth of labour productivity in Canada since the early 1960s and summarizes our current knowledge about the causes of the historical patterns. Particular attention is given to the period since the mid-1990s during which productivity growth has been significantly higher in the United States than in Canada. The author reviews the empirical evidence on the contribution of information and communication technology to the recent difference between Canadian and U.S. rates of productivity growth. Other determinants of a country's productivity performance, such as human capital formation and openness to international trade, are also examined. The article concludes with an assessment of the prospects for an increase in the trend rate of productivity growth in Canada over the coming years.
    Content Type(s): Publications, Bank of Canada Review articles
  • May 19, 2002

    Private Capital Flows to Emerging-Market Economies

    Bank of Canada Review - Spring 2002 Jean-François Perrault
    This article explores the evolution of capital flows to emerging markets over the last 30 years with emphasis on the past decade. Capital markets in emerging-market economies have evolved substantially over the period, becoming increasingly deep and resilient. The author looks at how capital flows to these countries have changed in terms of magnitude, geographical distribution, the financial instruments used, and the country of origin. He also examines how changes in the investor base have affected these flows and reviews the factors underlying the growth of private capital flows in the 1990s.
    Content Type(s): Publications, Bank of Canada Review articles
  • May 18, 2002

    Foreign Takeovers and the Canadian Dollar: Evidence and Implications

    Bank of Canada Review - Spring 2002 Lawrence L. Schembri
    Since 1995, acquisitions of foreign firms by Canadian residents and acquisitions of Canadian firms by foreign residents have increased. Through most of this period, the dollar has depreciated, but the cumulative net balance of foreign direct investment acquisition flows has remained close to zero. The recent upward trend in bilateral acquisition flows is part of the globalization process as firms consolidate and rationalize their operations, and is not related to the value of the Canadian dollar. Standard models of international asset pricing imply that there should not be a relationship between the Canadian exchange rate and foreign takeovers of Canadian firms because an exchange rate movement does not give foreign buyers a systematic advantage over domestic buyers. Purchases of domestic firms by foreign residents are likely to be welfare-improving. Transactions between foreign and domestic residents are voluntary, and they imply that the foreign buyers expect to obtain higher profits from the firms' assets.
    Content Type(s): Publications, Bank of Canada Review articles
  • May 14, 2002

    International Financial Architecture and the Resolution of Financial Crises

    Remarks David Dodge Canadian Club of Ottawa and the Canadian Institute of International Affairs Ottawa, Ontario
    The preamble to the Bank of Canada Act calls on us to promote the economic and financial welfare of Canada. In this context, we aim to foster good economic performance through monetary stability - that is to say, through low, stable, and predictable inflation. But no market economy can function properly unless it is also supported by an efficient and stable financial system.
    Content Type(s): Press, Speeches and appearances, Remarks
  • May 9, 2002

    Canadian Consul General's residence

    Remarks David Dodge Luncheon at the Canadian Consul General's residence Chicago, Illinois
    In Canada, the economic weakness that we experienced was really concentrated in the third quarter of last year, particularly in September. The terrorist attacks in September created a great deal of uncertainty, and so the Bank of Canada, like the U.S. Federal Reserve, provided an extraordinary amount of stimulus by aggressively lowering interest rates.
    Content Type(s): Press, Speeches and appearances, Remarks
  • April 30, 2002

    Opening Statement before the Standing Senate Committee on Banking, Trade and Commerce

    Opening statement David Dodge Standing Senate Committee on Banking, Trade and Commerce
    To counter that uncertainty and bolster consumer and business confidence, the Bank of Canada moved aggressively to provide monetary stimulus. Between last September and January 2002, we lowered interest rates by 200 basis points, bringing the total reduction since January 2001 to 375 basis points.
    Content Type(s): Press, Speeches and appearances, Opening statements
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