International topics - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T10:26:12+00:00The Impact of Emerging Asia on Commodity Prices
https://www.bankofcanada.ca/2007/12/working-paper-2007-55/
Over the past 5 years, real energy and non-energy commodity prices have trended sharply higher. These relative price movements have had important implications for inflation and economic activity in both Canada and the rest of the world. China has accounted for the bulk of incremental demand for oil and many base metals over this period.2007-12-01T09:20:50+00:00enThe Impact of Emerging Asia on Commodity Prices2007-12-01Business fluctuations and cyclesInternational topicsWorking Paper 2007-55 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-55.pdfThe Impact of Emerging Asia on Commodity PricesSylvie MorinCalista CheungDecember 2007EE3FF4OO1O19QQ1Q11Expenditure-Switching Effect and the Choice of Exchange Rate Regime
https://www.bankofcanada.ca/2007/11/working-paper-2007-54/
The author investigates the quantitative importance of the expenditure-switching effect by developing and estimating a structural sticky-price model nesting both producer currency pricing (PCP) and local currency pricing (LCP) settings.2007-11-03T17:45:09+00:00enExpenditure-Switching Effect and the Choice of Exchange Rate Regime2007-11-03Exchange rate regimesInternational topicsWorking Paper 2007-54 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-54.pdfExpenditure-Switching Effect and the Choice of Exchange Rate RegimeWei DongNovember 2007FF3F4The Effect of China on Global Prices
https://www.bankofcanada.ca/wp-content/uploads/2010/06/francis1.pdf
The dramatic growth in China's exports of consumer goods such as clothing, toys, and electronics, and imports of primary commodities such as oil and metals is having major effects on global supply and demand. In examining China's role in global relative price changes, Francis finds that downward pressure on the relative prices of consumer goods is likely to persist as China's large labour supply continues its migration into manufacturing. Likewise, China's size and growth will also remain key drivers of global commodities demand for some time. Despite these forces, inflation-targeting central banks have the tools to keep inflation close to target, thus offsetting any persistent upward or downward inflationary pressure.2007-10-14T09:50:44+00:00enThe Effect of China on Global Prices2007-10-14Estimating the Cost of Equity for Canadian and U.S. Firms
https://www.bankofcanada.ca/wp-content/uploads/2010/06/zorn1.pdf
Financing costs are important for both firms and the economy, affecting investment decisions and, ultimately, economic growth. Despite concern among policy-makers that the cost of equity financing may be higher in Canada than in the United States, empirical evidence supporting this view is mixed. Yet Canadian firms may not undertake as many projects that could potentially enhance growth if the cost of equity financing in Canada is relatively high. The article summarizes research by Jonathan Witmer and Lorie Zorn on the influences on the cost of equity in Canada and the United States, using an updated methodology that controls for firm characteristics and aggregate-level factors. In their sample, the cost of equity was 30–50 basis points higher in Canada over 1988 to 2006 but appears to have dropped in the post-1997 period. The results have policy implications related to such factors as firm size, disclosure, and securities regulation and enforcement.2007-10-13T09:55:56+00:00enEstimating the Cost of Equity for Canadian and U.S. Firms2007-10-13Do Firms Adjust Toward a Target Leverage Level?
https://www.bankofcanada.ca/2007/10/working-paper-2007-50/
This paper studies capital structure adjustment mechanisms of firms that experience substantial changes in leverage.2007-10-02T12:52:17+00:00enDo Firms Adjust Toward a Target Leverage Level?2007-10-02Financial marketsInternational topicsWorking Paper 2007-50 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-50.pdfDo Firms Adjust Toward a Target Leverage Level?Zhaoxia XuOctober 2007GG3G32The Bank of Canada's Version of the Global Economy Model (BoC-GEM)
https://www.bankofcanada.ca/2007/09/technical-report-no98/
The Bank of Canada's version of the Global Economy Model (BoC-GEM) is derived from the model created at the International Monetary Fund by Douglas Laxton (IMF) and Paolo Pesenti (Federal Reserve Bank of New York and National Bureau of Economic Research).2007-09-09T11:58:25+00:00enThe Bank of Canada's Version of the Global Economy Model (BoC-GEM)2007-09-09Business fluctuations and cyclesEconomic modelsInternational topicsTechnical Report 98 https://www.bankofcanada.ca/wp-content/uploads/2009/12/tr98.pdfThe Bank of Canada's Version of the Global Economy Model (BoC-GEM)René LalondeDirk MuirSeptember 2007CC6C68EE2E27E3E37FF3F32F4F47Estimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms
https://www.bankofcanada.ca/2007/09/working-paper-2007-48/
This paper estimates the implied cost of equity for Canadian and U.S. firms using a methodology based on the dividend discount model and utilizing firms' current stock price and analysts' forecasted earnings.2007-09-01T12:36:01+00:00enEstimating and Comparing the Implied Cost of Equity for Canadian and U.S. Firms2007-09-01Financial marketsInternational topicsWorking Paper 2007-48 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-48.pdfEstimating and Comparing the Implied Cost of Equity for Canadian and U.S. FirmsJonathan WitmerLorie ZornSeptember 2007GG3G30G38Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms
https://www.bankofcanada.ca/2007/07/working-paper-2007-40/
This study examines how family ownership affects the performance and capital structure of 613 Canadian firms using a panel dataset from 1998 to 2005.2007-07-02T10:37:25+00:00enFamily Values: Ownership Structure, Performance and Capital Structure of Canadian Firms2007-07-02Financial marketsInternational topicsWorking Paper 2007-40 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-40.pdfFamily Values: Ownership Structure, Performance and Capital Structure of Canadian FirmsMichael R. KingEric SantorJuly 2007GG1G12G15A vision for IMF Surveillance
https://www.bankofcanada.ca/2007/06/working-paper-2007-37/
The ongoing review of the IMF, initiated in 2005 by Managing Director De Rato, presents an excellent opportunity to re-examine the role, functions and governance of the Fund.2007-06-02T12:47:57+00:00enA vision for IMF Surveillance2007-06-02Financial stabilityInternational topicsWorking Paper 2007-37 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-37.pdfA Vision for IMF SurveillanceRobert LavignePhilipp MaierEric SantorJune 2007FF3F33Oil Price Movements and the Global Economy: A Model-Based Assessment
https://www.bankofcanada.ca/2007/05/working-paper-2007-34/
We develop a five-region version (Canada, an oil exporter, the United States, emerging Asia and Japan plus the euro area) of the Global Economy Model (GEM) encompassing production and trade of crude oil, and use it to study the international transmission mechanism of shocks that drive oil prices.2007-05-04T12:23:07+00:00enOil Price Movements and the Global Economy: A Model-Based Assessment2007-05-04Economic modelsInflation and pricesInternational topicsWorking Paper 2007-34 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp07-34.pdfOil Price Movements and the Global Economy: A Model-Based AssessmentSelim ElekdagRené LalondeDouglas LaxtonDirk MuirPaolo PesentiMay 2007EE6E66FF3F32F4F47