Financial markets
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Canadian Securities Lending Market Ecology
This is the fourth of the Financial Markets Department’s descriptions of Canadian financial industrial organization. The paper discusses the organization of the securities lending market in Canada. We outline key characteristics of securities lending contracts, participants in the securities lending market, the market infrastructures that support securities lending activities, and aggregated statistics describing the Canadian market. -
Systemic Risk and Collateral Adequacy
Many derivatives markets use collateral requirements calculated with industry-standard but dated methods that are not designed with systemic risk in mind. This paper explores whether the conservative nature of conventional collateral requirements outweighs their lack of consideration of systemic risk. -
June 17, 2019
Flexible Exchange Rates, Commodity Prices and Price Stability
Deputy Governor Lawrence Schembri speaks before the Economics Society of Northern Alberta (ESNA). -
June 17, 2019
The merits of a floating exchange rate
Deputy Governor Lawrence Schembri explains how Canada’s monetary policy framework—inflation targeting underpinned by a flexible exchange rate—has proved to be the most durable in the post-war period. -
Financial Distress and Hedging: Evidence from Canadian Oil Firms
The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms. -
Could Canadian Bond Funds Add Stress to the Financial System?
We create a hypothetical scenario to study the role bond funds play in intensifying shocks to the financial system. Using data from 2018 and 2007, we find that bond funds play a larger role now than they did in the past. -
Bond Funds and Fixed-Income Market Liquidity: A Stress-Testing Approach
This report provides a detailed technical description of a stress test model for investment funds called Ceto. -
Non-Bank Financial Intermediation in Canada: An Update
Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated. -
Do Survey Expectations of Stock Returns Reflect Risk Adjustments?
Motivated by the observation that survey expectations of stock returns are inconsistent with rational return expectations under real-world probabilities, we investigate whether alternative expectations hypotheses entertained in the literature on asset pricing are consistent with the survey evidence.
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