G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

• Understanding Systemic Risks in the Canadian Financial System

  Staff analytical paper 2026-28 Gabriel Bruneau, Sascha Clazie-Thomson, Thibaut Duprey, Ruben Hipp, Javier Ojea Ferreiro, Kerem Tuzcuoglu

  This paper reviews recent efforts to monitor and assess systemic risk in the Canadian financial system and outlines a framework for future system-wide stress testing.

  Content Type(s): Staff research, Staff analytical paper JEL Code(s): G, G0, G01, G1, G17, G18, G2, G21, G23, G28 Research Theme(s): Financial system, Financial stability and systemic risk

• Patterns and Determinants of Global Cryptocurrency Flows

  Staff working paper 2026-15 Christian Friedrich, Laura Zhao

  This paper analyzes cross-border cryptocurrency flows, focusing on Bitcoin and four major stablecoins. Using data for 162 countries, we identify the key determinants, including responses to weak economic conditions and demand for remittances. A COVID-19 case study supports these findings and emphasizes the role of cryptocurrencies in global finance.

  Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, F, F3, F32, F38, F5, F51, G, G1, G15, G2, G23 Research Theme(s): Money and payments, Digital assets and fintech

• A buoy on funding tides: How client repo demand and dealer constraints lifted CORRA

  Staff analytical paper 2026-15 Jean-Sébastien Fontaine, Neil Maru, Sofia Tchamova

  Pressures on the CORRA benchmark can emerge from the interaction of client borrowing behavior, dealer balance sheet constraints, even if the level of settlement balances is in a range deemed sufficient to meet the requirement of the payment system and the prudential demand of its members.

  Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E5, E52, G, G2, G23 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Monetary policy tools and implementation