F3 - International Finance
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How Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?
This paper examines the daily hedging and risk-management practices of financial intermediaries in the Canadian foreign exchange (FX) market. -
Supply Shocks and Real Exchange Rate Dynamics: Canadian Evidence
In this paper, we study the impact of supply shocks on the Canadian real exchange rate. We specify a structural vector-error-correction model that links the real exchange rate to different fundamentals. -
Nominal Rigidity, Desired Markup Variations, and Real Exchange Rate Persistence
This paper develops and estimates a dynamic general-equilibrium sticky-price model that accounts for real exchange rate persistence. -
Financial Structure and Economic Growth: A Non-Technical Survey
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. -
Dollarization in Canada: The Buck Stops There
The sharp depreciation of the Canadian dollar and the successful launch of the euro have spawned an animated debate in Canada concerning the potential benefits of formally adopting the U.S. dollar as our national currency. -
Does Exchange Rate Policy Matter for Growth?
Previous studies on whether the nature of the exchange rate regime influences a country's medium-term growth performance have been based on a tripartite classification scheme that distinguishes between pegged, intermediate, and flexible exchange rate regimes. -
A Market Microstructure Analysis of Foreign Exchange Intervention in Canada
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. -
Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets
Traditional models of exchange rate regimes ignore the destabilizing effects of sharp and unanticipated exchange rate movements.