Credit and credit aggregates, Financial institutions, Financial markets, Financial services, Financial stability, Financial system regulation and policies, International financial markets, Lender of last resort, , Monetary policy implementation, Payment clearing and settlement systems
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Systemic Risk and Portfolio Diversification: Evidence from the Futures Market
This paper explores how the Canadian futures market contributed to banks’ systemic risk during the 2008 financial crisis. It finds that core banks as a whole traded against the periphery, in this way increasing their risk of simultaneous losses. -
October 7, 2021
The long and short of it: A balanced vision for the international monetary and financial system
Governor Tiff Macklem advocates for global coordination to strengthen the international monetary and financial system. -
October 7, 2021
Investing in global progress
Governor Tiff Macklem makes the case for greater cooperation to shape a stronger international monetary and financial system. -
Foreign Exchange Fixings and Returns Around the Clock
We document a new empirical finding in the foreign exchange market: currency returns show systematic reversals around the benchmark fixings. Specifically, the US dollar, on average, appreciates in the hours before fixes and depreciates after fixes.