Francisco Rivadeneyra - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T11:28:33+00:00Central Bank Digital Currencies and Banking: Literature Review and New Questions
https://www.bankofcanada.ca/2023/02/staff-discussion-paper-2023-4/
We review the nascent but fast-growing literature on central bank digital currencies (CBDCs), focusing on their potential impacts on private banks. We evaluate these impacts in three areas of traditional banking: payments, lending and liquidity and maturity transformation. We also take a broader look at CBDCs and highlight two promising directions for future research.2023-02-10T07:41:01+00:00enCentral Bank Digital Currencies and Banking: Literature Review and New Questions2023-02-10Central bank researchDigital currencies and fintechFinancial institutionsFinancial stabilityStaff Discussion Paper 2023-4https://www.bankofcanada.ca/wp-content/uploads/2023/02/sdp2023-4.pdfCentral Bank Digital Currencies and Banking: Literature Review and New QuestionsJames ChapmanJonathan ChiuMohammad DavoodalhosseiniJanet Hua JiangFrancisco RivadeneyraYu ZhuFebruary 2023EE5E50E58GG0G00LL0L00Payment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System
https://www.bankofcanada.ca/2022/02/staff-discussion-paper-2022-3/
We study the impact of the Bank of Canada’s choice of settlement mechanism in Lynx on participant behaviors, liquidity usage, payment delays and the overall operational efficiency of the new system.2022-02-04T10:04:08+00:00enPayment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System2022-02-04Payment clearing and settlement systemsStaff Discussion Paper 2022-3https://www.bankofcanada.ca/wp-content/uploads/2022/02/sdp2022-3.pdfPayment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments SystemFrancisco RivadeneyraNellie ZhangFebruary 2022CC5EE4E42E5E58The Positive Case for a CBDC
https://www.bankofcanada.ca/2021/07/staff-discussion-paper-2021-11/
We discuss the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. A CBDC could also support the vibrancy of the digital economy. It could help solve market failures and foster competition and innovation in new digital payments markets.2021-07-20T09:59:49+00:00enThe Positive Case for a CBDC2021-07-20Digital currencies and fintechFinancial institutionsFinancial stabilityStaff Discussion Paper 2021-11https://www.bankofcanada.ca/wp-content/uploads/2021/07/sdp2021-11.pdfStaff Discussion Paper 2021-11Andrew UsherEdona ReshidiFrancisco RivadeneyraScott HendryJuly 2021EE4E42E5E58LL4L5Liquidity Usage and Payment Delay Estimates of the New Canadian High Value Payments System
https://www.bankofcanada.ca/2020/09/staff-discussion-paper-2020-9/
As part of modernizing its core payments infrastructure, Canada will replace the Large Value Transfer System (LVTS) with a new Real-Time Gross Settlement (RTGS) system called Lynx. An important question for policy-makers is how Lynx should be designed.2020-09-10T13:09:06+00:00enLiquidity Usage and Payment Delay Estimates of the New Canadian High Value Payments System2020-09-10Financial servicesFinancial system regulation and policiesPayment clearing and settlement systemsStaff Discussion Paper 2020-9https://www.bankofcanada.ca/wp-content/uploads/2020/09/sdp2020-9.pdfLiquidity Usage and Payment Delay Estimates of the New Canadian High Value Payments SystemFrancisco RivadeneyraNellie ZhangSeptember 2020CC5EE4E42E5E58Alternative Futures for Government of Canada Debt Management
https://www.bankofcanada.ca/2018/12/staff-discussion-paper-2018-15/
This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.2018-12-06T14:49:48+00:00enAlternative Futures for Government of Canada Debt Management2018-12-06Debt managementFinancial marketsMarket structure and pricingStaff Discussion Paper 2018-15https://www.bankofcanada.ca/wp-content/uploads/2018/12/sdp2018-15.pdfAlternative Futures for Government of Canada Debt ManagementCorey GarriottSophie LefebvreGuillaume NolinFrancisco RivadeneyraAdrian WaltonDecember 2018GG1G12G2G24HH6H63A Policy Framework for E-Money: A Report on Bank of Canada Research
https://www.bankofcanada.ca/2018/04/staff-discussion-paper-2018-5/
We present a policy framework for electronic money and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payments systems, monetary policy and financial stability. The questions are posed to four broad forms of e-money: privately or publicly issued, and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money.2018-04-27T13:22:36+00:00enA Policy Framework for E-Money: A Report on Bank of Canada Research2018-04-27Digital currencies and fintechMonetary policyPayment clearing and settlement systemsStaff Discussion Paper 2018-5https://www.bankofcanada.ca/wp-content/uploads/2018/04/SDP-2018-5.pdfA Policy Framework for E-Money: A Report on Bank of Canada ResearchMohammad DavoodalhosseiniFrancisco RivadeneyraApril 2018EE4E41E5E51E52E58Fintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks
https://www.bankofcanada.ca/2017/07/staff-discussion-paper-2017-10/
We investigate the risks and opportunities to the mandates of central banks arising from fintech developments.2017-07-21T09:41:08+00:00enFintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central Banks2017-07-21Central bank researchDigital currencies and fintechFinancial institutionsPayment clearing and settlement systemsStaff Discussion Paper 2017-10https://www.bankofcanada.ca/wp-content/uploads/2017/07/sdp2017-10.pdfFintech: Is This Time Different? A Framework for Assessing Risks and Opportunities for Central BanksMeyer AaronFrancisco RivadeneyraSamantha SohalJuly 2017EE4E42GG1G2LL1The U.S.-Dollar Supranational Zero-Coupon Curve
https://www.bankofcanada.ca/2012/06/discussion-paper-2012-5/
The author describes the construction of the U.S.-dollar-denominated zero-coupon curve for the supranational asset class from 1995 to 2010. He uses yield data from a crosssection of bonds issued by AAA-rated supranational entities to fit the Svensson (1995) term-structure model.2012-06-06T08:34:50+00:00enThe U.S.-Dollar Supranational Zero-Coupon Curve2012-06-06Asset pricingFinancial marketsDiscussion Paper 2012-5https://www.bankofcanada.ca/wp-content/uploads/2012/06/dp2012-05.pdfThe U.S.-Dollar Supranational Zero-Coupon CurveFrancisco RivadeneyraJune 2012GG1G12G15A Model of the EFA Liabilities
https://www.bankofcanada.ca/2011/12/discussion-paper-2011-11/
The authors describe the liabilities model of the Exchange Fund Account (EFA). The EFA is managed using an asset-liability matching framework that requires currency and duration matching of both sides of the balance sheet.2011-12-23T09:50:29+00:00enA Model of the EFA Liabilities2011-12-23Debt managementForeign reserves managementDiscussion Paper 2011-11https://www.bankofcanada.ca/wp-content/uploads/2011/12/dp2011-11.pdfA Model of the EFA LiabilitiesFrancisco RivadeneyraOumar DissouDecember 2011GG1G12G3G32