Jesus Sierra - Bank Publications - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T10:59:28+00:00Foreign Flows and Their Effects on Government of Canada Yields
https://www.bankofcanada.ca/2015/11/staff-analytical-note-2015-1/
Foreign investment flows into Government of Canada (GoC) bonds have surged since the financial crisis. Our empirical analysis suggests that foreign flows of $150 billion lowered the 10-year GoC bond yield by 100 basis points between 2009 and 2012.2015-11-12T15:07:40+00:00enForeign Flows and Their Effects on Government of Canada Yields2015-11-12Canadian Open-End Mutual Funds: An Assessment of Potential Vulnerabilities
https://www.bankofcanada.ca/wp-content/uploads/2015/06/fsr-june15-ramirez.pdf
The authors examine the liquidity and leverage characteristics of Canadian long-term, open-end mutual funds in terms of their potential systemic effects on the Canadian mutual fund sector and on the Canadian financial system more broadly. In their overall assessment of this sector, they consider the regulation, market size and ownership structure of mutual funds in Canada and provide observations about the industry globally.2015-06-11T10:29:30+00:00enCanadian Open-End Mutual Funds: An Assessment of Potential Vulnerabilities2015-06-11Search-for-Yield in Canadian Fixed-Income Mutual Funds and Monetary Policy
https://www.bankofcanada.ca/2014/01/working-paper-2014-3/
This paper investigates the effects of monetary policy on the risk-taking behavior of fixed-income mutual funds in Canada. We consider different measures of the stance of monetary policy and investigate active variation in mutual funds’ risk exposure in response to monetary policy.2014-01-23T14:08:33+00:00enSearch-for-Yield in Canadian Fixed-Income Mutual Funds and Monetary Policy2014-01-23Financial institutionsMonetary policy transmissionWorking Paper 2014-3https://www.bankofcanada.ca/wp-content/uploads/2014/01/wp2014-3.pdfSearch-for-Yield in Canadian Fixed-Income Mutual Funds and Monetary PolicySermin GungorJesus SierraJanuary 2014EE5E52GG2G23Consumer Interest Rates and Retail Mutual Fund Flows
https://www.bankofcanada.ca/2012/12/working-paper-2012-39/
This paper documents a link between the real and financial sides of the economy. We find that retail equity mutual fund flows in Canada are negatively related to current and past changes in a component of the prime and 5-year mortgage rates that is uncorrelated with government rates.2012-12-18T11:02:44+00:00enConsumer Interest Rates and Retail Mutual Fund Flows2012-12-18Financial servicesInterest ratesWorking Paper 2012-39https://www.bankofcanada.ca/wp-content/uploads/2012/12/wp2012-39.pdfConsumer Interest Rates and Retail Mutual Fund FlowsJesus SierraDecember 2012GG2G21G23Monetary Policy and the Risk-Taking Channel: Insights from the Lending Behaviour of Banks
https://www.bankofcanada.ca/wp-content/uploads/2012/11/boc-review-autumn12-paligorova.pdf
The financial crisis of 2007-09 and the subsequent extended period of historically low real interest rates have revived the question of whether economic agents are willing to take on more risk when interest rates remain low for a prolonged time period. This increased appetite for risk, which causes economic agents to search for investment assets and strategies that generate higher investment returns, has been called the risk-taking channel of monetary policy. Recent academic research on banks suggests that lending policies in times of low interest rates can be consistent with the existence of a risk-taking channel of monetary policy in Europe, South America, the United States and Canada. Specifically, studies find that the terms of loans to risky borrowers become less stringent in periods of low interest rates. This risk-taking channel may amplify the effects of traditional transmission mechanisms, resulting in the creation of excessive credit.2012-11-15T07:45:39+00:00enMonetary Policy and the Risk-Taking Channel: Insights from the Lending Behaviour of Banks2012-11-15International Capital Flows and Bond Risk Premia
https://www.bankofcanada.ca/2010/06/working-paper-2010-14/
This paper studies the impact of international capital flows on asset prices through risk premia. We investigate whether foreign purchases of U.S. Treasury securities significantly contributed to the decline in excess returns on long-term bonds between 1995 and 2008.2010-06-10T14:42:30+00:00enInternational Capital Flows and Bond Risk Premia2010-06-10Financial marketsWorking Paper 2010-14https://www.bankofcanada.ca/wp-content/uploads/2010/06/wp10-14.pdfInternational Capital Flows and Bond Risk PremiaJesus SierraJune 2010CC2C22FF3F31F32F34GG1G11G12G15