Milena Wittwer - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T02:05:42+00:00Intermediary Market Power and Capital Constraints
https://www.bankofcanada.ca/2023/10/staff-working-paper-2023-51/
We examine how intermediary capitalization affects asset prices in a framework that allows for intermediary market power. We introduce a model in which capital-constrained intermediaries buy or trade an asset in an imperfectly competitive market, and we show that weaker capital constraints lead to both higher prices and intermediary markups.2023-10-04T14:39:48+00:00enIntermediary Market Power and Capital Constraints2023-10-04Financial institutionsMarket structure and pricingStaff Working Paper 2023-51https://www.bankofcanada.ca/wp-content/uploads/2023/10/swp2023-51.pdfStaff Working Paper 2023-51Jason AllenMilena WittwerOctober 2023DD4D40D44GG1G12G18G2G20LL1L10Centralizing Over-the-Counter Markets?
https://www.bankofcanada.ca/2021/08/staff-working-paper-2021-39/
Would a shift in trading in fixed-income markets—from over the counter (bilateral trading) to a centralized electronic platform—improve welfare? We use trade-level data on the secondary market for Government of Canada debt to answer this question.2021-08-12T15:49:14+00:00enCentralizing Over-the-Counter Markets?2021-08-12Financial institutionsMarket structure and pricingStaff Working Paper 2021-39https://www.bankofcanada.ca/wp-content/uploads/2021/08/swp2021-39.pdfCentralizing Over-the-Counter Markets?Jason AllenMilena WittwerAugust 2021DD4D40D47GG1G10G2G20LL1L10Maturity Composition and the Demand for Government Debt
https://www.bankofcanada.ca/2020/07/staff-working-paper-2020-29/
The main objectives of debt management are to raise stable and low-cost funding to meet the government’s financial needs and to maintain a well-functioning market for government securities.2020-07-08T09:46:24+00:00enMaturity Composition and the Demand for Government Debt2020-07-08Debt managementFinancial marketsStaff Working Paper 2020-29https://www.bankofcanada.ca/wp-content/uploads/2020/07/swp2020-29.pdfStaff Working Paper 2020-29Jason AllenJakub KastlMilena WittwerJuly 2020CC1C14DD4D44EE5E58GG1G12