F - International Economics
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Les sources des fluctuations des taux de change en Europe et leurs implications pour l'union monétaire
The objective of this paper is to provide an empirical evaluation of the degree of shock asymmetry between eight European countries that would form the core of a monetary union. Given that the relevant measure is the degree of real shock asymmetry, our approach is to use the observed movement in real exchange rates as […] -
Fiscal Policy and External Balance in the G-7 Countries
This paper assesses evidence, from the G-7 countries, of a link between a country's fiscal policy and its external balance, often referred to as the "twin deficits" phenomenon. It begins by reviewing the stylized facts, and then examines the theoretical case for such a link. -
Government Debt in an Open Economy
This paper introduces the CORE model, a prototype for a new quarterly model of the Canadian economy, designed for projections and policy analysis with focus beyond the very short run. The model has a clearly defined equilibrium and explicit adjustment mechanisms, primarily through relative prices, that are dynamically stable. Overlaid on a neo-classical growth model […] -
Some Implications of International Financial Integration for Canadian Public Policy
The domestic capital markets of the major industrial countries have become more closely integrated over the last two decades, a by-product of regulatory and technological change. This paper considers some of the implications of those changes for Canadian public policy. While no profound implications are found for Canadian macroeconomic policies, which probably reflects a long […] -
Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence
When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […] -
International Interest Rate Linkages and Monetary Policy: A Canadian Perspective
This paper examines the implications of increased international capital mobility and asset substitutability for domestic monetary policy in a small open economy such as Canada. Alternative definitions of international financial market integration are presented and tested in the context of two popular macro models. In the main, results suggest that interest rate relationships in Canada […] -
A VAR Analysis of Economic Interdependence: Canada, the United States, and the Rest of the World
The authors use vector autoregression (VAR) modelling techniques to examine the response of the domestic economy to foreign influences and to quantify some of the concepts and relationships relating to economic interdependence. Particular attention is given to the dynamic behaviour and interactions of the U.S. and Canadian economies over the past twenty years. Extensive empirical […] -
International Capital Mobility and Asset Substitutability: Some Theory and Evidence on Recent Structural Changes
This study examines different aspects of the international integration of capital markets. In particular, it attempts to determine whether the changes in controls and regulatory policies that have occurred in the past decade have been associated with a greater degree of market integration. -
An Econometric Model of the Steel Trade
In this report, the author uses steel as a case study for an analysis at the industrial level of forces at work in the international economy that have had an important impact on recent Canadian economic performance. Prominent among those forces are cost competitiveness and aggregate demand in Canada and abroad.
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