The Annual Report provides an account of the Bank’s management, activities and achievements in 2015; it includes the financial statements and a message from Governor Stephen S. Poloz.
We develop a model to analyze the link between financial leverage, worker pay structure and the risk of job termination. Contrary to the conventional view, we show that even in the absence of any agency problem among workers, variable pay can be optimal despite workers being risk averse and firms risk neutral.
This paper introduces a new methodology to date systemic financial stress events in a transparent, objective and reproducible way. The financial cycle is captured by a monthly country-specific financial stress index.
A total of 461 iconic Canadian women met the initial qualifying criteria and an independent Advisory Council followed the selection process to produce a long list of 12 women and then a short list of five. On 8 December 2016, the Minister of Finance and the Governor of the Bank of Canada revealed that Viola Desmond will be featured on the new $10 note.
We measure systemic risk in the network of financial market infrastructures (FMIs) as the probability that two or more FMIs have a large credit risk exposure to the same FMI participant.