Posts

• March 31, 2025

  Securities Lending Program: Terms and conditions

  Read the terms and conditions of the Securities Lending Program.
• March 26, 2025

  Summary of Governing Council deliberations: Fixed announcement date of March 12, 2025

  This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 12, 2025.

  Content Type(s): Publications, Summary of deliberations
• March 26, 2025

  Release of the Bank of Canada’s summary of deliberations

  On Wednesday, March 26, 2025, the Bank of Canada will publish a summary of the deliberations that took place ahead of its interest rate decision on March 12, 2025.

  Content Type(s): Press, Media advisories

• Canadians’ access to cash in 2023

  Staff analytical note 2025-13 Heng Chen, Hongyu Xiao, Daneal O’Habib, Stephen Wild

  This study updates our measure of Canadians' access to cash through automated banking machines and financial institution branches. We find that in 2023 overall access to cash remains stable, while rural Canadians continue having less access.

  Content Type(s): Staff research, Staff analytical notes JEL Code(s): J, J1, J15, O, O1, R, R5, R51 Research Theme(s): Money and payments, Cash and bank notes

• Liquidation Mechanisms and Price Impacts in DeFi

  Staff working paper 2025-12 Phoebe Tian, Yu Zhu

  This paper theoretically and empirically examines the price impacts of liquidations in DeFi and how different liquidation mechanisms affect the price impacts.

  Content Type(s): Staff research, Staff working papers JEL Code(s): D, D4, D44, D47, G, G2, G20, G3, G33 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Money and payments, Digital assets and fintech

• The Mutable Geography of Firms’ International Trade

  Staff working paper 2025-11 Lu Han

  Exporters frequently change their market destinations. This paper introduces a new approach to identifying the drivers of these decisions over time. Analysis of customs data from China and the UK shows most changes are driven by demand rather than supply-related shocks.

  Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F12, F14, L, L1, L11 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness

• Low Response Rate from Merchants? Sample and Ask Consumers! An Application of Indirect Sampling Under a Consumer-Merchant Bipartite Network

  Technical report No. 126 Heng Chen, Joy Wu

  Under the consumer-merchant bipartite network, we apply the indirect sampling approach to estimate merchant payment acceptance through a consumer payment diary.

  Content Type(s): Staff research, Technical reports JEL Code(s): C, C8, C80, C83, E, E5 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Money and payments, Retail payments

• Estimating Discrete Choice Demand Models with Sparse Market-Product Shocks

  Staff working paper 2025-10 Zhentong Lu, Kenichi Shimizu

  We propose a novel approach to estimating consumer demand for differentiated products. We eliminate the need for instrumental variables by assuming demand shocks are sparse. Our empirical applications reveal strong evidence of sparsity in real-world datasets.

  Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C3, D, D1, L, L0, L00 Research Theme(s): Financial markets and funds management, Market structure, Models and tools, Econometric, statistical and computational methods

• Risk-Free Uncollateralized Lending in Decentralized Markets: An Introduction to Flash Loans

  Staff discussion paper 2025-6 Jack Mandin

  A flash loan is a special type of uncollateralized loan with zero default risk. I document the use for flash loans across major blockchains that are Ethereum-Virtual-Machine-compatible. Flash loans expand access to liquidity, and highly sophisticated actors use them for many practical applications.

  Content Type(s): Staff research, Staff discussion papers JEL Code(s): G, G0, G1, G2 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Digital assets and fintech
• March 21, 2025

  Administrative monetary penalties

  This supervisory policy provides an overview of the Bank of Canada’s administrative monetary penalties (AMPs) regime and how the Bank determines administrative monetary penalty amounts.

  Content Type(s): Retail payments supervision materials, Supervisory policies Subject(s): Retail payments supervision, Enforcement, Registration