Darcey McVanel is Lead, Central Bank Digital Currency (CBDC) Policy Integration at the Bank of Canada. In this role, she leads a team responsible for synthesizing research and analysis from across the organization to form practical strategy and policy recommendations to guide the Bank’s CBDC contingency planning. She has extensive experience in the areas of financial market infrastructures, financial institutions and financial markets. Darcey obtained her Masters in Economics from Queen’s University.
The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and firm characteristics.
The authors empirically analyze the price-setting behaviour of the major Canadian banks in the residential mortgage market over the period 1991–2007. They use weekly posted prices of the major mortgage providers to study the degree of competition in mortgage price setting.