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Staff analytical notes
The Canadian corporate investment gap
Business investment has been lower than expected in Canada and abroad since the financial crisis of 2007–09. This corporate investment gap is mirrored in firms’ other financing decisions, as they have increased cash holdings and dividend payments and decreased issuance of debt and equity.A Financial Stability Analysis of Zombie Firms in Canada
We measure the prevalence of zombie firms in Canada and assess how they could potentially affect the financial system.Measuring Non-Financial Corporate Sector Vulnerabilities in Canada
The ratio of non-financial corporate debt to gross domestic product in Canada has increased noticeably in recent years and is currently at an all-time high. In light of this development, we use a unique firm-level dataset to construct vulnerability indicators for the non-financial corporate sector in Canada.Measuring Vulnerabilities in the Non-Financial Corporate Sector Using Industry- and Firm-Level Data
Aggregate non-financial corporate debt-to-GDP has been growing rapidly in recent years and is at an all-time high. This growth began in 2011 and accelerated as the oil price shock affected the Canadian economy.Recent Evolution of Canada’s Credit-to-GDP Gap: Measurement and Interpretation
Over the past several years, the Bank for International Settlements has noted that Canada’s credit-to-GDP gap has widened and is above thresholds indicating future banking stress.Staff working papers
The Impact of Macroprudential Housing Finance Tools in Canada: 2005–10
This paper combines loan-level administrative data with household-level survey data to analyze the impact of recent macroprudential policy changes in Canada using a microsimulation model of mortgage demand of first-time homebuyers.Bank publications
Financial System Review articles
Journal publications
Refereed journals
- "The Impact of Macroprudential Housing Finance Tools in Canada"
(with Jason Allen, Brian Peterson, and Tom Roberts), Journal of Financial Intermediation (forthcoming).