Alejandro García - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-28T14:18:17+00:00The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective
https://www.bankofcanada.ca/2022/12/staff-discussion-paper-2022-21/
Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies.2022-12-19T10:33:42+00:00enThe Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective2022-12-19Digital currencies and fintechPayment clearing and settlement systemsStaff Discussion Paper 2022-21https://www.bankofcanada.ca/wp-content/uploads/2022/12/sdp2022-21.pdfThe Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study PerspectiveAnnetta HoSriram DarbhaYuliya GorelkinaAlejandro GarcíaDecember 2022DD7D78OO3O38Can regulating bank capital help prevent and mitigate financial downturns?
https://www.bankofcanada.ca/2021/06/staff-analytical-note-2021-12/
Countercyclical capital buffers are regulatory measures developed in response to the global financial crisis of 2008–09. This note focuses on how time-varying capital buffers can improve financial stability in Canada2021-06-01T14:00:43+00:00enCan regulating bank capital help prevent and mitigate financial downturns?2021-06-01Stablecoin Assessment Framework
https://www.bankofcanada.ca/2021/04/staff-discussion-paper-2021-6/
We offer relevant authorities a three-step assessment framework they can use to understand, identify and quantify the risks associated with stablecoin and other cryptocurrency arrangements.2021-04-08T14:50:56+00:00enStablecoin Assessment Framework2021-04-08Digital currencies and fintechFinancial institutionsFinancial marketsFinancial system regulation and policiesPayment clearing and settlement systemsStaff Discussion Paper 2021-6https://www.bankofcanada.ca/wp-content/uploads/2021/04/sdp2021-6.pdfStaff Discussion Paper 2021-6Alejandro GarcíaBena LandsDennis YanchusApril 2021DD7D78D8D81GG0G01G1G18OO3O38The potential effect of a central bank digital currency on deposit funding in Canada
https://www.bankofcanada.ca/2020/07/staff-analytical-note-2020-15/
A retail central bank digital currency denominated in Canadian dollars could, in theory, create competition for bank deposit funding.2020-07-03T11:53:07+00:00enThe potential effect of a central bank digital currency on deposit funding in Canada2020-07-03Collateral Valuation for Extreme Market Events
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1206-garcia.pdf
2012-01-26T15:57:22+00:00enCollateral Valuation for Extreme Market Events2012-01-26Collateral Portfolios and Adverse Dependence
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1207-garcia.pdf
2012-01-25T10:43:08+00:00enCollateral Portfolios and Adverse Dependence2012-01-25Central Bank Collateral Policy: Insights from Recent Experience
https://www.bankofcanada.ca/wp-content/uploads/2011/05/zorn.pdf
The collateral policy of central banks played a critical role during the recent financial crisis, as they worked to bolster liquidity and alleviate the funding pressures facing financial institutions. This article examines central bank collateral policy and discusses three areas in which central banks can use their collateral policy to influence financial market practices: promoting greater transparency for securitized products, improving practices related to credit risk, and reducing procyclicality in the management of market risk.2011-05-19T07:05:09+00:00enCentral Bank Collateral Policy: Insights from Recent Experience2011-05-19Market Expectations and Option Prices: Evidence for the Can$/US$ Exchange Rate
https://www.bankofcanada.ca/2010/03/discussion-paper-2010-2/
Security prices contain valuable information that can be used to make a wide variety of economic decisions. To extract this information, a model is required that relates market prices to the desired information, and that ideally can be implemented using timely and low-cost methods.2010-03-19T00:00:06+00:00enMarket Expectations and Option Prices: Evidence for the Can$/US$ Exchange Rate2010-03-19Econometric and statistical methodsExchange ratesFinancial marketsDiscussion paper 2010-2https://www.bankofcanada.ca/wp-content/uploads/2010/05/dp10-2.pdfMarket Expectations and Option Prices: Evidence for the Can$/US$ Exchange Rate Alejandro GarcíaAndrei ProkopiwMarch 2010CC0C00C02GG1G13Measures of Aggregate Credit Conditions and Their Potential Use by Central Banks
https://www.bankofcanada.ca/2009/11/discussion-paper-2009-12/
Understanding the nature of credit risk has important implications for financial stability. Since authorities – notably, central banks – focus on risks that have systemic implications, it is crucial to develop ways to measure these risks.2009-11-01T11:32:22+00:00enMeasures of Aggregate Credit Conditions and Their Potential Use by Central Banks2009-11-01Credit and credit aggregatesFinancial marketsFinancial stabilityDiscussion Paper 2009-12https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp09-12.pdfMeasures of Aggregate Credit Conditions and Their Potential Use by Central BanksAlejandro GarcíaAndrei ProkopiwNovember 2009GG1G10G12G13Understanding Corporate Bond Spreads Using Credit Default Swaps
https://www.bankofcanada.ca/wp-content/uploads/2010/06/garcia.pdf
Corporate bond spreads worldwide have widened markedly since the beginning of the credit crisis in 2007. This article examines default and liquidity risk–the main components of the corporate bond spread–for Canadian firms that issue bonds in the U.S. market, focusing in particular on their evolution during the credit crisis. They find that, during this period, the liquidity component increased more for speculative-grade bonds than it did for investment-grade bonds, consistent with a "flight-to-quality" phenomenon. An important implication of their results for policy-makers seeking to address problems in credit markets is that the liquidity risk in corporate spreads for investment and speculative bonds behaves differently than the default risk, especially during crisis episodes.2009-09-11T09:52:29+00:00enUnderstanding Corporate Bond Spreads Using Credit Default Swaps2009-09-11