Walter Engert - Latest

• September 11, 2009

  Bank of Canada Liquidity Actions in Response to the Financial Market Turmoil

  Bank of Canada Review - Autumn 2009 Lorie Zorn, Carolyn A. Wilkins, Walter Engert

  In response to the financial crisis of 2007-09, the Bank of Canada intervened repeatedly to stabilize the financial system and limit the repercussions of the crisis on the Canadian economy. This article reviews the extraordinary liquidity measures taken by the Bank during this period and the principles that guided the Bank's interventions. A preliminary assessment of the term liquidity facilities provided by the Bank suggests that they were an important source of liquidity support for some financial institutions and, on a broader basis, served to reduce uncertainty among market participants about the availability of liquidity, as well as helping to promote a return to well-functioning money markets.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial institutions, Financial markets, Financial stability
• June 21, 2009

  Procyclicality and Compensation

  Financial System Review - June 2009 Étienne Bordeleau, Walter Engert

  Content Type(s): Publications, Financial System Review articles

• The Implementation of Monetary Policy in Canada

  Staff Discussion Paper 2008-9 Walter Engert, Toni Gravelle, Donna Howard

  The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Financial markets, Monetary policy implementation, Payment clearing and settlement systems JEL Code(s): E, E5, E52, E58, G, G2, G21
• June 21, 2008

  Financial Market Turmoil and Central Bank Intervention

  Financial System Review - June 2008 Walter Engert, Jack Selody, Carolyn A. Wilkins

  In this article, we consider central bank intervention to address financial market turmoil with a focus on the questions of why, when, and how a central bank might intervene. We set out a policy framework and identify appropriate central bank instruments to respond to extraordinary financial market turmoil, consistent with central bank policy goals and functions.

  Content Type(s): Publications, Financial System Review articles
• June 21, 2008

  Bank of Canada Oversight Activities during 2007 under the Payment Clearing and Settlement Act

  Financial System Review - June 2008 Walter Engert, Dinah Maclean

  Content Type(s): Publications, Financial System Review articles
• June 14, 2007

  Efficiency and Competition in Canadian Banking

  Bank of Canada Review - Summer 2007 Jason Allen, Walter Engert

  Allen and Engert report on recent research at the Bank of Canada on various aspects of efficiency in the Canadian banking industry. This research suggests that, overall, Canadian banks appear to be relatively efficient producers of financial services and they do not exercise monopoly or collusive-oligopoly power. The authors note the value of continuing to investigate opportunities to improve efficiency and competition in financial services in Canada.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Central bank research, Financial institutions, Financial system regulation and policies

• Unanticipated Defaults and Losses in Canada's Large-Value Payments System, Revisited

  Staff Discussion Paper 2007-5 Devin Ball, Walter Engert

  Recent work at the Bank of Canada studied the impact of default in Canada’s large-value payments system, and concluded that participants could readily manage their potential losses (McVanel 2005). In an extension of that work, the authors use a much larger set of daily payments data – with three times as many observations – to […]

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, E47, G, G2, G21
• April 13, 2007

  The Large-Value Payments System: Insights from Selected Bank of Canada Research

  Bank of Canada Review - Spring 2007 Neville Arjani, Walter Engert

  Given the Bank of Canada's strong interest in the safe and efficient operation of major clearing and settlement systems, the Bank maintains a rigorous research agenda as a means of informing payments system policy and oversight. In this article, Arjani and Engert review recent research undertaken by Bank staff concerning the risk and efficiency of the Large Value Transfer System (LVTS). Based on the findings from this research, the authors conclude that the design of the LVTS strikes an effective balance between risk and efficiency. The article also demonstrates the increased use of simulation analysis as a tool for conducting payments system research. A brief summary of the Bank's oversight strategy for systemically important payments systems is also provided. Goals for future research are noted as well, including modelling of participant behaviour and continued external collaboration with other researchers.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial institutions, Payment clearing and settlement systems
• December 21, 2006

  Are Canadian Banks Efficient? A Canada-U.S. Comparison

  Financial System Review - December 2006 Jason Allen, Walter Engert, Ying Liu

  Content Type(s): Publications, Financial System Review articles

• Are Canadian Banks Efficient? A Canada–U.S. Comparison

  Staff Working Paper 2006-33 Jason Allen, Walter Engert, Ying Liu

  The authors compare the efficiency of Canada's largest banks with U.S. commercial banks over the past 20 years. Efficiency is measured in three ways.

  Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions JEL Code(s): C, C3, C33, D, D2, D24, G, G2, G21