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296
result(s)
Measuring Non-Financial Corporate Sector Vulnerabilities in Canada
Staff Analytical Note 2019-15
Timothy Grieder,
Claire Schaffter
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.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
Financial stability,
Monetary and financial indicators,
Recent economic and financial developments,
Sectoral balance sheet
JEL Code(s):
G,
G0,
G01,
G3,
G32
Reassessing the Growth of HELOCs in Canada Using New Regulatory Data
Staff Analytical Note 2019-14
Leila Al-Mqbali,
Olga Bilyk,
Stefan Caputo,
James Younker
Using new regulatory data on residential secured lending from Canadian banks, we assess the growth rate of home equity lines of credit (HELOCs).
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit and credit aggregates,
Financial institutions,
Financial stability,
Recent economic and financial developments
JEL Code(s):
D,
D1,
G,
G2,
G21,
G28
Disentangling the Factors Driving Housing Resales
Staff Analytical Note 2019-12
Mikael Khan,
Taylor Webley
We use a recently developed model and loan-level microdata to decompose movements in housing resales since 2015. We find that fundamental factors, namely housing affordability and full-time employment, have had offsetting effects on resales over our study period.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Econometric and statistical methods,
Financial stability,
Financial system regulation and policies,
Housing,
Recent economic and financial developments
JEL Code(s):
C,
C2,
C22,
E,
E2,
R,
R2,
R21
Could Canadian Bond Funds Add Stress to the Financial System?
Staff Analytical Note 2019-9
Rohan Arora,
Guillaume Bédard-Pagé,
Guillaume Ouellet Leblanc,
Ryan Shotlander
We create a hypothetical scenario to study the role bond funds play in intensifying shocks to the financial system. Using data from 2018 and 2007, we find that bond funds play a larger role now than they did in the past.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial markets,
Financial stability
JEL Code(s):
G,
G1,
G2,
G20,
G23
Non-Bank Financial Intermediation in Canada: An Update
Staff Discussion Paper 2019-2
Guillaume Bédard-Pagé
Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial markets,
Financial stability
JEL Code(s):
G,
G0,
G01,
G2,
G20,
G23
Non-Resident Taxes and the Role of House Price Expectations
Staff Analytical Note 2019-8
Mikael Khan,
Matthieu Verstraete
In recent years, the governments of Ontario and British Columbia have imposed taxes on purchases by non-Canadian residents of residential properties in certain jurisdictions.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial stability,
Housing
JEL Code(s):
D,
D8,
D84,
R,
R2,
R21
Liquidity Management of Canadian Corporate Bond Mutual Funds: A Machine Learning Approach
Staff Analytical Note 2019-7
Rohan Arora,
Chen Fan,
Guillaume Ouellet Leblanc
When redeeming shares for investors, bond fund managers must choose a mix of cash and bond sales to honour their commitments. This note uses machine learning algorithms to uncover new patterns in decisions fund managers make to meet redemptions.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial markets,
Financial stability
JEL Code(s):
G,
G1,
G2,
G20,
G23
Macroprudential Policy with Capital Buffers
Staff Working Paper 2019-8
Josef Schroth
The countercyclical capital buffer is part of Basel III, the set of regulatory measures developed in response to the financial crisis of 2007–09. This study focuses on how time-varying capital buffers can address inefficiencies in economies with endogenous financial crises.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Credit and credit aggregates,
Credit risk management,
Financial stability,
Financial system regulation and policies,
Lender of last resort
JEL Code(s):
E,
E1,
E13,
E3,
E32,
E4,
E44
Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Staff Working Paper 2018-55
Toni Ahnert,
Kristin Forbes,
Christian Friedrich,
Dennis Reinhardt
Can macroprudential foreign exchange (FX) regulations on banks reduce the financial and macroeconomic vulnerabilities created by borrowing in foreign currency? To evaluate the effectiveness and unintended consequences of macroprudential FX regulations, we develop a parsimonious model of bank and market lending in domestic and foreign currency and derive four predictions.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Financial institutions,
Financial system regulation and policies,
International financial markets
JEL Code(s):
F,
F3,
F32,
F34,
G,
G1,
G15,
G2,
G21,
G28