November 11, 2008
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1012
result(s)
The Role of Foreign Exchange Dealers in Providing Overnight Liquidity
Staff Working Paper 2008-44
Chris D'Souza
This paper illustrates that dealers in foreign exchange markets not only provide intraday liquidity, they are key participants in the provision of overnight liquidity. Dealing institutions receive compensation for holding undesired inventory balances in part from the information they receive in customer trades.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Financial markets,
Market structure and pricing
JEL Code(s):
D,
D8,
D82,
F,
F3,
F31,
G,
G2,
G21
Which Bank is the "Central" Bank? An Application of Markov Theory to the Canadian Large Value Transfer System
Staff Working Paper 2008-42
Morten Bech,
James Chapman,
Rodney J. Garratt
We use a method similar to Google's PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). Along the way we obtain estimates of the payment processing speeds for the individual banks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Payment clearing and settlement systems
JEL Code(s):
C,
C1,
C11,
E,
E5,
E50,
G,
G2,
G20
Are There Canada-U.S. Differences in SME Financing?
Staff Working Paper 2008-41
Danny Leung,
Césaire Meh,
Yaz Terajima
Previous surveys of Canadian and U.S. business owners suggest that access to financing in Canada may be more problematic than in the United States. Using the 2003 Survey of Small Business Financing in the United States and the 2004 Survey on Financing of Small and Medium Enterprises in Canada, this paper examines whether this perception can be better quantified.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial services
JEL Code(s):
C,
C2,
C21,
G,
G2,
G21
Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis
Staff Working Paper 2008-40
Ali Dib,
Caterina Mendicino,
Yahong Zhang
How important are the benefits of low price-level uncertainty? This paper explores the desirability of price-level path targeting in an estimated DSGE model fit to Canadian data. The policy implications are based on social welfare evaluations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability,
Inflation and prices,
Monetary policy framework
JEL Code(s):
E,
E3,
E31,
E32,
E5,
E52
The Role of Bank Capital in the Propagation of Shocks
Staff Working Paper 2008-36
Césaire Meh,
Kevin Moran
Recent events in financial markets have underlined the importance of analyzing the link between the financial health of banks and real economic activity. This paper contributes to this analysis by constructing a dynamic general equilibrium model in which the balance sheet of banks affects the propagation of shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial institutions,
Financial system regulation and policies,
Monetary policy transmission
JEL Code(s):
E,
E4,
E44,
E5,
E52,
G,
G2,
G21
The Impact of Sovereign Wealth Funds on International Financial Stability
Staff Discussion Paper 2008-14
Tamara Gomes
Over the recent period, many emerging-market economies and commodity-exporting nations have experienced unprecedented growth and accumulated substantial amounts of foreign exchange reserves. The management of these foreign reserves has led to the emergence of important financial actors: sovereign wealth funds (SWFs).
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial stability,
Recent economic and financial developments
JEL Code(s):
F,
F2,
F21,
F3,
F31,
F32,
G,
G1,
G15
What To Do about Bilateral Credit Limits in the LVTS When a Closure Is Anticipated: Risk versus Liquidity Sharing among LVTS Participants
Staff Discussion Paper 2008-13
Sean O'Connor,
Greg Caldwell
The authors examine the effect of a trade-off between shared credit risk and liquidity efficiency, among participants in Tranche 2 of the Large Value Transfer System (LVTS T2), on their decisions to leave open, or close, their bilateral credit limits (BCLs) to a participant at risk of imminent closure.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial institutions,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
G,
G2,
G21,
L,
L1,
L13,
L14
Market Structure and the Diffusion of E-Commerce: Evidence from the Retail Banking Industry
Staff Working Paper 2008-32
Jason Allen,
Robert Clark,
Jean-François Houde
This paper studies the role that market structure plays in affecting the diffusion of electronic banking. Electronic banking (and electronic commerce more generally) reduces the cost of performing many types of transactions for firms.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Market structure and pricing
JEL Code(s):
D,
D1,
D14,
D4,
G,
G2,
G21,
L,
L1
September 15, 2008