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59
result(s)
Updated Methodology for Assigning Credit Ratings to Sovereigns
Staff Discussion Paper 2021-16
Karim McDaniels,
Nico Palesch,
Sanjam Suri,
Zacharie Quiviger,
John Walsh
We update the Bank of Canada’s credit rating methodology for sovereigns, including our approach to assessing their fiscal position and monetary policy flexibility. We also explicitly consider climate-related factors.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Credit risk management,
Foreign reserves management
JEL Code(s):
F,
F3,
F31,
G,
G2,
G24,
G28,
G3,
G32
BoC–BoE Sovereign Default Database: What’s new in 2021?
Staff Analytical Note 2021-15
David Beers,
Elliot Jones,
Zacharie Quiviger,
John Walsh
The BoC–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Debt management,
Development economics,
Financial stability,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
Monetary Policy, Trends in Real Interest Rates and Depressed Demand
Staff Working Paper 2021-27
Paul Beaudry,
Césaire Meh
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Economic models,
Fiscal policy,
Inflation and prices,
Interest rates,
Monetary policy
JEL Code(s):
E,
E2,
E4,
E43,
E44,
E5,
E52,
E6,
E62,
E63,
H,
H3,
H6,
H63
Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19
Staff Working Paper 2021-13
Jason Allen,
Robert Clark,
Shaoteng Li,
Nicolas Vincent
During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Coronavirus disease (COVID-19),
Credit and credit aggregates,
Debt management
JEL Code(s):
G,
G3,
G31,
H,
H5
Primary Dealers and the Demand for Government Debt
Staff Working Paper 2020-29
Jason Allen,
Jakub Kastl,
Milena Wittwer
The main objectives of debt management are to raise stable and low-cost funding to meet the government’s financial needs and to maintain a well-functioning market for government securities.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Financial markets
JEL Code(s):
C,
C1,
C14,
D,
D4,
D44,
E,
E5,
E58,
G,
G1,
G12
BoC-BoE Sovereign Default Database: What’s New in 2020?
Staff Analytical Note 2020-13
David Beers,
Elliot Jones,
John Walsh
The Boc–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default. The 2020 edition includes a new section examining the scale of domestic arrears in 2018.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Debt management,
Development economics,
Financial stability,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
BoC–BoE Sovereign Default Database: Methodology, Assumptions and Sources
Technical Report No. 117
David Beers,
Elliot Jones,
John Walsh
Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE).
Content Type(s):
Staff research,
Technical reports
Topic(s):
Debt management,
Development economics,
Financial institutions,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
A Portfolio-Balance Model of Inflation and Yield Curve Determination
Staff Working Paper 2020-6
Antonio Diez de los Rios
How does the supply of nominal government debt affect the macroeconomy? To answer this question, we propose a portfolio-balance model of the yield curve in which inflation is determined through an interest rate rule.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Debt management,
Inflation and prices,
Interest rates,
Monetary policy
JEL Code(s):
E,
E4,
E43,
E5,
E52,
G,
G1,
G12,
H,
H6,
H63
A Macroprudential Theory of Foreign Reserve Accumulation
Staff Working Paper 2019-43
Fernando Arce,
Julien Bengui,
Javier Bianchi
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Balance of payments and components,
Financial stability,
Financial system regulation and policies,
Foreign reserves management,
International financial markets
JEL Code(s):
D,
D5,
D52,
D6,
D62,
F,
F3,
F34