Staff Discussion Papers
Finished work on technical issues related to the functions of the Bank (Monetary Policy, Financial System, Currency and Funds Management) and its policy.
169
result(s)
Financial Distress and Hedging: Evidence from Canadian Oil Firms
Staff Discussion Paper 2019-4
Kun Mo,
Farrukh Suvankulov,
Sophie Griffiths
The paper explores the link between financial distress and the commodity price hedging behaviour of Canadian oil firms.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Financial markets,
Firm dynamics
JEL Code(s):
G,
G3,
G32,
Q,
Q4,
Q40
Global Commodity Markets and Rebalancing in China: The Case of Copper
Staff Discussion Paper 2019-3
Jeannine Bailliu,
Doga Bilgin,
Kun Mo,
Kurt Niquidet,
Benjamin Sawatzky
Given that China accounts for about half of global copper consumption, it is reasonable to expect that any significant change in Chinese copper consumption will have an impact on the global market.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
O,
O1,
O13,
O14,
Q,
Q0,
Q02
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
Crypto ‘Money’: Perspective of a Couple of Canadian Central Bankers
Staff Discussion Paper 2019-1
James Chapman,
Carolyn A. Wilkins
The market for cryptoassets has exploded in size in the 10 years since bitcoin was launched. The technology underlying cryptoassets, blockchain, has also been held up as a technology that promises to transform entire industries.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Bank notes,
Digital Currencies and Fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E51,
E58,
H,
H4,
P,
P4,
P43
Credibility, Flexibility and Renewal: The Evolution of Inflation Targeting in Canada
Staff Discussion Paper 2018-18
Thomas J. Carter,
Rhys R. Mendes,
Lawrence L. Schembri
In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Credibility,
Inflation targets,
Monetary Policy,
Monetary policy framework
JEL Code(s):
E,
E5,
E52,
E58,
E6,
E61
2017 Methods-of-Payment Survey Report
Staff Discussion Paper 2018-17
Christopher Henry,
Kim Huynh,
Angelika Welte
As the sole issuer of bank notes, the Bank of Canada conducts Methods-of-Payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage. The 2017 MOP Survey is the third iteration. This paper finds that the overall cash volume and value shares are 33 per cent and 15 per cent, respectively.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Bank notes,
Digital Currencies and Fintech,
Financial services
JEL Code(s):
D,
D8,
D83,
E,
E4,
E41
Fundamental Drivers of Existing Home Sales in Canada
Staff Discussion Paper 2018-16
Taylor Webley
Existing home sales’ share of Canada’s economic pie has been rising in recent years, and variation around this trend has resulted in outsized contributions to changes in real gross domestic product (GDP). In this context, we use a cointegration framework to estimate the level of resale activity across the Canadian provinces that is supported by fundamentals—namely, full-time employment, housing affordability and migration flows—to help look through the volatility.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Econometric and statistical methods,
Economic models,
Housing
JEL Code(s):
C,
C2,
C22,
C23,
E,
E2,
E27,
R,
R2,
R21
Alternative Futures for Government of Canada Debt Management
Staff Discussion Paper 2018-15
Corey Garriott,
Sophie Lefebvre,
Guillaume Nolin,
Francisco Rivadeneyra,
Adrian Walton
This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Debt Management,
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G12,
G2,
G24,
H,
H6,
H63
An Alternative Estimate of Canadian Potential Output: The Multivariate State-Space Framework
Staff Discussion Paper 2018-14
Lise Pichette,
Maria Bernier,
Marie-Noëlle Robitaille
In this paper, we extend the state-space methodology proposed by Blagrave et al. (2015) and decompose Canadian potential output into trend labour productivity and trend labour input. As in Blagrave et al. (2015), we include output growth and inflation expectations from consensus forecasts to help refine our estimates.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
Economic models,
Potential output
JEL Code(s):
C,
C5,
E,
E0,
E5
Assessing Vulnerabilities in Emerging-Market Economies
Staff Discussion Paper 2018-13
Tatjana Dahlhaus,
Alexander Lam
This paper introduces a new tool to monitor economic and financial vulnerabilities in emerging-market economies. We obtain vulnerability indexes for several early warning indicators covering 26 emerging markets from 1990 to 2017 and use them to monitor the evolution of vulnerabilities before, during and after an economic or financial crisis.
Content Type(s):
Staff Research,
Staff Discussion Papers
Topic(s):
International topics,
Monetary and financial indicators,
Recent economic and financial developments
JEL Code(s):
C,
C8,
C82,
F,
F3,
F34,
G,
G0,
G01,
G1,
G15