Find our research on the financial system by keyword, author, content type, JEL code, topic or date of publication.
452
result(s)
McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates
Staff Working Paper 2008-43
Antonio Diez de los Rios
McCallum (1994a) proposes a monetary rule where policymakers have some tendency to resist rapid changes in exchange rates to explain the forward premium puzzle.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Interest rates,
Monetary policy transmission
JEL Code(s):
E,
E4,
E43,
F,
F3,
F31,
G,
G1,
G12,
G15
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
Financial Constraints and the Cash-Holding Behaviour of Canadian Firms
Staff Discussion Paper 2008-16
Darcey McVanel,
Nikita Perevalov
The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and firm characteristics.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Sectoral balance sheet
JEL Code(s):
G,
G1,
G11,
G3,
G32
The Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?
Staff Discussion Paper 2008-15
Philipp Maier,
Brian DePratto
The authors examine the impact of the recent run-up in energy and non-energy commodity prices on the Canadian dollar. Using the Bank of Canada's exchange rate equation, they find that the differences between the actual value of the Canadian exchange rate and the simulated values observed in 2007 are not historically large. Still, given that […]
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Exchange rates
JEL Code(s):
F,
F3,
F31
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
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
Combining Canadian Interest-Rate Forecasts
Staff Working Paper 2008-34
David Bolder,
Yuliya Romanyuk
Model risk is a constant danger for financial economists using interest-rate forecasts for the purposes of monetary policy analysis, portfolio allocations, or risk-management decisions. Use of multiple models does not necessarily solve the problem as it greatly increases the work required and still leaves the question "which model forecast should one use?"
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Interest rates
JEL Code(s):
C,
C1,
C11,
E,
E4,
E43,
E47
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