Measuring Vulnerabilities in the Non-Financial Corporate Sector Using Industry- and Firm-Level Data Staff analytical note 2018-17 Timothy Grieder, Michal Lipsitz Aggregate non-financial corporate debt-to-GDP has been growing rapidly in recent years and is at an all-time high. This growth began in 2011 and accelerated as the oil price shock affected the Canadian economy. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G0, G01, G3, G32 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit
Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm Staff working paper 2024-17 Sofia Priazhkina, Samuel Palmer, Pablo Martín-Ramiro, Román Orús, Samuel Mugel, Vladimir Skavysh We build a network formation game of firms with trade flows to study the adoption and usage of a new digital currency as an alternative to correspondent banking. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C6, C7, C71, D, D4, D8, D85, G, L, L2, L22 Research Theme(s): Models and tools, Economic models, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
An update on the Canadian money market mutual fund sector Staff analytical note 2025-25 Jabir Sandhu, Sofia Tchamova, Rishi Vala We examine the Canadian money market fund (MMF) sector and find that it has grown rapidly, holding a large share of treasury bills and commercial paper. Unlike in some other jurisdictions where investor outflows likely amplified stresses, Canadian MMFs experienced inflows during the March 2020 market turmoil. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E40, G, G0, G00, G01, G1, G2, G23 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk
Did Canadian Corporate Bond Funds Increase their Exposures to Risks? Staff analytical note 2018-7 Rohan Arora, Nadeem Merali, Guillaume Ouellet Leblanc Canadian corporate bond mutual funds have rapidly increased in number and size in recent years. Their holdings have also become riskier, increasing their exposures to credit risk, interest rate risk and liquidity risk. We also briefly discuss financial stability implications. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G2, G20, G23 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Household and business credit
The Prudential Toolkit with Shadow Banking Staff working paper 2025-9 Kinda Hachem, Martin Kuncl Can regulators keep pace with banks’ creative regulatory workarounds? Our analysis unpacks the trade-offs between fixed regulations and crisis-triggered rules, showing that the latter are especially prone to circumvention—and can trigger larger, costlier bailouts. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D6, D62, E, E6, E61, G, G0, G01, G2, G21, G28 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Financial system regulation and oversight, Household and business credit
Monetary Payoff and Utility Function in Adaptive Learning Models Staff working paper 2019-50 Erhao Xie When players repeatedly face an identical or similar game (e.g., coordination game, technology adoption game, or product choice game), they may learn through experience to perform better in the future. This learning behaviour has important economic implications. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C57, C7, C72, C9, C92 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models
May 11, 2017 The Life Cycle of Government of Canada Bonds in Core Funding Markets Bank of Canada Review - Spring 2017 Narayan Bulusu, Sermin Gungor Data on the use of government securities in the repo, securities lending and cash markets suggest there are bond market clienteles in Canada. Shorter-term bonds are more prevalent in the repo market, while longer-maturity securities are more active in the securities lending market—consistent with the preferred habitat hypothesis. These results could help design better debt-management strategies and more-effective policies to maintain well-functioning financial markets. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): G, G1, G12, G2, G23
Is the stock market pricing in a V‑shaped recovery? Staff analytical note 2020-17 James Kyeong Major stock indexes have bounced back from their March 23 trough to about 10 percent below their peaks. However, stocks that are more sensitive to the business cycle have not performed as well during this market rally. This suggests that stock markets are pricing in a slower, shallower economic recovery. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E4, E44, G, G1, G12, G14 Research Theme(s): Financial markets and funds management, Market functioning, Monetary policy, Real economy and forecasting
December 14, 2009 Reform of Securitization Financial System Review - December 2009 Jack Selody, Elizabeth Woodman Content Type(s): Publications, Financial System Review articles