Non-bank financial intermediation in Canada: a pulse check Staff analytical note 2021-2 Rohan Arora, Guillaume Bédard-Pagé, Philippe Besnier, Hayden Ford, Alan Walsh The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G0, G01, G2, G20, G23 Research Theme(s): Financial system, Financial institutions and intermediation, Financial stability and systemic risk
May 25, 2017 Upgrading the Payments Grid: The Payoffs Are Greater Than You Think Remarks Sylvain Leduc Payments Canada Toronto, Ontario Deputy Governor Sylvain Leduc discusses how upgrading Canada’s core payment systems will contribute to financial stability and help the Bank keep inflation on target. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial markets, Financial stability, Fintech
October 4, 2019 Bank of Canada and Statistics Canada to move to a single set of credit statistics Currently, the Bank of Canada and Statistics Canada both produce aggregate measures of borrowing, or credit, for sectors of the Canadian economy. Content Type(s): Press, Announcements
Central Bank Liquidity Policy in Modern Times Staff discussion paper 2024-6 Skylar Brooks Across several dimensions of lender of last resort policy, I highlight broad changes that have occurred since the 2008–09 global financial crisis and discuss some of the key challenges, choices and considerations facing the designers of central bank liquidity tools today. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D5, D53, E, E5, E58, E6, E61, G, G0, G01, G2, G21, G23, H, H1, H12 Research Theme(s): Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation
Macroeconomic Disasters and Consumption Smoothing: International Evidence from Historical Data Staff working paper 2023-4 Lorenzo Pozzi, Barbara Sadaba Does consumption smoothing fundamentally decrease during macroeconomic disasters? This paper uses a large historical dataset (1870–2016) for 16 industrial economies to show that during macroeconomic disasters (e.g., wars, pandemics, depressions) aggregate consumption and income are significantly less decoupled than during normal times. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C23, E, E2, E21 Research Theme(s): Financial system, Household and business credit, Models and tools, Econometric, statistical and computational methods, Monetary policy, Real economy and forecasting
January 31, 2012 What Is the Funding Status of Corporate Defined-Benefit Pension Plans in Canada? Financial System Review - June 2004 Jim Armstrong Content Type(s): Publications, Financial System Review articles
Analysis of Asymmetric GARCH Volatility Models with Applications to Margin Measurement Staff working paper 2018-21 Elena Goldman, Xiangjin Shen We explore properties of asymmetric generalized autoregressive conditional heteroscedasticity (GARCH) models in the threshold GARCH (GTARCH) family and propose a more general Spline-GTARCH model, which captures high-frequency return volatility, low-frequency macroeconomic volatility as well as an asymmetric response to past negative news in both autoregressive conditional heteroscedasticity (ARCH) and GARCH terms. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C5, C58, G, G1, G19, G2, G23, G28 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Models and tools, Econometric, statistical and computational methods, Money and payments, Payment and financial market infrastructures
November 19, 2019 How and why central banks think about climate change Erik Ens, Adrian Guerin Climate change is transforming the economy and financial system Content Type(s): Publications, The Economy, Plain and Simple Subject(s): Financial system, Financial stability, Monetary policy, Economy/Economic growth, Inflation
AI Agents for Cash Management in Payment Systems Staff working paper 2025-35 Iñaki Aldasoro, Ajit Desai Can artificial intelligence (AI) think and act like a cash manager? In this paper we explore how generative AI agents can help manage liquidity, prioritize payments and optimize efficiency in real-time gross settlement systems. Content Type(s): Staff research, Staff working papers JEL Code(s): A, A1, A12, C, C7, D, D8, D83, E, E4, E42, E5, E58 Research Theme(s): Financial system, Financial system regulation and oversight, Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Structural challenges, Digitalization and productivity
Networking the Yield Curve: Implications for Monetary Policy Staff working paper 2021-4 Tatjana Dahlhaus, Julia Schaumburg, Tatevik Sekhposyan We study how different monetary policies affect the yield curve and interact. Our study highlights the importance of the spillover structure across the yield curve for policy-making. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C1, C18, C2, C21, C5, C53, E, E4, E43, E44, E5, E52 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Monetary policy framework and transmission, Monetary policy tools and implementation