December 11, 2014 Speculating on the Future of Finance Remarks Stephen S. Poloz Economic Club of New York New York, New York Governor Stephen S. Poloz discusses the global financial reforms and what they mean for the future of finance. Content Type(s): Press, Speeches and appearances, Remarks
When Lower Risk Increases Profit: Competition and Control of a Central Counterparty Staff Working Paper 2012-35 Jean-Sébastien Fontaine, Héctor Pérez Saiz, Joshua Slive We model the behavior of dealers in Over-the-Counter (OTC) derivatives markets where a small number of dealers trade with a continuum of heterogeneous clients (hedgers). Imperfect competition and (endogenous) default induce a familiar trade-off between competition and risk. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): G, G1, G10, G18
Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring Staff Working Paper 2007-10 Philipp Maier This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, International topics JEL Code(s): E, E5, F, F3, N, N1, N2
Working Time over the 20th Century Staff Working Paper 2006-18 Alexander Ueberfeldt From 1870 to 2000, the workweek length of employed persons decreased by 41 per cent in industrialized countries. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Labour markets, Productivity JEL Code(s): E, E1, E13, E2, E24, O, O1, O11
March 28, 2011 The “Great” Recession in Canada: Perception vs. Reality Remarks Jean Boivin Montréal CFA Society Montréal, Quebec Barely three years ago, the financial crisis was a source of major concern worldwide. This unprecedented event had serious and costly repercussions, which we continue to feel today. Content Type(s): Press, Speeches and appearances, Remarks
The (Mis)Allocation of Corporate News Staff Working Paper 2024-47 Xing Guo, Alistair Macaulay, Wenting Song We study how the distribution of information supply by the news media affects the macroeconomy. We find that media coverage focuses particularly on the largest firms, and that firms’ equity financing and investment increase after media coverage. But these equity and investment responses are largest among small, rarely covered firms. Our quantitative studies highlight that the aggregate effects of media coverage depend crucially on how that coverage is allocated. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Firm dynamics JEL Code(s): D, D2, D22, D6, D61, L, L1, L11, L2, L20
Public Policy Objectives and the Next Generation of CPA Systems: An Analytical Framework Staff Discussion Paper 2015-6 James Chapman, Jonathan Chiu, Sajjad Jafri, Héctor Pérez Saiz The payments landscape in Canada is rapidly changing and will continue to evolve, fuelled by strong and persistent drivers. In Canada, the Canadian Payments Association (CPA) is on a path to modernize Canada’s core payment systems. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Economic models, Financial services, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): E, E4, E42, L, L1, L14, L15, L5, L52
April 16, 2006 Bank of Canada Review - Spring 2006 Cover page Depression Scrip The examples of Depression scrip illustrated here are part of the National Currency Collection of the Bank of Canada. Content Type(s): Publications, Bank of Canada Review
U.S. Macroeconomic News and Low-Frequency Changes in Small Open Economies’ Bond Yields Staff Working Paper 2024-12 Bingxin Ann Xing, Bruno Feunou, Morvan Nongni-Donfack, Rodrigo Sekkel Using two complementary approaches, we investigate the importance of U.S. macroeconomic news in driving low-frequency fluctuations in the term structure of interest rates in Canada, Sweden and the United Kingdom. We find that U.S. macroeconomic news is particularly important to explain changes in the expectation components of the nominal, real and break-even inflation rates of small open economies. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Econometric and statistical methods JEL Code(s): E, E4, E43, E44, E47, G, G1, G14
August 16, 2001 Innovation and Competition in Canadian Equity Markets Bank of Canada Review - Summer 2001 Serge Boisvert, Charles Gaa Innovations in communications and information technology and the related globalization of financial markets have created the potential for important changes to the structure of Canadian equity markets. Established marketplaces can now compete more effectively on an inter-regional and international basis. At the same time, reduced costs have lowered the barriers to entry faced by new competitors known as alternative trading systems (ATSs). In response to this heightened competition, established Canadian stock exchanges have taken measures to improve market quality. While regulators see innovation as positive for the development of Canadian markets, there is some concern that market liquidity may be fragmented in the short run. The Canadian Securities Administrators have proposed a framework that attempts to address this issue and that would allow ATSs to compete with traditional exchanges for the first time. The authors provide an overview of the Canadian equity market and its structure, focusing on these recent developments. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Financial markets