The Impact of Market Timing on Canadian and U.S. Firms' Capital Structure Staff Working Paper 2009-1 Zhaoxia Xu This paper studies the impact of market timing on Canadian firms' capital structure and makes a comparison with U.S. firms. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, International topics JEL Code(s): G, G3, G32
World Real Interest Rates: A Global Savings and Investment Perspective Staff Working Paper 2007-16 Brigitte Desroches, Michael Francis Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, International topics JEL Code(s): E, E2, E4, F, F3
The Real-Time Properties of the Bank of Canada’s Staff Output Gap Estimates Staff Working Paper 2016-28 Julien Champagne, Guillaume Poulin-Bellisle, Rodrigo Sekkel We study the revision properties of the Bank of Canada’s staff output gap estimates since the mid-1980s. Our results suggest that the average staff output gap revision has decreased significantly over the past 15 years, in line with recent evidence for the U.S. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Econometric and statistical methods, Potential output JEL Code(s): C, C3, C38, E, E1, E17, E3, E32
Canadian Bank Balance-Sheet Management: Breakdown by Types of Canadian Financial Institutions Staff Discussion Paper 2012-7 David Xiao Chen, H. Evren Damar, Hani Soubra, Yaz Terajima The authors document leverage, capital and liquidity ratios of banks in Canada. These ratios are important indicators of different types of risk with respect to a bank’s balance‐sheet management. Particular attention is given to the observations by different types of banks, including small banks that historically received less attention. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): G, G2, G21, G28
The Evolution of Canada’s Global Export Market Share Staff Working Paper 2012-31 Daniel de Munnik, Jocelyn Jacob, Wesley Sze Following gains during the 1990s, Canada’s global market share of goods exports has declined markedly in recent years. In this regard, the constant market share analysis framework is used to decompose changes in Canada’s global market share into competitiveness and structural effects over the 1990‐2010 period, as well as to draw some comparisons to a number of other countries. Content Type(s): Staff research, Staff working papers Research Topic(s): Balance of payments and components, Exchange rates, International topics JEL Code(s): F, F1, F10, F14, F4, F43
March 14, 2019 The Age of Leverage Remarks Carolyn A. Wilkins UBC Vancouver School of Economics and CFA Society Vancouver Vancouver, British Columbia Senior Deputy Governor Carolyn A. Wilkins discusses how high leverage is both a headwind to global growth and a vulnerability in the global financial system. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Balance of payments and components, Credit risk management, Financial institutions, Financial stability, Financial system regulation and policies, Fiscal policy
June 21, 2008 Bank of Canada Oversight Activities during 2007 under the Payment Clearing and Settlement Act Financial System Review - June 2008 Walter Engert, Dinah Maclean Content Type(s): Publications, Financial System Review articles
Do Peer Group Members Outperform Individual Borrowers? A Test of Peer Group Lending Using Canadian Micro-Credit Data Staff Working Paper 2003-33 Rafael Gomez, Eric Santor Microfinance institutions now serve over 10 million poor households in the developing and developed world, and much of their success has been attributed to their innovative use of peer group lending. There is very little empirical evidence, however, to suggest that group lending schemes offer a superior institutional design over lending programs that serve individual borrowers. Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics JEL Code(s): E, J, J2, J23, O, O1, O17
Lagging Productivity Growth in the Service Sector: Mismeasurement, Mismanagement or Misinformation? Staff Working Paper 1997-6 Dinah Maclean While the service sector has been growing rapidly as a share of total output, aggregate productivity growth has generally lagged behind that of the goods sector. In this report, the author assesses a range of explanations for lagging service sector productivity growth. Content Type(s): Staff research, Staff working papers Research Topic(s): Productivity, Recent economic and financial developments JEL Code(s): L, L8, L80, O, O4, O47
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 Research Topic(s): Econometric and statistical methods, Economic models JEL Code(s): C, C5, C57, C7, C72, C9, C92