Non-Bank Investors and Loan Renegotiations Staff working paper 2016-60 Teodora Paligorova, João Santos We document that the structure of syndicates affects loan renegotiations. Lead banks with large retained shares have positive effects on renegotiations. In contrast, more diverse syndicates deter renegotiations, but only for credit lines. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G2, G21, G23 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial institutions and intermediation, Financial stability and systemic risk, Household and business credit
June 21, 2009 Financial System Review - June 2009 Policy-makers around the world met the intensification of the global financial crisis at the end of 2008 with a forceful response aimed at restoring confidence in the global financial system, promoting the flow of credit, and supporting economic activity.FSR Highlights - June 2009 Erratum: Legends for Chart 13 on page 15 of the June 2009 issue should read: Argentina (right scale), Mexico (left scale). See revised chart. Content Type(s): Publications, Financial Stability Report
Information Contagion and Systemic Risk Staff working paper 2017-29 Co-Pierre Georg, Toni Ahnert We examine the effect of ex-post information contagion on the ex-ante level of systemic risk defined as the probability of joint bank default. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G0, G01, G1, G11, G2, G21 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk
Assessing the Business Outlook Survey Indicator Using Real-Time Data Staff discussion paper 2017-5 Lise Pichette, Marie-Noëlle Robitaille Every quarter, the Bank of Canada conducts quarterly consultations with businesses across Canada, referred to as the Business Outlook Survey (BOS). A principal-component analysis conducted by Pichette and Rennison (2011) led to the development of the BOS indicator, which summarizes survey results and is used by the Bank as a gauge of overall business sentiment. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, C53, C8, C82, E, E3, E37 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting
Offshoring and Voting Patterns in the US Staff working paper 2026-37 Anna Maria Mayda, Lindsay Oldenski, Walter Steingress This paper studies the impact of offshoring by US firms on voting patterns for incumbents in the US. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D7, D72, F, F2, F23, F6, F60 Research Theme(s): Models and tools, Economic models, Structural challenges, International trade, finance and competitiveness
May 13, 2014 Understanding Platform-Based Digital Currencies Bank of Canada Review - Spring 2014 Ben Fung, Hanna Halaburda Given technological advances and the widespread use of the Internet, various digital currencies have emerged. In most cases, Internet platforms such as Facebook and Amazon restrict the functionality of their digital currencies to enhance the business model and maximize their profits. While platform-based digital currencies could increase the efficiency of retail payments, they could also raise some important policy issues if they were to become widely used outside of the platform. Thus, it is important to closely monitor the evolution of these digital currencies. Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E4, E41, E42
October 28, 2020 Monetary Policy Report – October 2020 The Bank expects Canada’s economy to grow by almost 4 percent on average in 2021 and 2022, following a decline of about 5 ½ percent in 2020. Content Type(s): Publications, Monetary Policy Report
High-Cost Consumer Credit: Desperation, Temptation and Default Staff working paper 2025-6 Joaquín Saldain I study the welfare consequences of regulations on high-cost consumer credit in the United States and find that borrowing limits have distributional impacts on households with self-control issues. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E7, E71, G, G5, G51 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit
The Impacts of Minimum Wage Increases on the Canadian Economy Staff analytical note 2017-26 Dany Brouillette, Daniel Gao, Olivier Gervais, Calista Cheung This note reviews the channels through which scheduled minimum wage increases over the coming years may affect Canadian economic activity and inflation and assesses their macroeconomic impacts. From reduced-form estimates of direct minimum wage pass-through, we find that consumer price index (CPI) inflation could be boosted by about 0.1 percentage point (pp) on average in 2018. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E24, J, J2, J21, J22, J23 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
Evaluating Real GDP Growth Forecasts in the Bank of Canada Monetary Policy Report Staff analytical note 2017-21 André Binette, Dmitri Tchebotarev This paper examines the quality of projections of real GDP growth taken from the Bank of Canada Monetary Policy Report (MPR) since they were first published in 1997. Over the last decade, it has become common practice among the central banking community to discuss forecast performance publicly. Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C5, C52, E, E3, E32, E37, E5, E52 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Economic models, Monetary policy, Real economy and forecasting