March 29, 2023 The Bank of Canada’s market liquidity programs: Lessons from a pandemic Remarks Toni Gravelle National Bank Financial Services Conference Montréal, Quebec Deputy Governor Toni Gravelle speaks about market liquidity measures taken during the COVID-19 pandemic, and addresses recent turmoil in the US and international banking sectors. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Financial markets, Financial stability, Lender of last resort, Recent economic and financial developments
December 18, 2005 Free Banking and the Bank of Canada Bank of Canada Review - Winter 2005-2006 David Laidler Economists in the nineteenth century spent considerable time discussing the merits of a free-banking system, in which each commercial bank would be able to issue its own notes and deposits, subject to a convertibility requirement backed by its own gold reserves. Such a system, the proponents argued, would be able to deliver price-level stability yet be flexible enough to withstand the vicissitudes of the business cycle. Moreover, there would be no need for central banks. While this idea has received less attention in recent years, some economists still put it forward as a practical alternative to the current system. Laidler suggests that the centralizing tendencies in banking would inevitably undermine competition within a free-banking system, and lead to the natural emergence of one dominant bank. Other developments in the twentieth century, most notably the demise of the gold standard and widespread agreement that governments should play a determining role in setting monetary policy goals, have also limited the practicality of such a system. Laidler examines the Bank of Canada's history from the free-banking perspective and concludes that the current system of inflation targeting provides a much better anchor for orderly price-level behaviour than the free-banking system's convertibility could ever guarantee. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Monetary policy framework
May 19, 2011 Supplementary article: Paying with Polymer: Developing Canada’s New Bank Notes Bank of Canada Review - Spring 2011 Charles Spencer In this article, author Charles Spencer reviews the complex process of developing the new series, which represents a dramatic change for Canada. The leading-edge security features made possible by the new substrate, the cost savings of the move to a polymer base and the environmental advantages of the new notes are also examined. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Bank notes, Credibility, Payment clearing and settlement systems
April 30, 2020 Teachable Moments from the Pandemic Remarks (delivered virtually) Stephen S. Poloz Ivey Business School London, Ontario Governor Stephen S. Poloz talks about the Bank of Canada’s response to the COVID-19 pandemic. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Financial stability, Monetary policy, Recent economic and financial developments
May 13, 2021 The benefits of an inclusive economy Remarks (delivered virtually) Tiff Macklem Universities of Atlantic Canada Halifax, Nova Scotia Governor Tiff Macklem talks about diversity and inclusion are important for the Bank of Canada, for the economics and finance profession, and for the Canadian economy. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Coronavirus disease (COVID-19), Financial services, Monetary policy, Potential output
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
Archetypes for a retail CBDC Staff Analytical Note 2022-14 Sriram Darbha A variety of technology designs could support retail central bank digital currency (CBDC) systems. We develop five archetypes of CBDC systems, outline their characteristics and discuss their trade-offs. This work serves as a framework to analyze and compare different designs, independent of vendor, platform and implementation. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E4, E42, E5, E51, O, O3
December 8, 2015 Prudent Preparation: The Evolution of Unconventional Monetary Policies Remarks Stephen S. Poloz The Empire Club of Canada Toronto, Ontario Governor Poloz speaks about the Bank’s updated framework for unconventional monetary policies. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Asset pricing, Central bank research, Interest rates, Monetary policy framework, Monetary policy implementation, Recent economic and financial developments
December 6, 2005 The Bank of Canada: An Illustrated History This volume features interesting images and anecdotes about Canada's central bank and its place in Canadian society from 1935 until the present. Content Type(s): Publications, Books and monographs, Souvenir books
September 25, 2007 Turbulence in Credit Markets: Causes, Effects, and Lessons To Be Learned Remarks David Dodge Vancouver Board of Trade Vancouver, British Columbia The turbulence in financial markets did not come about against a backdrop of economic weakness. Indeed, over the past number of years, the global economy has shown remarkable strength. We were also seeing encouraging signs of growth being spread more evenly. Content Type(s): Press, Speeches and appearances, Remarks