September 11, 2009 Understanding Corporate Bond Spreads Using Credit Default Swaps Bank of Canada Review - Autumn 2009 Alejandro García, Jun Yang Corporate bond spreads worldwide have widened markedly since the beginning of the credit crisis in 2007. This article examines default and liquidity risk–the main components of the corporate bond spread–for Canadian firms that issue bonds in the U.S. market, focusing in particular on their evolution during the credit crisis. They find that, during this period, the liquidity component increased more for speculative-grade bonds than it did for investment-grade bonds, consistent with a "flight-to-quality" phenomenon. An important implication of their results for policy-makers seeking to address problems in credit markets is that the liquidity risk in corporate spreads for investment and speculative bonds behaves differently than the default risk, especially during crisis episodes. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): Econometric and statistical methods, Financial markets, Financial stability
The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods: Estimation of the Total Private Cost for Large Businesses Technical Report No. 110 Valéry Dongmo Jiongo The Bank of Canada 2015 Retailer Survey on the Cost of Payment Methods faced low response rates and outliers in sample data for two of its retailer strata: chains and large independent businesses. This technical report investigates whether it is appropriate to combine these two strata to produce more accurate estimates of the total private cost to large businesses of the main payment methods. Content Type(s): Staff research, Technical reports Research Topic(s): Econometric and statistical methods JEL Code(s): C, C1, C12, C8, C83
November 19, 2008 Building Continuous Markets Remarks Mark Carney the Canada – United Kingdom Chamber of Commerce London, United Kingdom Throughout the years, Canada has been a major beneficiary of London's innovation. Companies of adventurers, conceived and funded in London, opened up large swathes of Canada to international trade. Content Type(s): Press, Speeches and appearances, Remarks
June 27, 2014 A Dual Vision for the Canadian Payments System Remarks Lawrence L. Schembri Canadian Payments Association Charlottetown, Prince Edward Island Deputy Governor Lawrence Schembri calls for a collaborative approach to achieving a payments system that is innovative, safe, and efficient. Content Type(s): Press, Speeches and appearances, Remarks
May 30, 2017 Fellowship Award nominations Find out the eligibility and process for Fellowship Award nominations.
July 18, 2000 Proposed revisions to the rules pertaining to auctions of Receiver General term deposits (discussion paper) Comments: On 18 July 2000, the government and Bank of Canada made public a discussion paper concerning the management of the federal government's cash balances. The paper outlined the current framework and proposed changes, intended to increase competition and to strengthen the management of risks, in particular the credit risks involved in the investment of […]
What Is Restraining Non-Energy Export Growth? Staff Analytical Note 2018-25 Dany Brouillette, José Dorich, Chris D'Souza, Adrienne Gagnon, Claudia Godbout This note summarizes the key findings from Bank of Canada staff analytical work examining the reasons for the recent weakness in Canadian non-energy exports. Canada steadily lost market share in US non-energy imports between 2002 and 2017, mostly reflecting continued and broad-based competitiveness losses. Content Type(s): Staff research, Staff analytical notes Research Topic(s): International topics, Monetary policy, Recent economic and financial developments, Trade integration JEL Code(s): E, E5, E52, F, F1, F10, F14, F17
A Survey and Risk Analysis of Selected Non-Bank Retail Payments Systems Staff Discussion Paper 2008-17 Nikil Chande Payment services offered by non-banks have flourished in recent years. The author provides an overview of the different kinds of non-bank retail payments schemes currently available in Canada, illustrating each by focusing on a specific example. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial services, Payment clearing and settlement systems JEL Code(s): D, D1, D14, G, G2, G20
June 14, 2012 Financial System Review - June 2012 In this issue of the Financial System Review, the Governing Council judges that the risks to the stability of Canada’s financial system remain high, as in December. The sources of the key risks are broadly the same as those highlighted at that time and emanate primarily from the external environment. Errata: The colour labels for Chart 11 in the June 2012 issue and for Chart 12 in the December 2011 isssue were defined incorrectly. See revised charts. Content Type(s): Publications, Financial Stability Report
Introducing the Bank of Canada’s Market Participants Survey Staff Analytical Note 2023-1 Annick Demers, Tamara Gomes, Stephane Gignac The Market Participants Survey (MPS) gathers financial market participants’ expectations for key macroeconomic and financial variables and for monetary policy. This staff analytical note describes the MPS’s objectives and main features, its process and design, and how Bank of Canada staff use the results. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Financial markets, Monetary policy and uncertainty, Recent economic and financial developments JEL Code(s): C, C8, C83, E, E4, E44, E5, E52, E58, G, G1, G12, G14