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44 Results

Non-bank financial intermediation: Canada’s submission to the 2023 global monitoring report

Staff Analytical Note 2024-15 Malcolm Fisher, Alan Walsh
We share insights from Canadian data from 2002 to 2022 that the Bank of Canada collected. The Bank submits these data each year to the Financial Stability Board for inclusion in its Global Monitoring Report on Non-Bank Financial Intermediation.

Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm

We build a network formation game of firms with trade flows to study the adoption and usage of a new digital currency as an alternative to correspondent banking.
November 22, 2022

Tracking the financial vulnerabilities of households and the housing market

The Bank of Canada is publishing a new set of indicators of financial vulnerabilities. This will allow households, the private sector, financial authorities and governments to better understand and monitor the evolution of two key vulnerabilities in the financial system: the elevated level of household indebtedness and high house prices.
March 3, 2022

Economic progress report: Controlling inflation

Remarks (delivered virtually) Tiff Macklem CFA Society Toronto Toronto, Ontario
Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and what’s driving inflation in Canada. He also discusses how the Bank will manage the next step in the Bank’s balance sheet operations – quantitative tightening.
March 3, 2022

Getting inflation back to target

Speech summary Tiff Macklem CFA Society Toronto Toronto, Ontario
Governor Tiff Macklem talks about the Bank of Canada’s decision yesterday to raise its policy interest rate. He explains that after two years of extraordinary stimulus, we are now on a path of rising interest rates.

News-Driven International Credit Cycles

Staff Working Paper 2021-66 Galip Kemal Ozhan
This paper examines the implications of positive news about future asset values that turn out to be incorrect at a later date in an open economy model with banking. The model captures the patterns of bank credit and current account dynamics in Spain between 2000 and 2010. The model finds that the use of unconventional policies leads to a milder bust.
September 9, 2021

Monetary policy as the recovery progresses

Speech summary Tiff Macklem Fédération des chambres de commerce du Québec Montréal, Quebec
Governor Tiff Macklem talks about the Bank of Canada’s decision yesterday to leave the policy rate unchanged. He also talks about how the Bank could adjust monetary policy once the economy needs less support.
September 9, 2021

Economic progress report: Monetary policy for the recovery

Remarks (delivered virtually) Tiff Macklem Fédération des chambres de commerce du Québec Montréal, Quebec
Bank of Canada Governor Tiff Macklem talks about the Bank’s latest interest rate announcement and discusses how the Bank could adjust monetary policy and its quantitative easing program as the recovery progresses.

COVID-19’s impact on the financial health of Canadian businesses: An initial assessment

Staff Analytical Note 2021-8 Timothy Grieder, Mikael Khan, Juan Ortega, Callie Symmers
Despite COVID-19 challenges, bold policy measures in Canada have helped businesses manage cash flow pressures and kept insolvency filings low. But the impact of the pandemic has been uneven, and the financial health of some firms may further deteriorate over the next year.

Update on housing market imbalances and household indebtedness

Staff Analytical Note 2021-4 Mikael Khan, Olga Bilyk, Matthew Ackman
Exceptional strength in the housing market during the pandemic is underpinning Canada’s economic recovery. However, two key vulnerabilities—housing market imbalances and elevated household indebtedness—have intensified.
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