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229 Results

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.

Financial Constraints and the Cash-Holding Behaviour of Canadian Firms

Staff Discussion Paper 2008-16 Darcey McVanel, Nikita Perevalov
The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and firm characteristics.
Content Type(s): Staff research, Staff discussion papers Topic(s): Sectoral balance sheet JEL Code(s): G, G1, G11, G3, G32

The Canadian Dollar and Commodity Prices: Has the Relationship Changed over Time?

Staff Discussion Paper 2008-15 Philipp Maier, Brian DePratto
The authors examine the impact of the recent run-up in energy and non-energy commodity prices on the Canadian dollar. Using the Bank of Canada's exchange rate equation, they find that the differences between the actual value of the Canadian exchange rate and the simulated values observed in 2007 are not historically large. Still, given that […]
Content Type(s): Staff research, Staff discussion papers Topic(s): Exchange rates JEL Code(s): F, F3, F31

The Impact of Sovereign Wealth Funds on International Financial Stability

Staff Discussion Paper 2008-14 Tamara Gomes
Over the recent period, many emerging-market economies and commodity-exporting nations have experienced unprecedented growth and accumulated substantial amounts of foreign exchange reserves. The management of these foreign reserves has led to the emergence of important financial actors: sovereign wealth funds (SWFs).

What To Do about Bilateral Credit Limits in the LVTS When a Closure Is Anticipated: Risk versus Liquidity Sharing among LVTS Participants

Staff Discussion Paper 2008-13 Sean O'Connor, Greg Caldwell
The authors examine the effect of a trade-off between shared credit risk and liquidity efficiency, among participants in Tranche 2 of the Large Value Transfer System (LVTS T2), on their decisions to leave open, or close, their bilateral credit limits (BCLs) to a participant at risk of imminent closure.

Merchant Acceptance, Costs, and Perceptions of Retail Payments: A Canadian Survey

Staff Discussion Paper 2008-12 Carlos Arango, Varya Taylor
Using the results of a survey on accepted means of payment, the authors examine merchant preferences and perceptions of retail payment reliability, risk, and costs; the share of each type of payment method over total sales; and the costs involved in accepting payments.
Content Type(s): Staff research, Staff discussion papers Topic(s): Bank notes JEL Code(s): E, E4, E41, L, L2

Liquidity Efficiency and Distribution in the LVTS: Non-Neutrality of System Changes under Network Asymmetry

Staff Discussion Paper 2008-11 Sean O'Connor, James Chapman, Kirby Millar
The authors consider the liquidity efficiency of Tranche 2 of the Large Value Transfer System (LVTS T2) by examining, through an empirical analysis, some plausible strategic reactions of individual participants to a systemwide shock to available liquidity in the system.

The Implementation of Monetary Policy in Canada

Staff Discussion Paper 2008-9 Walter Engert, Toni Gravelle, Donna Howard
The authors present a detailed discussion of the Bank of Canada's framework for the implementation of monetary policy. As background, they provide a brief overview of the financial system in Canada, including a discussion of the financial services industry and the money market.

The Global Effects of U.S. Fiscal Policy

Staff Discussion Paper 2008-8 Kimberly Beaton
The author examines the global impact of U.S. fiscal policy using the Bank of Canada's Global Economy Model (Lalonde and Muir 2007). In particular, she examines the global macroeconomic implications of the expiration of major tax cuts in the United States and of expected increases in U.S. entitlement program expenditures.
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