October 16, 2019 CFIF Meeting (October 16, 2019) Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum
Borrowing Costs for Government of Canada Treasury Bills Staff analytical note 2019-28 Jabir Sandhu, Adrian Walton, Jessica Lee The cost of borrowing Government of Canada treasury bills (t-bills) in the repurchase (repo) market is mainly explained by the relationship between the parties involved. Some pairs of parties conduct most of their repos for t-bills rather than bonds, and at relatively high borrowing costs. We speculate that these pairs have formed a mutually beneficial service relationship in which one party consistently receives t-bills, while the other receives cash at a relatively cheap rate. Content Type(s): Staff research, Staff analytical notes JEL Code(s): G, G1, G10, G11, G12, G2, G20, G21, G23, G3, G32 Research Theme(s): Financial markets and funds management, Funds management, Market functioning
October 4, 2019 Bank of Canada and Statistics Canada to move to a single set of credit statistics Currently, the Bank of Canada and Statistics Canada both produce aggregate measures of borrowing, or credit, for sectors of the Canadian economy. Content Type(s): Press, Announcements
A Macroprudential Theory of Foreign Reserve Accumulation Staff working paper 2019-43 Fernando Arce, Julien Bengui, Javier Bianchi This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D5, D52, D6, D62, F, F3, F34 Research Theme(s): Financial markets and funds management, Funds management, International markets and currencies, Financial system, Financial stability and systemic risk, Monetary policy, Monetary policy tools and implementation
Amazon Effects in Canadian Online Retail Firm-Product-Level Data Staff working paper 2019-42 Alex Chernoff I use firm-product-level data for Canadian online retailers to study how product scope (the average number of product categories per firm) evolved from 1999 to 2012. During this period, product scope dropped monotonically from 59 to 5 product categories. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D2, D22, L, L1, L11, L8, L81 Research Theme(s): Structural challenges, Digitalization and productivity, International trade, finance and competitiveness