Some Implications of International Financial Integration for Canadian Public Policy Technical Report No. 57 William White The domestic capital markets of the major industrial countries have become more closely integrated over the last two decades, a by-product of regulatory and technological change. This paper considers some of the implications of those changes for Canadian public policy. While no profound implications are found for Canadian macroeconomic policies, which probably reflects a long […] Content Type(s): Staff research, Technical reports Topic(s): International topics JEL Code(s): E, E5, E50, F, F3, F33, H, H3, H30
Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence Technical Report No. 53 John Murray, Mark Zelmer, Shane Williamson When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […] Content Type(s): Staff research, Technical reports Topic(s): Exchange rates JEL Code(s): F, F3, F31, G, G1, G14
International Interest Rate Linkages and Monetary Policy: A Canadian Perspective Technical Report No. 52 John Murray, Ritha Khemani This paper examines the implications of increased international capital mobility and asset substitutability for domestic monetary policy in a small open economy such as Canada. Alternative definitions of international financial market integration are presented and tested in the context of two popular macro models. In the main, results suggest that interest rate relationships in Canada […] Content Type(s): Staff research, Technical reports Topic(s): Interest rates, International topics JEL Code(s): E, E5, E50, F, F3, F33
A VAR Analysis of Economic Interdependence: Canada, the United States, and the Rest of the World Technical Report No. 46 John Kuszczak, John Murray The authors use vector autoregression (VAR) modelling techniques to examine the response of the domestic economy to foreign influences and to quantify some of the concepts and relationships relating to economic interdependence. Particular attention is given to the dynamic behaviour and interactions of the U.S. and Canadian economies over the past twenty years. Extensive empirical […] Content Type(s): Staff research, Technical reports Topic(s): International topics JEL Code(s): F, F1, F15, F4, F41
International Capital Mobility and Asset Substitutability: Some Theory and Evidence on Recent Structural Changes Technical Report No. 44 Francesco Caramazza, Kevin Clinton, Agathe Côté, David Longworth This study examines different aspects of the international integration of capital markets. In particular, it attempts to determine whether the changes in controls and regulatory policies that have occurred in the past decade have been associated with a greater degree of market integration. Content Type(s): Staff research, Technical reports Topic(s): Balance of payments and components, Financial markets JEL Code(s): F, F2, F20, G, G1, G11, G15
An Econometric Model of the Steel Trade Technical Report No. 33 Richard Dion In this report, the author uses steel as a case study for an analysis at the industrial level of forces at work in the international economy that have had an important impact on recent Canadian economic performance. Prominent among those forces are cost competitiveness and aggregate demand in Canada and abroad. Content Type(s): Staff research, Technical reports Topic(s): Balance of payments and components, Economic models JEL Code(s): C, C5, C51, F, F1, F14