Entrepreneurial Incentives and the Role of Initial Coin Offerings Staff working paper 2019-18 Rodney J. Garratt, Maarten van Oordt Initial coin offerings (ICOs) are a new mode of financing start-ups that saw an explosion in popularity in 2017 but declined in popularity in the second half of 2018 as regulatory pressure, instances of fraud and reports of poor performance began to undermine their reputation. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G3, G32 Research Theme(s): Financial system, Financial institutions and intermediation, Money and payments, Digital assets and fintech
May 6, 2019 Risk Sharing, Flexibility and the Future of Mortgages Remarks Stephen S. Poloz Canadian Credit Union Association and Winnipeg Chamber of Commerce Winnipeg, Manitoba Governor Poloz talks about Canada’s housing market and how the mortgage market could evolve to give Canadians more choice, make the economy more flexible and lower the level of financial system risk. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Financial stability
May 6, 2019 Poloz talks mortgages: Innovation could improve flexibility Speech summary Stephen S. Poloz Canadian Credit Union Association and the Winnipeg Chamber of Commerce Winnipeg, Manitoba Stephen S. Poloz, Governor of the Bank of Canada, speaks before the Canadian Credit Union Association and the Winnipeg Chamber of Commerce. Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Financial system, Financial stability, Fintech, Monetary policy, Economy/Economic growth
May 6, 2019 Canada’s mortgage market should evolve to offer more choice with less risk, Bank of Canada Governor Poloz says Media Relations Winnipeg, Manitoba Canada’s mortgage market should evolve in a way that gives Canadians more choice and helps the economy be more flexible, while lowering the level of risk in the system, Bank of Canada Governor Stephen S. Poloz said today. Content Type(s): Press, Press releases
Estimating the Effect of Exchange Rate Changes on Total Exports Staff working paper 2019-17 Thierry Mayer, Walter Steingress This paper shows that real effective exchange rate (REER) regressions, the standard approach for estimating the response of aggregate exports to exchange rate changes, imply biased estimates of the underlying elasticities. We provide a new aggregate regression specification that is consistent with bilateral trade flows micro-founded by the gravity equation. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F1, F11, F12, F3, F31, F32 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Structural challenges, International trade, finance and competitiveness
Assessing Global Potential Output Growth: April 2019 Staff analytical note 2019-13 Fares Bounajm, Jean-Philippe Cayen, Michael Francis, Christopher Hajzler, Kristina Hess, Guillaume Poulin-Bellisle, Peter Selcuk This note presents the updated estimates of potential output growth for the global economy through 2021. Global potential output is expected to grow by 3.3 per cent per year over the projection horizon. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E1, E10, E2, E20, O, O4 Research Theme(s): Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply, Digitalization and productivity, International trade, finance and competitiveness
Composite Likelihood Estimation of an Autoregressive Panel Probit Model with Random Effects Staff working paper 2019-16 Kerem Tuzcuoglu Modeling and estimating persistent discrete data can be challenging. In this paper, we use an autoregressive panel probit model where the autocorrelation in the discrete variable is driven by the autocorrelation in the latent variable. In such a non-linear model, the autocorrelation in an unobserved variable results in an intractable likelihood containing high-dimensional integrals. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C23, C25, C5, C58, G, G2, G24 Research Theme(s): Financial system, Household and business credit, Models and tools, Econometric, statistical and computational methods, Economic models