Commodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital Staff Working Paper 2004-20 Joseph Atta-Mensah The author suggests that commodity-linked bonds could provide a potential means for less-developed countries (LDCs) to raise money on the international capital markets, rather than through standard forms of financing. Content Type(s): Staff research, Staff working papers Research Topic(s): Development economics, Financial markets, International topics JEL Code(s): F, F3, F30, F34, F4, F49, G, G1, G11, G13, O, O1, O16
The Demand for Money in a Stochastic Environment Staff Working Paper 2004-7 Joseph Atta-Mensah The author re-examines the demand-for-money theory in an intertemporal optimization model. The demand for real money balances is derived to be a function of real income and the rates of return of all financial assets traded in the economy. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary aggregates JEL Code(s): E, E4, E41, E5, E50, G, G1, G11
Collateral and Credit Supply Staff Working Paper 2003-11 Joseph Atta-Mensah The author examines the role of collateral in an environment where lenders and borrowers possess identical information and similar beliefs about its future value. Using option-pricing techniques, he shows that a secured loan contract is equivalent to a regular bond and an embedded option to the borrower to default. Content Type(s): Staff research, Staff working papers Research Topic(s): Credit and credit aggregates, Economic models JEL Code(s): E, E5, E51, G, G1, G11, G12, G13
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 Research Topic(s): Balance of payments and components, Financial markets JEL Code(s): F, F2, F20, G, G1, G11, G15
An Integrated Model of the Portfolio Behaviour of the Canadian Household Sector: 1968-1983 Technical Report No. 41 Stephen S. Poloz An econometric model of the portfolio behaviour of the Canadian household sector is developed to study the linkages between demands for financial assets. The theoretical basis for the model is a version of the well-known Brainard-Tobin framework, which is extended to integrate the consumption-savings and portfolio-allocation decisions. This integration allows joint estimation of the real […] Content Type(s): Staff research, Technical reports Research Topic(s): Economic models, Monetary policy framework JEL Code(s): G, G1, G11