Debt management

• February 2, 2022

  A Canadian interest rate benchmark regime for the future

  Remarks (delivered virtually) Toni Gravelle International Swaps and Derivatives Association New York, New York

  Deputy Governor Toni Gravelle discusses some important changes that may be coming to Canada’s interest rate benchmarks.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Debt management, Financial markets, Financial system regulation and policies, Interest rates, Market structure and pricing

• Revisiting the Monetary Sovereignty Rationale for CBDCs

  Staff Discussion Paper 2021-17 Skylar Brooks

  One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Digital currencies and fintech, Exchange rate regimes, Financial stability, Monetary policy JEL Code(s): E, E4, E41, E42, E5, E52, E58, H, H1, H12, H6, H63

• BoC–BoE Sovereign Default Database: What’s new in 2021?

  Staff Analytical Note 2021-15 David Beers, Elliot Jones, Zacharie Quiviger, John Walsh

  The BoC–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Debt management, Development economics, Financial stability, International financial markets JEL Code(s): F, F3, F34, G, G1, G10, G14, G15

• Monetary Policy, Trends in Real Interest Rates and Depressed Demand

  Staff Working Paper 2021-27 Paul Beaudry, Césaire Meh

  Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Economic models, Fiscal policy, Inflation and prices, Interest rates, Monetary policy JEL Code(s): E, E2, E4, E43, E44, E5, E52, E6, E62, E63, H, H3, H6, H63

• Debt-Relief Programs and Money Left on the Table: Evidence from Canada's Response to COVID-19

  Staff Working Paper 2021-13 Jason Allen, Robert Clark, Shaoteng Li, Nicolas Vincent

  During the COVID-19 pandemic, Canadian financial institutions offered debt-relief programs to help borrowers cope with job losses and economic insecurity. We consider the low take-up rates for these programs and suggest that to be effective, such programs must be visible and easy to use.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Debt management JEL Code(s): G, G3, G31, H, H5
• November 12, 2020

  Helping the economy after the COVID‑19 pandemic

  Speech summary Carolyn A. Wilkins Munk School of Global Affairs and Public Policy Toronto, Ontario

  The pandemic won’t last forever. Senior Deputy Governor Carolyn A. Wilkins talks about what the economy will need once we’re past the COVID-19 crisis.

  Content Type(s): Press, Speeches and appearances, Speech summaries Research Topic(s): Business fluctuations and cycles, Central bank research, Climate change, Coronavirus disease (COVID-19), Debt management, Digital currencies and fintech, Expectations, Financial institutions, Financial stability, Financial system regulation and policies, Firm dynamics, Fiscal policy, Inflation targets, Interest rates, Labour markets, Monetary policy communications, Monetary policy framework, Payment clearing and settlement systems, Potential output, Productivity, Recent economic and financial developments
• November 12, 2020

  Exploring life after COVID-19: the far side of the moon

  Remarks (delivered virtually) Carolyn A. Wilkins Munk School of Global Affairs and Public Policy Toronto, Ontario

  Senior Deputy Governor Carolyn A. Wilkins discusses what the economy will need once we’re past the COVID-19 crisis.

  Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Business fluctuations and cycles, Central bank research, Climate change, Coronavirus disease (COVID-19), Debt management, Digital currencies and fintech, Expectations, Financial institutions, Financial stability, Financial system regulation and policies, Firm dynamics, Fiscal policy, Inflation targets, Interest rates, Labour markets, Monetary policy communications, Monetary policy framework, Payment clearing and settlement systems, Potential output, Productivity, Recent economic and financial developments
• August 25, 2020

  Our COVID-19 response: Large-scale asset purchases

  Paul Beaudry

  The Bank of Canada has taken many actions to support Canadians since the COVID-19 pandemic struck. These include large-scale asset purchases—buying a substantial amount of government bonds and other financial assets. Our purchases serve two purposes. They help key financial markets work properly, and they can help increase spending in the economy. This leads to more employment and stronger economic growth.

  Content Type(s): Publications, The Economy, Plain and Simple Research Topic(s): Coronavirus disease (COVID-19), Debt management, Financial markets, Financial stability, Inflation and prices, Interest rates, Market structure and pricing, Monetary policy, Monetary policy transmission

• Maturity Composition and the Demand for Government Debt

  Staff Working Paper 2020-29 Jason Allen, Jakub Kastl, Milena Wittwer

  The main objectives of debt management are to raise stable and low-cost funding to meet the government’s financial needs and to maintain a well-functioning market for government securities.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial markets JEL Code(s): C, C1, C14, D, D4, D44, E, E5, E58, G, G1, G12

• BoC-BoE Sovereign Default Database: What’s New in 2020?

  Staff Analytical Note 2020-13 David Beers, Elliot Jones, John Walsh

  The Boc–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default. The 2020 edition includes a new section examining the scale of domestic arrears in 2018.

  Content Type(s): Staff research, Staff analytical notes Research Topic(s): Debt management, Development economics, Financial stability, International financial markets JEL Code(s): F, F3, F34, G, G1, G10, G14, G15