Financial system regulation and policies
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Are Counterparty Arrangements in Reinsurance a Threat to Financial Stability?
Interconnectedness among insurers and reinsurers at a global level is not well understood and may pose a significant risk to the sector, with implications for the macroeconomy. Models of the complex interactions among reinsurers and with other participants in the financial system and the real economy are at a very early stage of development. -
International Banking and Cross-Border Effects of Regulation: Lessons from Canada
We study how changes in prudential requirements affect cross-border lending of Canadian banks by utilizing an index that aggregates adjustments in key regulatory instruments across jurisdictions. -
The Role of Central Banks in Promoting Financial Stability: An International Perspective
The 2007–09 global financial crisis has led policy-makers around the world, including central banks, to refocus their efforts to promote financial stability. As part of this process, central banks became quite active in supporting financial stability in a variety of ways, such as publicly sharing their assessments of financial system vulnerabilities and risks and helping to strengthen regulation, supervision and macroprudential measures. -
Financial Inclusion—What’s it Worth?
The paper studies the determinants of being unbanked in the euro area and the United States as well as the effects of being unbanked on wealth accumulation. Based on household-level data from The Eurosystem Household Finance and Consumption Survey and the U.S. Survey of Consumer Finances, it first documents that there are, respectively, 3.6 per cent and 7.5 per cent of unbanked households in the two economies. -
Financial Crisis Interventions
This paper develops a model of an economy where bank credit supports both productive investment and individual consumption smoothing in the face of idiosyncratic income risk. Bank credit is constrained by bank equity capital. -
June 17, 2016
Fintech and the Financial Ecosystem: Evolution or Revolution?
Senior Deputy Governor Carolyn Wilkins calls for the public and private sectors to work closely together to realize fintech’s full benefits and minimize its risks. -
Clearing and Settlement Systems from Around the World: A Qualitative Analysis
As Canada continues to engage in a dialogue to develop the approach to modernizing its core payment systems, we analyze the core payment systems that exist in countries around the world. We study payment systems in 27 jurisdictions, encompassing a broad range of geographic regions, through three levels of analysis. -
June 9, 2016
Release of the Financial System Review
Press conference following the release of the Financial System Review. -
June 9, 2016
Securities Financing and Bond Market Liquidity
This report investigates how the markets for repurchase agreements and securities-lending agreements support the liquidity of Canadian bond markets. It also discusses how recent regulatory changes, as well as low interest rates and settlement failures, are potentially affecting securities-financing markets and, as a result, bond market liquidity.