Publications

• April 25, 2005

  Understanding China's Long-Run Growth Process and Its Implications for Canada

  Bank of Canada Review - Spring 2005 Michael Francis, François Painchaud, Sylvie Morin

  In the past 25 years, China has introduced numerous reforms, gradually moving from a centrally planned economy towards a socialist market economy capable of robust and sustainable economic growth. China's increasing integration into the global economy, which has been fuelled by this recent and rapid economic growth, has already begun to affect the economies of other countries and to present challenges for policy-makers, both in China and abroad. In addition to examining the determinants of China's past and current growth, the authors consider factors that are likely to support continued growth in the future and assess the implications for both the world and the Canadian economies.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Development economics, International topics
• April 24, 2005

  Bank of Canada Review - Spring 2005

  

  Cover page

  Moroccan Coin Moulds

  This bronze mould from Morocco is part of the National Currency Collection, Bank of Canada.
  Photography by Gord Carter, Ottawa.

  Content Type(s): Publications, Bank of Canada Review
• April 22, 2005

  Borders, Common Currencies, Trade, and Welfare: What Can We Learn from the Evidence?

  Bank of Canada Review - Spring 2005 John F. Helliwell, Lawrence L. Schembri

  Recent evidence indicates that the intensity of economic exchange within and across borders is significantly different: linkages are much tighter within, than among, nation-states. These findings, however, do not necessarily imply that borders and separate national currencies represent significant barriers to trade that should be removed, since the evidence is also consistent with the alternative hypothesis, that domestic exchange is more efficient because domestic producers are better able to satisfy the requirements of local consumers, owing to common tastes and institutions and the existence of local information and social networks. Focusing primarily on trade linkages within and between Canada and the United States, the authors review the evidence on the extent to which national borders lessen the intensity of international economic linkages, primarily trade in goods and services, and the effects on domestic welfare. They also examine the evidence on the impact of common currencies on trade and welfare. They determine that, since the empirical models employed to date in this research cannot distinguish between alternative explanations of the evidence, it is not yet possible to draw firm conclusions for policy-making.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Exchange rate regimes, International topics, Monetary policy framework
• April 20, 2005

  Conference Summary: Canada in the Global Economy

  Bank of Canada Review - Spring 2005 Lawrence L. Schembri

  The Bank of Canada's 2004 research conference examined the real and financial linkages between the Canadian economy and the economies in the rest of the world. Although Canada has profited enormously from its openness to international trade in goods, services, and financial assets, many of the most significant shocks to the Canadian economy in recent years have come from abroad. For these reasons, understanding the extent and nature of the external linkages, their implications for the Canadian economy, and the process by which the Canadian economy adjusts to external shocks is of critical importance both for monetary policy and for monitoring the financial system. This article describes the purpose of the conference—to deepen economists' understanding of these important issues—and provides highlights of the papers presented in each of the five sessions, as well as summaries of the keynote lecture and the discussion of the policy panel.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Balance of payments and components, Exchange rates, International topics
• April 19, 2005

  Communication: A Vital Tool in the Implementation of Monetary Policy

  Bank of Canada Review - Spring 2005 Paul Jenkins

  Remarks by Paul Jenkins, Senior Deputy Governor, Bank of Canada, to the FMAC/FMA-USA Joint Conference 2004

  Content Type(s): Publications, Bank of Canada Review articles
• April 14, 2005

  Monetary Policy Report – April 2005

  

  The global economy has been unfolding largely as expected, and prospects for continued robust growth are quite favourable, especially over the near term.

  Content Type(s): Publications, Monetary Policy Report
• April 4, 2005

  Business Outlook Survey - Spring 2005

  Businesses are more optimistic about the economic outlook than in the winter survey. The greater stability of the Canadian dollar in the three months since the previous survey has helped to ease concerns among exporters. Businesses continue to expect strong domestic sales.

  Content Type(s): Publications, Business Outlook Survey