December 21, 2008
Staff research, Publications
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Futures Markets, Oil Prices and the Intertemporal Approach to the Current Account
The intertemporal approach to the current account suggests modeling movements in the current account in a forward-looking, dynamic framework. In this framework, the current account reflects consumption smoothing of agents that lend and borrow from the rest of the world in the face of transitory shocks to income. -
December 9, 2008
Senior Loan Officer Survey - Fourth-Quarter 2008
Survey respondents reported a further widespread tightening in lending conditions. Respondents attributed the tightening of lending conditions mainly to concerns about the general economic outlook, although a worsening of industry-specific factors was also cited as a contributing cause. -
How Important Is Liquidity Risk for Sovereign Bond Risk Premia? Evidence from the London Stock Exchange
This paper uses the framework of arbitrage-pricing theory to study the relationship between liquidity risk and sovereign bond risk premia. The London Stock Exchange in the late 19th century is an ideal laboratory in which to test the proposition that liquidity risk affects the price of sovereign debt. -
December 6, 2008
Beads to Bytes: Canada's National Currency Collection
This volume explores money and the role it has played, and continues to play, in society, through the lens of Canada's National Currency Collection. The Collection is an extraordinary repository of coins, bank notes, and related paraphernalia from around the world. Soft cover, 124 pages (2008).
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Indebtedness and the Household Financial Health: An Examination of the Canadian Debt Service Ratio Distribution
The household debt-to-disposable income ratio in Canada increased from 110 per cent in 1999 to 127 per cent in 2007. This increase has raised questions about the ability of households to service their increased debt if faced with a negative economic or socio-economic shock.
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