Posts

• December 7, 2009

  Results of the 7 December 2009 Term PRA Transaction

  The results of today's term PRA operations are as follows.

  Content Type(s): Press, Market notices
• December 4, 2009

  Bank of Canada Announces Details of its Term PRA Operation

  In accordance with the schedule of term purchase and resale agreement (PRA) auctions announced on 20 October (see schedule), the Bank of Canada announced today that it will conduct a term PRA operation as follows.

  Content Type(s): Press, Market notices
• December 3, 2009

  Improving the Resilience of Core Funding Markets

  Financial System Review - December 2009 Jean-Sébastien Fontaine, Jack Selody, Carolyn A. Wilkins

  Content Type(s): Publications, Financial System Review articles

• Regulatory Constraints on Bank Leverage: Issues and Lessons from the Canadian Experience

  Staff Discussion Paper 2009-15 Étienne Bordeleau, Allan Crawford, Christopher Graham

  The Basel capital framework plays an important role in risk management by linking a bank's minimum capital requirements to the riskiness of its assets. Nevertheless, the risk estimates underlying these calculations may be imperfect, and it appears that a cyclical bias in measures of risk-adjusted capital contributed to procyclical increases in global leverage prior to the recent financial crisis.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): G, G0, G01, G2, G21, G28

• Market Timing of Long-Term Debt Issuance

  Staff Discussion Paper 2009-14 Jonathan Witmer

  The literature on market timing of long-term debt issuance yields mixed evidence that managers can successfully time their debt-maturity issuance. The early results that are indicative of debt-maturity timing are not robust to accounting for structural breaks or to other measures of debt maturity from firm-level data that account for call and put provisions in […]

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G30, G38

• Network Analysis and Canada's Large Value Transfer System

  Staff Discussion Paper 2009-13 Lana Embree, Tom Roberts

  Analysis of the characteristics and structure of a network of financial institutions can provide insight into the complex relationships and interdependencies that exist in a payment, clearing, and settlement system (PCSS), and allow an intuitive understanding of the PCSS's efficiency, stability, and resiliency.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial stability, Payment clearing and settlement systems JEL Code(s): D, D8, D85, G, G1, G10