Publications
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December 25, 2009
Senior Loan Officer Survey - Fourth-Quarter 2009
The survey results point to the stabilization of overall lending conditions during the fourth quarter of 2009, following a number of consecutive quarters of credit tightening for business borrowers (Chart 1). -
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December 14, 2009
Financial System Review - December 2009
Conditions in the international financial system have improved considerably since June in response to the forceful actions taken by policy-makers around the world.
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November 11, 2009
Declining Inflation Persistence in Canada: Causes and Consequences
The persistence of both core and total consumer price index inflation in Canada has declined significantly since the 1980s. In addition to providing up-to-date estimates of inflation persistence, this article examines possible reasons for the decline suggested in the literature. The role played by monetary policy, through its effect on price- and wage-setting behaviour, is distinguished from possible changes to the structure of the economy that are independent of monetary policy. The authors also discuss the implications for monetary policy of low structural persistence in inflation, including the choice of an inflation-targeting regime versus a price-level-targeting regime. -
November 11, 2009
The Evolution of Capital Flows to Emerging-Market Economies
Many emerging-market economies (EMEs) have significantly improved their macroeconomic fundamentals and undergone structural reforms since the Asian crisis. These developments have enhanced the composition of capital flows to EMEs through an improved debt structure, a larger share of capital flows as foreign direct investment, and greater access to international debt markets for corporations in EMEs. Structural changes in the global financial landscape have also increased capital flows, bringing economic and financial benefits to EMEs. During the recent financial crisis, however, the opening up of capital accounts and increased financial and trade linkages left many countries vulnerable to external disruptions. Countries with sound fundamentals have weathered the crisis relatively well. Policy-makers in EMEs need to implement policies that support capital flows and ensure that controls imposed to deal with detrimental outflows during periods of stress or rapid inflows are only temporary. -
November 11, 2009
Making Bank Notes Accessible for Canadians Living with Blindness or Low Vision
The ability to conduct financial transactions using bank notes is crucial to independent living. Yet this can pose significant challenges for individuals who are blind or partially sighted. This article discusses the Bank of Canada's efforts over the past 30 years to meet the accessibility needs of a specific subset of the population–Canadians living with blindness or vision loss. It also reports the findings of expert and user assessments of the suite of accessibility features on the current series of bank notes and shares plans for the next series.