L - Industrial Organization

• November 14, 2013

  Fragmentation in Canadian Equity Markets

  Bank of Canada Review - Autumn 2013 Corey Garriott, Anna Pomeranets, Joshua Slive, Thomas Thorn

  Changes in technology and regulation have resulted in an increasing number of trading venues in equity markets in Canada. New trading platforms have intensified price competition and have encouraged innovation, and they do not appear to have segmented trade. But the increasingly complex market structure has necessitated investments in expensive technology and has introduced new operational risks. Regulatory responses should be carefully adapted to retain the competition and innovation associated with this market fragmentation.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial institutions, Financial markets, Market structure and pricing JEL Code(s): G, G2, L, L1, L13, N, N2, N22

• Some Economics of Private Digital Currency

  Staff Working Paper 2013-38 Joshua S. Gans, Hanna Halaburda

  This paper reviews some recent developments in digital currency, focusing on platform-sponsored currencies such as Facebook Credits.

  Content Type(s): Staff research, Staff working papers Topic(s): Bank notes, Digital currencies and fintech, Economic models, Payment clearing and settlement systems JEL Code(s): D, D4, D42, E, E4, L, L5, L51

• Public/Private Transitions and Firm Financing

  Staff Working Paper 2013-36 Kim Huynh, Teodora Paligorova, Robert Petrunia

  A large body of empirical literature investigates differences in financing structures across firms. Private firms’ financing receives little attention due to the lack of data.

  Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Financial markets JEL Code(s): G, G3, G30, L, L1, L11

• Market Structure and Cost Pass-Through in Retail

  Staff Working Paper 2013-5 Gee Hee Hong, Nicholas Li

  We examine the extent to which vertical and horizontal market structure can together explain incomplete retail pass-through.

  Content Type(s): Staff research, Staff working papers Topic(s): Inflation and prices, Monetary policy transmission JEL Code(s): E, E3, E30, E31, L, L1, L11, L16