RemarksLawrence L. SchembriJoint Workshop: Bank of Canada, International Monetary Fund, Centre for International Governance Innovation, and Peterson Institute for International EconomicsOttawa, Ontario
Deputy Governor Lawrence Schembri discusses central banks and the maintenance of financial stability.
The Bank of Canada today published the 2015 annual report on its oversight of payment, clearing and settlement systems, which are also known as financial market infrastructures or FMIs.
This paper considers the problem of estimating a linear model between two heavy-tailed variables if the explanatory variable has an extremely low (or high) value. We propose an estimator for the model coefficient by exploiting the tail dependence between the two variables and prove its asymptotic properties.
The Governor of the Bank of Canada has designated, effective 2 May 2016, the Automated Clearing Settlement System (ACSS) for oversight under the Payment Clearing and Settlement Act (PCSA) as a clearing and settlement system that has the potential to pose payments system risk.