Financial markets

• Non-Bank Financial Intermediation in Canada: An Update

  Staff Discussion Paper 2019-2 Guillaume Bédard-Pagé

  Non-bank financing provides an important funding source for the economy and is a valuable alternative to traditional banking. It helps enhance the efficiency and resiliency of the financial system while giving customers more choices for their financial services. Unlike banking, it is not prudentially regulated.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Financial institutions, Financial markets, Financial stability JEL Code(s): G, G0, G01, G2, G20, G23

• Do Survey Expectations of Stock Returns Reflect Risk Adjustments?

  Staff Working Paper 2019-11 Klaus Adam, Dmitry Matveev, Stefan Nagel

  Motivated by the observation that survey expectations of stock returns are inconsistent with rational return expectations under real-world probabilities, we investigate whether alternative expectations hypotheses entertained in the literature on asset pricing are consistent with the survey evidence.

  Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Economic models, Financial markets JEL Code(s): G, G1, G10, G12