Posts

• November 30, 2022

  Research Update - November 2022

  This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.

  Content Type(s): Staff research, Research newsletters
• November 29, 2022

  CFIF Meeting (November 29, 2022)

  Content Type(s): Meetings Source(s): Canadian Fixed-Income Forum
• November 29, 2022

  Quarterly Financial Report - Third Quarter 2022

  Quarterly Financial Report - Third Quarter 2022 - For the period ended September 30, 2022

  Content Type(s): Publications, Quarterly Financial Report

• Regulatory Requirements of Banks and Arbitrage in the Post-Crisis Federal Funds Market

  Staff Working Paper 2022-48 Rodney J. Garratt, Sofia Priazhkina

  This paper explains the nature of interest rates in the U.S. federal funds market after the 2007-09 financial crisis. We build a model of the over-the-counter lending market that incorporates new aspects of the financial system: abundance of liquidity, different regulatory standards for banks, and arbitrage opportunities created by limited access to the facility granting interest on excess reserves.

  Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Economic models, Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Wholesale funding JEL Code(s): E, E4, E42, E5, E58, G, G2, G28

• Stablecoins and Their Risks to Financial Stability

  Staff Discussion Paper 2022-20 Cameron MacDonald, Laura Zhao

  What risks could stablecoins pose to the financial system? We argue that the stabilization mechanisms of stablecoins give rise to the risk of confidence runs, which can propagate to broader cryptoasset markets and the traditional financial sector. We also argue that stablecoins can contribute to financial stability risks by facilitating the buildup of leverage and liquidity mismatch in decentralized finance. Such risks cannot be addressed by ensuring the price stability of stablecoins alone. Finally, we explore the potential implications of stablecoins for the current system of bank-intermediated credit and for monetary policy.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Digital currencies and fintech, Financial institutions, Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): E, E4, E42, E44, E5, E58, G, G2, G23
• November 23, 2022

  Opening Statement before the House of Commons Standing Committee on Finance

  Opening statement Tiff Macklem House of Commons Standing Committee on Finance Ottawa, Ontario

  Content Type(s): Press, Speeches and appearances, Opening statements
• November 23, 2022

  Parliamentary Appearance by the Governor and the Senior Deputy Governor of the Bank of Canada

  On Wednesday, November 23, 2022, the Governor of the Bank of Canada, Tiff Macklem, will appear before the House of Commons Standing Committee on Finance. He will be accompanied by Senior Deputy Governor Carolyn Rogers.

  Content Type(s): Press, Media advisories
• November 22, 2022

  Fireside Chat with Carolyn Rogers, Senior Deputy Governor of the Bank of Canada

  On Tuesday, November 22, 2022, Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, will take part in a fireside chat hosted by the Ottawa chapter of Young Canadians in Finance.

  Content Type(s): Press, Media advisories
• November 22, 2022

  Tracking the financial vulnerabilities of households and the housing market

  The Bank of Canada is publishing a new set of indicators of financial vulnerabilities. This will allow households, the private sector, financial authorities and governments to better understand and monitor the evolution of two key vulnerabilities in the financial system: the elevated level of household indebtedness and high house prices.

  Content Type(s): Publications, Financial System Hub articles Topic(s): Credit and credit aggregates, Financial stability, Housing, Monetary and financial indicators, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): D, D1, D14, D8, D84, E, E5, G, G2, G21, R, R2, R21
• November 22, 2022

  Monitoring the health of Canada’s financial system

  Speech summary Carolyn Rogers Young Canadians in Finance Ottawa, Ontario

  Senior Deputy Governor Carolyn Rogers discusses risks and vulnerabilities in our financial system and what the Bank of Canada is doing to support financial stability.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Financial stability, Housing, Inflation and prices, Recent economic and financial developments