June 25, 2015
Building Trust, Not Walls: The Case for Cross-Border Financial Integration
Deputy Governor Lawrence Schembri discusses the need to address cross-border obstacles to greater financial integration.
Uncategorized
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Large-Scale Asset Purchases: Impact on Commodity Prices and International Spillover Effects
Prices of commodities, including metals, energy and agricultural products, rose markedly over the 2009–2010 period. Some observers have attributed a significant part of this increase in commodity prices to the U.S. Federal Reserve’s large-scale asset purchase (LSAP) programs. -
Changes in Payment Timing in Canada’s Large Value Transfer System
This paper uncovers trends in payment timing in Canada’s Large Value Transfer System (LVTS) from 2003 to 2011. Descriptive analysis shows that LVTS payment activity has not been peaking in the late afternoon since 2008, and the improvement was most significant in 2009. -
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June 15, 2015
Historical Assets Eligible as Collateral under the Bank of Canada’s Standing Liquidity Facility – June 15, 2015 to July 22, 2018
The Bank of Canada, through its Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS). -
June 15, 2015
Changes to Margin Requirements for the Bank of Canada’s Standing Liquidity Facility (SLF)
As part of the ongoing review of the collateral policy related to the Bank of Canada’s Standing Liquidity Facility (SLF), the Bank has revised the margin requirements applied to certain securities accepted as SLF collateral. -
June 15, 2015
Public Consultation: Draft Terms for Auctions of Government of Canada Ultra-Long Bonds
The Government of Canada is considering moving to a modified auction format for any future issuance of 50-year bonds (ultra-long bonds). -
Productive Misallocation and International Transmission of Credit Shocks
We develop an asymmetric, two-country equilibrium business cycle model to study the role of international trade in transmitting and propagating the real effects of global financial shocks. Our model predicts that a recession in a large economy considerably alters a recession in its smaller trade partner, with distinct investment dynamics driving the transmission. -
Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes
The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation. -