Uncategorized

• November 3, 2003

  Bank of Canada announces the elimination of retroactive settlement in the ACSS

  The Bank of Canada announced that, effective 1 November 2003, it will no longer backdate the results of payments settling through the Automated Clearing Settlement System (ACSS), an accounting practice that has been in place since July 1986.

  Content Type(s): Press, Market notices
• October 23, 2003

  Opening Statement before the Senate Banking, Trade and Commerce Committee

  Opening statement David Dodge Senate Banking, Trade and Commerce Committee

  The last time that I appeared before this committee was after the release of our April Report. Since then, our economy has been hit by a number of unusual shocks. Because of these shocks and other factors, growth has been weaker than expected. We now estimate that there is more slack in the economy than we had projected in April.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 22, 2003

  Release of the Monetary Policy Report

  Opening statement David Dodge

  Since our April Report, the Canadian economy has been hit by a number of unusual shocks: SARS, BSE, the Ontario electricity blackout, and the severe forest fires in British Columbia. Inflation has also fallen faster and further than expected.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 22, 2003

  Monetary Policy Report – October 2003

  

  In the April Monetary Policy Report, the Bank noted that inflation was well above its 2 per cent target and that short-term inflation expectations had edged up.

  Content Type(s): Publications, Monetary Policy Report
• October 22, 2003

  Opening Statement before the House of Commons Finance Committee

  Opening statement David Dodge House of Commons Finance Committee

  The last time that Paul and I appeared before this committee was after the release of our April Report. At that time, inflation was well above its 2 per cent target, and short-term inflation expectations had edged up. Although inflation was being pushed up by special factors, there were also signs that strong domestic demand was working to broaden pressures on prices.

  Content Type(s): Press, Speeches and appearances, Opening statements
• October 15, 2003

  Bank of Canada keeps target for the overnight rate at 2 3/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 3/4 per cent.

  Content Type(s): Press, Press releases

• Governance and Financial Fragility: Evidence from a Cross-Section of Countries

  Staff Working Paper 2003-34 Michael Francis

  The author explores the role of governance mechanisms as a means of reducing financial fragility. First, he develops a simple theoretical general-equilibrium model in which instability arises due to an agency problem resulting from a conflict of interest between the borrower and lender.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Financial markets JEL Code(s): G, G0
• September 10, 2003

  Fostering Confidence

  Remarks David Dodge Vancouver Board of Trade Vancouver, British Columbia

  It's great to be back in Vancouver and to renew acquaintances at the Board of Trade. I'm going to spend some time today discussing the Bank of Canada's outlook for the Canadian economy and inflation, and how we are responding. But in order to understand the current economic situation, we need to look at some of the extraordinary events of the past year or so and how those events have affected the economy.

  Content Type(s): Press, Speeches and appearances, Remarks
• September 5, 2003

  Spruce Meadows Roundtable

  Remarks David Dodge Spruce Meadows Roundtable Spruce Meadows, Alberta

  Canada's reliance on foreign trade has required us to be active internationalists for decades. Louis Rasminsky, who went on to become Governor of the Bank of Canada, was one of Canada's delegates at the Bretton Woods Conference that led to the creation of the International Monetary Fund (IMF) and the World Bank. Rasminsky played an important role, formal and informal, at the talks.

  Content Type(s): Press, Speeches and appearances, Remarks
• September 3, 2003

  Bank of Canada lowers target for the overnight rate by 1/4 percentage point to 2 3/4 per cent

  Media Relations Ottawa, Ontario

  The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 3/4 per cent.

  Content Type(s): Press, Press releases