Publications

• April 15, 2007

  Renewing the International Monetary Fund: A Review of the Issues

  Bank of Canada Review - Spring 2007 Danielle Lecavalier, Eric Santor

  Given the rapid and ongoing integration of the global economy, the International Monetary Fund needs to renew its role, governance structure, and functions if it is to maintain its relevance as the institution charged with promoting global financial stability. Lecavalier and Santor examine the areas of possible reform, including quota, voice, and representation; internal governance; surveillance; lending instruments; finances; and the Fund's role in low-income countries. They also review current Bank of Canada research that supports these reform efforts, including an integrated framework for IMF surveillance recently developed at the Bank.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): International topics
• April 14, 2007

  The Canadian Overnight Market: Recent Evolution and Structural Changes

  Bank of Canada Review - Spring 2007 Christopher Reid

  Since 1997 when the Bank of Canada last published a review of the Canadian overnight market, several important changes have affected the market's structure and dynamics. Reid provides a current overview of the market, examining the financial instruments, market transparency and flows, and the collateralized overnight rate as it has evolved since the introduction of the Large Value Transfer System and the fixed announcement dates. Other significant influences include changes in market practices regarding risk management, the rise of securities lending, the increased demand for collateral, and the Bank of Canada's measures to reinforce the target for the overnight rate.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Market structure and pricing, Monetary policy framework, Monetary policy implementation
• April 14, 2007

  Bank of Canada Review - Spring 2007

  

  Cover page

  Gas Cards

  All gas cards pictured here are part of the National Currency Collection of the Bank of Canada.

  Content Type(s): Publications, Bank of Canada Review
• April 13, 2007

  The Large-Value Payments System: Insights from Selected Bank of Canada Research

  Bank of Canada Review - Spring 2007 Neville Arjani, Walter Engert

  Given the Bank of Canada's strong interest in the safe and efficient operation of major clearing and settlement systems, the Bank maintains a rigorous research agenda as a means of informing payments system policy and oversight. In this article, Arjani and Engert review recent research undertaken by Bank staff concerning the risk and efficiency of the Large Value Transfer System (LVTS). Based on the findings from this research, the authors conclude that the design of the LVTS strikes an effective balance between risk and efficiency. The article also demonstrates the increased use of simulation analysis as a tool for conducting payments system research. A brief summary of the Bank's oversight strategy for systemically important payments systems is also provided. Goals for future research are noted as well, including modelling of participant behaviour and continued external collaboration with other researchers.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial institutions, Payment clearing and settlement systems
• January 30, 2007

  Annual Report 2006

  

  The year 2006 marked a turning point for the Bank of Canada. We successfully completed our medium-term plan, The Way Forward, and began writing a fresh chapter in the Bank’s history based on a new three-year plan. In this annual report, we do more than give an accounting of past achievements. We also provide forward-looking information on the plans and priorities in our new medium-term plan. And as we advance, we are always mindful of the Bank’s original mandate, set out more than 70 years ago, to “promote the economic and financial welfare of Canada.”

  Content Type(s): Publications, Annual Report
• January 23, 2007

  Bank of Canada Review - Winter 2006-2007

  

  Cover page

  French Provincial Issues in Canada

  The coins pictured on the cover are part of the National Currency Collection, Bank of Canada.
  Photography by Gord Carter, Ottawa.

  Content Type(s): Publications, Bank of Canada Review
• January 16, 2007

  Monetary Policy Report Update – January 2007

  The global economy has continued to expand robustly. However, U.S. economic growth slowed in 2006, with the weakness concentrated in the automotive and housing sectors.

  Content Type(s): Publications, Monetary Policy Report
• January 8, 2007

  Business Outlook Survey - Winter 2006-07

  On balance, businesses expect their sales over the next 12 months to increase at a rate slightly above that posted during the preceding 12 months. Hiring and investment intentions have not changed significantly since the last survey.

  Content Type(s): Publications, Business Outlook Survey
• December 31, 2006

  Summary of Government of Canada - Outstanding as at 31 December 2006

  Content Type(s): Publications, Historical: Securities and loans
• December 23, 2006

  Global Savings, Investment, and World Real Interest Rates

  Bank of Canada Review - Winter 2006-2007 Brigitte Desroches, Michael Francis

  Over the past 25 years, world long-term interest rates have declined to levels not seen since the 1960s. This decline has been accompanied by falling world investment and savings rates. The authors explore global saving and investment outcomes that have led to the fall in the world real interest rate. The results show that the key factors explaining movements in savings and investment are variables that evolve relatively slowly over time, such as labour force growth and the age structure of the world economy. The conclusions suggest that, over the coming years, it is unlikely that these slowly changing variables will be a source of significant changes in world real interest rates.

  Content Type(s): Publications, Bank of Canada Review articles Topic(s): Interest rates, International topics