Find Bank of Canada research by keyword, author, content type, JEL code, topic or date of publication.
Receive notification by email whenever new research is added to the website.
2400
result(s)
Lessons from International Central Counterparties: Benchmarking and Analysis
Staff Discussion Paper 2011-4
Alexandre Lazarow
Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurchase agreements and options to swaps.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Financial markets,
Financial stability,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
G,
G0,
G01,
G1,
G14,
G18,
G2,
G28,
G3,
G38
Forecasting the Price of Oil
Staff Working Paper 2011-15
Ron Alquist,
Lutz Kilian,
Robert Vigfusson
We address some of the key questions that arise in forecasting the price of crude oil. What do applied forecasters need to know about the choice of sample period and about the tradeoffs between alternative oil price series and model specifications?
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
International topics
JEL Code(s):
C,
C5,
C53,
Q,
Q4,
Q43,
Q47
Real-Financial Linkages in the Canadian Economy: An Input-Output Approach
Staff Working Paper 2011-14
Danny Leung,
Oana Secrieru
The purpose of this paper is twofold. First, we provide a detailed social accounting matrix (SAM), which incorporates the income and financial flows into the standard input-output matrix, for the Canadian economy for 2004.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Financial markets,
Sectoral balance sheet
JEL Code(s):
C,
C6,
C67,
D,
D5,
D57
May 19, 2011
Understanding and Measuring Liquidity Risk: A Selection of Recent Research
During the recent financial crisis, one of the forces set in motion by the initial losses on subprime-mortgage loans was a significant decline in the market liquidity of assets and in the ability of financial institutions to obtain funding in wholesale markets. In this article, the authors summarize recent research that clarifies the role of liquidity in destabilizing the financial system and examine the implications of this research for the recently announced financial system reforms, including Basel III.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial markets,
Financial stability,
Financial system regulation and policies
May 19, 2011
Unconventional Monetary Policy: The International Experience with Central Bank Asset Purchases
As part of their policy response to the financial crisis of 2007–09, central banks introduced numerous unprecedented monetary policy measures to provide monetary easing. This article defines and documents these measures, focusing on central bank asset purchases and their impact on central bank balance sheets. It then discusses the challenges of identifying the effects of these measures and explores possible exit strategies. The potential costs of these policies are also analyzed, as well as the broader implications for monetary policy frameworks.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Central bank research,
Financial markets,
International topics,
Monetary policy framework
May 19, 2011
Lessons from the Use of Extraordinary Central Bank Liquidity Facilities
The recent crisis was characterized by widespread deterioration in funding conditions, as well as impairment of the mechanism through which liquidity is normally redistributed within the financial system. Central banks responded with extraordinary measures. This article examines the provision of liquidity by central banks during the crisis as they adapted their existing facilities and introduced new ones, while encouraging a return to private markets and mitigating moral hazard. A review of this experience illustrates the importance of clear principles for intervention, a flexible operating framework, and clear communication and co-operation by central banks. By exposing the degree of interdependence of financial institutions and markets, the crisis highlighted the need for reforms aimed at improving the infrastructure supporting core funding markets and the liquidity of individual institutions.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial markets,
Financial stability,
Lender of last resort
May 19, 2011
Central Bank Collateral Policy: Insights from Recent Experience
The collateral policy of central banks played a critical role during the recent financial crisis, as they worked to bolster liquidity and alleviate the funding pressures facing financial institutions. This article examines central bank collateral policy and discusses three areas in which central banks can use their collateral policy to influence financial market practices: promoting greater transparency for securitized products, improving practices related to credit risk, and reducing procyclicality in the management of market risk.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial markets,
Financial stability,
Payment clearing and settlement systems
May 19, 2011
Supplementary article: Paying with Polymer: Developing Canada’s New Bank Notes
In this article, author Charles Spencer reviews the complex process of developing the new series, which represents a dramatic change for Canada. The leading-edge security features made possible by the new substrate, the cost savings of the move to a polymer base and the environmental advantages of the new notes are also examined.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Bank notes,
Credibility,
Payment clearing and settlement systems
Bank Loans for Private and Public Firms in a Credit Crunch
Staff Working Paper 2011-13
Jason Allen,
Teodora Paligorova
Banks reliance on short-term funding has increased over time. While an effective source of financing in good times, the 2007 financial crisis has exposed the vulnerability of banks and ultimately firms to such a liability structure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions
JEL Code(s):
G,
G0,
G01,
G2,
G20