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786
result(s)
The Impact of Recent Policy Changes on the Canadian Mortgage Market
Staff Analytical Note 2018-35
Olga Bilyk,
Maria teNyenhuis
Recent policy changes are having a clear impact on the mortgage market. The number of new, highly indebted borrowers has fallen, and overall mortgage activity has slowed significantly.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Credit and credit aggregates,
Financial institutions,
Interest rates,
Recent economic and financial developments
JEL Code(s):
D,
D1,
E,
E4,
G,
G2,
G21,
G28
The Framework for Risk Identification and Assessment
Technical Report No. 113
Cameron MacDonald,
Virginie Traclet
Risk assessment models are an important component of the Bank’s analytical tool kit for assessing the resilience of the financial system. We describe the Framework for Risk Identification and Assessment (FRIDA), a suite of models developed at the Bank of Canada to quantify the impact of financial stability risks to the broader economy and a range of financial system participants (households, businesses and banks).
Assessing Vulnerabilities in Emerging-Market Economies
Staff Discussion Paper 2018-13
Tatjana Dahlhaus,
Alexander Lam
This paper introduces a new tool to monitor economic and financial vulnerabilities in emerging-market economies. We obtain vulnerability indexes for several early warning indicators covering 26 emerging markets from 1990 to 2017 and use them to monitor the evolution of vulnerabilities before, during and after an economic or financial crisis.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
International topics,
Monetary and financial indicators,
Recent economic and financial developments
JEL Code(s):
C,
C8,
C82,
F,
F3,
F34,
G,
G0,
G01,
G1,
G15
Introducing a Systematic Measure of Idiosyncratic Prices
Staff Analytical Note 2018-33
Madigan Dockrill,
Laurence Savoie-Chabot
There is a risk that Bank of Canada staff may inadvertently be biased when analyzing inflation: when inflation surprises on the downside, staff might emphasize negative idiosyncratic factors. When inflation surprises on the upside, staff might emphasize the positive idiosyncratic factors.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Inflation and prices,
Recent economic and financial developments
JEL Code(s):
E,
E3,
E31
Is a Cashless Society Problematic?
Staff Discussion Paper 2018-12
Walter Engert,
Ben Fung,
Scott Hendry
The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E41,
E42,
E5
Have Liquidity and Trading Activity in the Canadian Corporate Bond Market Deteriorated?
Staff Analytical Note 2018-31
Chen Fan,
Sermin Gungor,
Guillaume Nolin,
Jun Yang
Since 2010, the liquidity of corporate bonds has improved on average, while their trading activity has remained stable. We find that the liquidity and trading activity of riskier bonds or bonds issued by firms in different sectors have been stable. However, the liquidity and trading activity of bonds issued by banks have improved. We observe short-lived episodes of deterioration in liquidity and trading activity.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial markets
JEL Code(s):
G,
G1,
G12,
G14
Have Liquidity and Trading Activity in the Canadian Provincial Bond Market Deteriorated?
Staff Analytical Note 2018-30
Chen Fan,
Sermin Gungor,
Guillaume Nolin,
Jun Yang
In recent years, the liquidity in the secondary market for Canadian provincial bonds was a concern for many market participants. We find that a proxy for the bid-ask spread has deteriorated modestly since 2010. However, a proxy for price impact as well as measures of trade size, the number of trades and turnover have been stable or improved since 2010. This holds for bonds issued by different provinces and for bonds of different ages and sizes. Alberta bonds provide an interesting case study: After the fall in oil prices in 2014–15, the province increased its borrowing in the bond market and its credit rating was downgraded. Yet trading activity for Alberta bonds increased significantly. Overall, we interpret the evidence as a sign of resilience in the provincial bond market.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial markets
JEL Code(s):
G,
G1,
G12,
G14
Price Selection
Staff Working Paper 2018-44
Carlos Carvalho,
Oleksiy Kryvtsov
We propose a simple, model-free way to measure selection in price setting and its contribution to inflation dynamics. The proposed measure of price selection is based on the observed comovement between inflation and the average level from which adjusting prices depart.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Inflation and prices,
Monetary policy transmission
JEL Code(s):
E,
E3,
E31,
E5,
E51
Market Size and Entry in International Trade: Product Versus Firm Fixed Costs
Staff Working Paper 2018-43
Walter Steingress
This paper develops a theoretical framework to infer the nature of fixed costs from the relationship between entry patterns in international markets and destination market size. If fixed costs are at the firm level, firms take advantage of an intrafirm spillover by expanding firm-level product range (scope).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
International topics,
Trade integration
JEL Code(s):
F,
F1,
F12,
F14,
F2,
F23