August 24, 2004
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287
result(s)
Competition in Banking: A Review of the Literature
Staff Working Paper 2004-24
Carol Ann Northcott
The author reviews the theoretical and empirical literature to examine the traditional perception that the following trade-off exists between economic efficiency and stability in the banking system: a competitive banking system is more efficient and therefore important to growth, but market power is necessary for stability in the banking system.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services,
Market structure and pricing
JEL Code(s):
G,
G2,
G21,
G28,
L,
L1,
L11,
L12,
L13,
L16
The Effects of Economic News on Bond Market Liquidity
Staff Working Paper 2004-16
Chris D'Souza,
Charles Gaa
The authors contrast the impact of two sources of information flow on the volatility of prices, trading activity, and liquidity in the brokered interdealer market for Government of Canada bonds.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G14
Public Venture Capital and Entrepreneurship
Staff Working Paper 2004-10
Oana Secrieru,
Marianne Vigneault
Entrepreneurship is a key factor in promoting growth in output and employment. Consequently, to encourage new start-ups, most governments in developed countries have public venture capital programs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Fiscal policy,
Labour markets
JEL Code(s):
D,
D2,
G,
G2,
G24,
G28,
J,
J2,
J24,
M,
M1,
M13
The Economic Theory of Retail Pricing: A Survey
Staff Working Paper 2004-8
Oana Secrieru
The types of contracts that arise in a typical vertical manufacturer–retailer relationship are more sophisticated than usually assumed in standard macroeconomic models.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Market structure and pricing
JEL Code(s):
D,
D4,
D40,
L,
L2,
L22,
L4,
L42
November 22, 2003
Recent Labour Market Developments in Canada
In the year and a half leading up to mid-2003, both employment and labour force participation increased at an unusually rapid pace compared to domestic economic activity. Gains in employment were unusually large, relative to output growth, compared to gains in total hours worked. This is explained by a faster rate of increase in the participation rate of the 55 and older age group, many of whom opted for part-time employment. This shift in the composition of employment contributed to a reduction in the length of the average workweek in 2002. As a result, labour input progressed at a rate that was markedly slower than for employment and more in line with its historical relationship to output growth. The authors anticipate that the 55 and older age group will continue to participate strongly in the labour force, but that as the economy rebounds and uncertainty diminishes, the cyclical component in the growth of part-time work should diminish and that of full-time employment increase. Employment growth should moderate in relation to output growth and there may be a cyclical rebound in labour productivity as total hours worked increases during the initial recovery in output growth.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Labour markets
An Empirical Analysis of Liquidity and Order Flow in the Brokered Interdealer Market for Government of Canada Bonds
Staff Working Paper 2003-28
Chris D'Souza,
Charles Gaa,
Jing Yang
The authors empirically measure Canadian bond market liquidity using a number of indicators proposed in the literature and detail, for the first time, price and trade dynamics in the Government of Canada secondary bond market. They find, consistent with Inoue (1999), that the Canadian brokered interdealer fixed-income market is relatively liquid for its size.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Market structure and pricing
JEL Code(s):
G,
G1,
G10,
G14
Technological Change and the Education Premium in Canada: Sectoral Evidence
Staff Working Paper 2003-18
Jean Farès,
Terence Yuen
It has been well documented that the education premium measured by the wage difference between university and high school graduates has remained constant over the past two decades in Canada. Despite this stable pattern at the aggregate level, skill-biased technology could have important implications for the inter-industry wage structure.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Labour markets
JEL Code(s):
J,
J3,
J31,
O,
O3,
O30
Oil-Price Shocks and Retail Energy Prices in Canada
Staff Working Paper 2002-38
Marwan Chacra
The effects of global energy-price shocks on retail energy prices in Canada are examined. More specifically, the author looks at the response of the consumer price indexes for gasoline, heating oil, natural gas, and electricity in Canada to movements in world crude oil prices.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Inflation and prices,
Market structure and pricing
JEL Code(s):
C,
C2,
C22,
C5,
C51,
C53,
Q,
Q4,
Q40
How Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?
Staff Working Paper 2002-34
Chris D'Souza
This paper examines the daily hedging and risk-management practices of financial intermediaries in the Canadian foreign exchange (FX) market.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets,
Market structure and pricing
JEL Code(s):
F,
F3,
F31,
G,
G1,
G14,
G2,
G21