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2360
result(s)
Monetary Policy Implementation and Payment System Modernization
Staff Working Paper 2020-26
Jonathan Witmer
Canada plans to adopt a retail payment system to allow Canadians to pay in real time (or near real time) 24 hours a day, 7 days a week. However, the traditional model for setting the overnight interest rate does not operate 24/7.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Monetary policy implementation,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E40,
E42,
E43
BoC-BoE Sovereign Default Database: What’s New in 2020?
Staff Analytical Note 2020-13
David Beers,
Elliot Jones,
John Walsh
The Boc–BoE database of sovereign debt defaults, published and updated annually by the Bank of Canada and the Bank of England, provides comprehensive estimates of stocks of government obligations in default. The 2020 edition includes a new section examining the scale of domestic arrears in 2018.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Debt management,
Development economics,
Financial stability,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
BoC–BoE Sovereign Default Database: Methodology, Assumptions and Sources
Technical Report No. 117
David Beers,
Elliot Jones,
John Walsh
Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE).
Content Type(s):
Staff research,
Technical reports
Topic(s):
Debt management,
Development economics,
Financial institutions,
International financial markets
JEL Code(s):
F,
F3,
F34,
G,
G1,
G10,
G14,
G15
CBDC adoption and usage: some insights from field and laboratory experiments
Staff Analytical Note 2020-12
Janet Hua Jiang
This note discusses insights from historical launches of new payment methods and related laboratory experiments on the potential adoption and use of a central bank digital currency in the Canadian context.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Digital currencies and fintech
JEL Code(s):
C,
C9,
E,
E4,
E5,
E58
Security of a CBDC
Staff Analytical Note 2020-11
Cyrus Minwalla
Security is an important element in ensuring public confidence in a central bank digital currency (CBDC). This note highlights the required security properties of a CBDC system and the challenges encountered with existing solutions, should the Bank of Canada choose to issue one.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Digital currencies and fintech
JEL Code(s):
E,
E4,
E42,
E5,
E51,
O,
O3,
O31
Designing a CBDC for universal access
Staff Analytical Note 2020-10
John Miedema,
Cyrus Minwalla,
Martine Warren,
Dinesh Shah
If the Bank of Canada issues a central bank digital currency, the technology should be designed for universal access.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Digital currencies and fintech
JEL Code(s):
E,
E4,
E41,
O,
O3,
O31
Privacy in CBDC technology
Staff Analytical Note 2020-9
Sriram Darbha,
Rakesh Arora
Privacy is a key aspect of a potential central bank digital currency system. We outline different technical choices to enact various privacy models while complying with the appropriate regulations. We develop a framework to evaluate privacy models and list key risks and trade-offs in privacy design.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Central bank research,
Digital currencies and fintech
JEL Code(s):
E,
E4,
E42,
E5,
E51,
O,
O3
Monetary Policy Independence and the Strength of the Global Financial Cycle
Staff Working Paper 2020-25
Christian Friedrich,
Pierre Guérin,
Danilo Leiva-Leon
We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of central banks' policy interest rates to exogenous changes in inflation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Exchange rate regimes,
Financial system regulation and policies,
International financial markets,
Monetary policy
JEL Code(s):
E,
E4,
E5,
F,
F3,
F32,
F4,
F42,
G,
G1,
G15,
G18
An Economic Perspective on Payments Migration
Staff Working Paper 2020-24
Anneke Kosse,
Zhentong Lu,
Gabriel Xerri
Consumers, businesses and banks make millions of payments each day using a variety of instruments, such as debit cards, cheques and wires. Canada is currently developing three new systems to process these transactions: Lynx, Settlement Optimization Engine (SOE) and Real-Time Rail (RTR).
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial services,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
E,
E4,
E42,
G,
G2,
G21