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.
385
result(s)
Reaching for yield or resiliency? Explaining the shift in Canadian pension plan portfolios
Staff Analytical Note 2021-20
Sébastien Betermier,
Nicholas Byrne,
Jean-Sébastien Fontaine,
Hayden Ford,
Jason Ho,
Chelsea Mitchell
“Reach for yield”—This is the commonly heard explanation for why pension plans shift their portfolios toward alternative assets. But we show that the new portfolios also hold more bonds, offer lower average returns and produce smaller and less volatile solvency deficits. These shifts are part of a broader strategy to reduce solvency risk.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial institutions,
Financial markets,
Financial system regulation and policies
JEL Code(s):
G,
G1,
G11
Bank Runs, Bank Competition and Opacity
Staff Working Paper 2021-30
Toni Ahnert,
David Martinez-Miera
How is the stability of the financial sector affected by competition in the deposit market and by decisions banks make about transparency? We find that policies that aim to increase bank competition lead to higher bank deposit rates, increasing both withdrawal incentives and instability.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets,
Financial stability,
Financial system regulation and policies,
Wholesale funding
JEL Code(s):
G,
G0,
G01,
G2,
G21
COVID-19 crisis: Liquidity management at Canada’s largest public pension funds
Staff Analytical Note 2021-11
Guillaume Bédard-Pagé,
Daniel Bolduc-Zuluaga,
Annick Demers,
Jean-Philippe Dion,
Manu Pandey,
Léanne Berger-Soucy,
Adrian Walton
We examine how the eight largest Canadian public pension funds managed liquidity during the market turmoil in March 2020. The funds were generally resilient to large demands for liquidity and relied heavily on Canada's core funding markets.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Coronavirus disease (COVID-19),
Financial institutions,
Financial markets
JEL Code(s):
E,
E5,
E58,
G,
G0,
G01,
G2,
G23
Stablecoin Assessment Framework
Staff Discussion Paper 2021-6
Alejandro García,
Bena Lands,
Dennis Yanchus
We offer relevant authorities a three-step assessment framework they can use to understand, identify and quantify the risks associated with stablecoin and other cryptocurrency arrangements.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Digital currencies and fintech,
Financial institutions,
Financial markets,
Financial system regulation and policies,
Payment clearing and settlement systems
JEL Code(s):
D,
D7,
D78,
D8,
D81,
G,
G0,
G01,
G1,
G18,
O,
O3,
O38
What cured the TSX Equity index after COVID-19?
Staff Analytical Note 2021-3
Guillaume Ouellet Leblanc,
Jean-Sébastien Fontaine,
Ryan Shotlander
The TSX index rose by 9.5 percent in November 2020, adding large gains to an already sharp V-shaped recovery. The economic outlook improved at that time as well. We ask whether the stock market gains since last autumn are due to improving forecasts of firms’ earnings.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Asset pricing,
Coronavirus disease (COVID-19),
Financial markets
JEL Code(s):
G,
G1,
G12,
G14
Non-bank financial intermediation in Canada: a pulse check
Staff Analytical Note 2021-2
Rohan Arora,
Guillaume Bédard-Pagé,
Philippe Besnier,
Hayden Ford,
Alan Walsh
The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Coronavirus disease (COVID-19),
Financial institutions,
Financial markets,
Financial stability
JEL Code(s):
G,
G0,
G01,
G2,
G20,
G23
COVID-19 Crisis: Lessons Learned for Future Policy Research
Staff Discussion Paper 2021-2
Jean-Sébastien Fontaine,
Corey Garriott,
Jesse Johal,
Jessica Lee,
Andreas Uthemann
One year later, we review the events that took place in Canadian fixed-income markets at the beginning of the COVID-19 crisis and propose potential policy research questions for future work.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Coronavirus disease (COVID-19),
Financial markets,
Monetary policy
JEL Code(s):
D,
D4,
D47,
E,
E4,
E41,
E5,
G,
G0,
G01,
G1,
G14,
G2,
G20,
G21,
G23
Strategic Uncertainty in Financial Markets: Evidence from a Consensus Pricing Service
Staff Working Paper 2020-55
Lerby Ergun,
Andreas Uthemann
We look at the informational content of consensus pricing in opaque over-the-counter markets. We show that the availability of price data informs participants mainly about other participants’ valuations, rather than about the value of a financial security.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial markets,
Market structure and pricing
JEL Code(s):
C,
C5,
C58,
D,
D5,
D53,
D8,
D83,
G,
G1,
G12,
G14
Concentration in the market of authorized participants of US fixed-income exchange-traded funds
Staff Analytical Note 2020-27
Rohan Arora,
Sébastien Betermier,
Guillaume Ouellet Leblanc,
Adriano Palumbo,
Ryan Shotlander
We show that a small number of authorized participants (APs) actively create and redeem shares of US-listed fixed-income exchange-traded funds (FI-ETFs). In 2019, three APs performed 82 percent of gross creations and redemptions of FI-ETF shares. In contrast, the group of active APs for equity ETFs was much more diverse.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Coronavirus disease (COVID-19),
Financial markets,
Financial stability
JEL Code(s):
G,
G1,
G2,
G20,
G23