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2360
result(s)
Interconnected Banks and Systemically Important Exposures
Staff Working Paper 2019-44
Alan Roncoroni,
Stefano Battiston,
Marco D’Errico,
Grzegorz Halaj,
Christoffer Kok
How do banks' interconnections in the euro area contribute to the vulnerability of the banking system? We study both the direct interconnections (banks lend to each other) and the indirect interconnections (banks are exposed to similar sectors of the economy). These complex linkages make the banking system more vulnerable to contagion risks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial stability
JEL Code(s):
C,
C6,
C63,
G,
G1,
G15,
G2,
G21
November 19, 2019
Researching the Economic Impacts of Climate Change
The Bank of Canada has a mandate to “promote the economic and financial welfare of Canada,” primarily through the conduct of monetary policy and promotion of a safe, sound and efficient financial system. Understanding the macroeconomic and financial system impacts of climate change and the transition to a low-carbon economy is therefore a priority for the Bank.
Content Type(s):
Staff research,
Other
Topic(s):
Climate change
Technological Progress and Monetary Policy: Managing the Fourth Industrial Revolution
Staff Discussion Paper 2019-11
Stephen S. Poloz
This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the “fourth industrial revolution.”
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Economic models,
Financial stability,
Monetary policy and uncertainty,
Monetary policy framework
JEL Code(s):
C,
C5,
E,
E3,
O,
O1,
O11,
O3,
O33
2018 Bitcoin Omnibus Survey: Awareness and Usage
Staff Discussion Paper 2019-10
Christopher Henry,
Kim Huynh,
Gradon Nicholls,
Mitchell Nicholson
The Bank of Canada continues to use the Bitcoin Omnibus Survey (BTCOS) to monitor trends in Canadians’ awareness, ownership and use of Bitcoin. The most recent iteration was conducted in late 2018, following an 85 percent decline in the price of Bitcoin throughout the year.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech,
Econometric and statistical methods
JEL Code(s):
C,
C1,
C12,
E,
E4,
O,
O5,
O51
Cashless Bank Branches in Canada
Staff Analytical Note 2019-29
Walter Engert,
Ben Fung
Cashless or tellerless bank branches have proliferated in several countries in recent years. In a cashless bank branch, teller or counter services such as cash withdrawals, deposits and cheque-cashing are not available.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Bank notes,
Digital currencies and fintech,
Financial services
JEL Code(s):
E,
E4,
E41,
E42,
E5,
E51
Borrowing Costs for Government of Canada Treasury Bills
Staff Analytical Note 2019-28
Jabir Sandhu,
Adrian Walton,
Jessica Lee
The cost of borrowing Government of Canada treasury bills (t-bills) in the repurchase (repo) market is mainly explained by the relationship between the parties involved. Some pairs of parties conduct most of their repos for t-bills rather than bonds, and at relatively high borrowing costs. We speculate that these pairs have formed a mutually beneficial service relationship in which one party consistently receives t-bills, while the other receives cash at a relatively cheap rate.
Content Type(s):
Staff research,
Staff analytical notes
Topic(s):
Financial markets
JEL Code(s):
G,
G1,
G10,
G11,
G12,
G2,
G20,
G21,
G23,
G3,
G32
A Macroprudential Theory of Foreign Reserve Accumulation
Staff Working Paper 2019-43
Fernando Arce,
Julien Bengui,
Javier Bianchi
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Balance of payments and components,
Financial stability,
Financial system regulation and policies,
Foreign reserves management,
International financial markets
JEL Code(s):
D,
D5,
D52,
D6,
D62,
F,
F3,
F34
Amazon Effects in Canadian Online Retail Firm-Product-Level Data
Staff Working Paper 2019-42
Alex Chernoff
I use firm-product-level data for Canadian online retailers to study how product scope (the average number of product categories per firm) evolved from 1999 to 2012. During this period, product scope dropped monotonically from 59 to 5 product categories.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Firm dynamics,
Service sector
JEL Code(s):
D,
D2,
D22,
L,
L1,
L11,
L8,
L81
Trade Flows and Exchange Rates: Importers, Exporters and Products
Staff Working Paper 2019-41
Michael Devereux,
Wei Dong,
Ben Tomlin
Using highly disaggregated transaction-level trade data, we document the importance of new firm-level trade partner relationships and the addition of new products to existing relationships in driving aggregate trade flows.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Firm dynamics,
International topics
JEL Code(s):
F,
F1,
F4