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449
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
Centralizing Over-the-Counter Markets?
Staff Working Paper 2021-39
Jason Allen,
Milena Wittwer
Would a shift in trading in fixed-income markets—from over the counter (bilateral trading) to a centralized electronic platform—improve welfare? We use trade-level data on the secondary market for Government of Canada debt to answer this question.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Market structure and pricing
JEL Code(s):
D,
D4,
D40,
D47,
G,
G1,
G10,
G2,
G20,
L,
L1,
L10
The Effects of Government Licensing on E-commerce: Evidence from Alibaba
Staff Working Paper 2021-32
Ginger Zhe Jin,
Zhentong Lu,
Xiaolu Zhou,
Chunxiao Li
How does government licensing affect selling on online platforms? We examine the impact of China’s 2015 Food Safety Law on sellers and buyers on Alibaba, the largest e-commerce platform in that country.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Market structure and pricing,
Recent economic and financial developments
JEL Code(s):
D,
D8,
D82,
K,
K2,
K23,
L,
L5,
L8,
L81
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
Examining the Impact of Home Purchase Restrictions on China’s Housing Market
Staff Working Paper 2021-18
Zhentong Lu,
Sisi Zhang,
Jian Hong
How do “cooling measures” in the housing market—policies aimed to stabilize prices—affect the market? We use a structural model of housing demand and price competition among developers to evaluate China’s home purchase restriction policies implemented in 2010–11.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Housing,
Market structure and pricing
JEL Code(s):
O,
O1,
O18,
R,
R3,
R31,
R38
Trade and Market Power in Product and Labor Markets
Staff Working Paper 2021-17
Gaelan MacKenzie
Trade liberalizations increase the sales and input purchases of productive firms relative to their less productive domestic competitors. This reallocation affects firms’ market power in their product and input markets. I quantify how the labour market power of employers affects the distribution and size of the gains from trade.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Economic models,
Labour markets,
Market structure and pricing,
Productivity,
Trade integration
JEL Code(s):
D,
D4,
D43,
F,
F1,
F12,
F6,
J,
L,
L1,
L13
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