Find our research on the financial system by keyword, author, content type, JEL code, topic or date of publication.
452
result(s)
Efficiency and Bargaining Power in the Interbank Loan Market
Staff Working Paper 2012-29
Jason Allen,
James Chapman,
Federico Echenique,
Matthew Shum
Using detailed loan transactions-level data we examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. Our analysis relies on the equilibrium concept of the core, which imposes a set of no-arbitrage conditions on trades in the market.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Payment clearing and settlement systems
JEL Code(s):
C,
C7,
C71,
E,
E5,
E58,
G,
G2,
G21,
G28
The Bank of Canada’s 2009 Methods-of-Payment Survey: Methodology and Key Results
Staff Discussion Paper 2012-6
Carlos Arango,
Angelika Welte
The authors present the methodology and main findings of the Bank of Canada’s 2009 Methods-of-Payment survey, a detailed investigation of consumer payment behaviour in Canada. The survey targeted the 18- to 75-year-old Canadian resident population.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Financial services,
Payment clearing and settlement systems
JEL Code(s):
E,
E4
Systematic Risk, Debt Maturity and the Term Structure of Credit Spreads
We build a dynamic capital structure model to study the link between systematic risk exposure and debt maturity, as well as their joint impact on the term structure of credit spreads. Our model allows for time variation and lumpiness in the maturity structure. Relative to short-term debt, long-term debt is less prone to rollover risks, but its illiquidity raises the costs of financing.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Debt management
JEL Code(s):
G,
G3,
G32,
G33
Does the Buck Stop Here? A Comparison of Withdrawals from Money Market Mutual Funds with Floating and Constant Share Prices
Staff Working Paper 2012-25
Jonathan Witmer
Recent reform proposals call for an elimination of the constant net asset value (NAV) or “buck” in money market mutual funds to reduce the occurrence of runs. Outside the United States, there are several countries that have money market mutual funds with and without constant NAVs.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial markets,
Financial stability,
Market structure and pricing
JEL Code(s):
F,
F3,
F30,
G,
G0,
G01,
G1,
G18,
G2,
G20
Why Do Shoppers Use Cash? Evidence from Shopping Diary Data
Staff Working Paper 2012-24
Naoki Wakamori,
Angelika Welte
Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative means of payment such as debit and credit cards. For policy makers an important question is whether consumers truly prefer using cash or merchants restrict card usage.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Bank notes,
Econometric and statistical methods,
Financial services
JEL Code(s):
C,
C2,
D,
D1,
G,
G2
The Ex-Ante Versus Ex-Post Effect of Public Guarantees
Staff Working Paper 2012-22
H. Evren Damar,
Reint Gropp,
Adi Mordel
In October 2006, Dominion Bond Rating Service (DBRS) introduced new ratings for banks that account for the potential of government support. The rating changes are not a reflection of any changes in the respective banks’ credit fundamentals.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial stability,
Financial system regulation and policies
JEL Code(s):
G,
G2,
G21,
G28,
G3,
G32
Unconventional Monetary Policy and the Great Recession: Estimating the Macroeconomic Effects of a Spread Compression at the Zero Lower Bound
Staff Working Paper 2012-21
Christiane Baumeister,
Luca Benati
We explore the macroeconomic effects of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a time-varying parameter structural VAR model.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Econometric and statistical methods,
Interest rates,
Monetary policy framework,
Monetary policy transmission
JEL Code(s):
C,
C1,
C11,
C3,
C32,
E,
E5,
E52,
E58
International Business Cycles and Financial Frictions
Staff Working Paper 2012-19
Wen Yao
This paper builds a two-country DSGE model to study the quantitative impact of financial frictions on business cycle co-movements when investors have foreign asset exposure. The investor in each country holds capital in both countries and faces a leverage constraint on her debt.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
International financial markets,
International topics
JEL Code(s):
E,
E3,
E30,
F,
F4,
F42,
F44
Consumer Bankruptcy and Information
Staff Working Paper 2012-18
Jason Allen,
H. Evren Damar,
David Martinez-Miera
We analyze the relationship between the intensity of banks’ use of soft-information and household bankruptcy patterns. Using a unique data set on the universe of Canadian household bankruptcies, we document that bankruptcy rates are higher in markets where the collection of soft, or qualitative locally gathered information, is the weakest.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Financial institutions,
Financial services
JEL Code(s):
D,
D4,
G,
G2