May 27, 1999 Bank of Canada Announces Appointment of Senior Deputy Governor Media Relations The Board of Directors of the Bank of Canada announced today that, pursuant to Section 6 of the Bank of Canada Act, Malcolm Knight has been appointed Senior Deputy Governor of the Bank for a seven-year term, effective 5 July 1999. Content Type(s): Press, Press releases
May 26, 1999 Opening Statement before the Standing Committee on Finance of the House of Commons Opening statement Gordon Thiessen Standing Committee on Finance of the House of Commons It is always a pleasure to appear before your Committee following the publication of our Monetary Policy Report. We released our ninth Report last Wednesday. The Bank of Canada began publishing these Reports on a semi-annual basis four years ago, as part of our effort to increase the transparency and accountability of the Bank's conduct of monetary policy. Content Type(s): Press, Speeches and appearances, Opening statements
May 25, 1999 Bank of Canada Announces Appointment of Special Adviser Media Relations Professor Daniel Racette has been chosen to fill the visiting economist position of Special Adviser in the Bank of Canada for a one-year term beginning in August 1999. Content Type(s): Press, Press releases
May 19, 1999 Monetary Policy Report – May 1999 Six months ago, at the time of the last Monetary Policy Report, the global economic and financial environment was volatile and highly uncertain because of the adverse situation in Asia and the fallout from the Russian debt moratorium. Content Type(s): Publications, Monetary Policy Report
May 19, 1999 Release of the Monetary Policy Report Opening statement Gordon Thiessen This morning we released our ninth Monetary Policy Report. The economic and financial situation is much improved since our previous Report in November. Financial markets have steadied in Southeast Asia, and prospects are good for a gradual recovery there. In Brazil, the authorities have taken major steps to address their difficulties. Overall, global financial markets […] Content Type(s): Press, Speeches and appearances, Opening statements
May 19, 1999 Bank of Canada releases its semi-annual Monetary Policy Report Media Relations Bank of Canada Governor Gordon Thiessen today commented on the release of the Bank's ninth Monetary Policy Report. Content Type(s): Press, Press releases
May 15, 1999 Recent developments in the monetary aggregates and their implications Bank of Canada Review - Spring 1999 Joseph Atta-Mensah, Loretta Nott In its conduct of monetary policy, the Bank of Canada carefully monitors the pace of monetary expansion for indications about the outlook for inflation and economic activity. In recent years, a number of factors have distorted the growth of the traditional broad and narrow aggregates. In this article, the authors discuss the uncertainty surrounding the classification of deposit instruments that has resulted from the elimination of reserve requirements and from other financial innovations. They introduce two new measures of transactions balances, M1+ and M1++ (described more fully in a technical note in this issue of the Review), that internalize some of the substitutions that have occurred. They attribute the deceleration in M1 growth in 1998 partly to the declining influence of special factors, partly to a lagged response to interest rate increases in 1997 and early 1998, and partly to some temporary tightening in credit conditions in the autumn of 1998. The broad monetary aggregate M2++, which includes all personal savings deposits, life insurance annuities, and mutual funds, grew at a steady pace in 1998, presaging growth of about 4 to 5 per cent in total dollar spending and inflation inside the target range. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Monetary aggregates
May 15, 1999 Bank of Canada Review - Spring 1999 Cover page Merchant’s note, 1837 Approximately four by three inches in size, this bon is part of the National Currency Collection, Bank of Canada. Photography by James Zagon. Content Type(s): Publications, Bank of Canada Review
May 14, 1999 Open outcry and electronic trading in futures exchanges Bank of Canada Review - Spring 1999 Raymond Tsang Despite the efficiency gains that accompany automation, most large futures exchanges have been reluctant to move away from the traditional trading floor, citing early evidence that open outcry exchanges were more liquid than electronic exchanges. More recent studies, however, suggest that electronic trading is superior to open outcry in many respects, including liquidity. In this article, the author compares the two trading systems. Although many exchanges are shifting towards electronic trading, there are still several obstacles to this transition. But as technology rapidly reduces the cost of automation and increases the demand for global 24-hour trading, a worldwide transition to electronic order-matching will likely be the next important milestone for futures exchanges. Less-automated exchanges (including the Canadian futures exchanges) will undoubtedly continue to study and promote automation in order to keep pace with technological innovations. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial markets
May 4, 1999 Global financial turbulence and the Canadian economy Remarks Gordon Thiessen La Chambre de commerce de la région sherbrookoise Sherbrooke, Quebec The world economy and Canada have had to navigate some difficult straits in the past couple of years. But we have made it through. And considering the tide from the Asian financial crisis that washed around the world, the Canadian economy has coped better this time around than in the past. Content Type(s): Press, Speeches and appearances, Remarks