Central Bank Digital Currency: Motivations and Implications Staff Discussion Paper 2017-16 Walter Engert, Ben Fung The emergence of digital currencies such as Bitcoin and the underlying blockchain and distribution ledger technology have attracted significant attention. These developments have raised the possibility of considerable impacts on the financial system and perhaps the wider economy. Content Type(s): Staff research, Staff discussion papers Topic(s): Bank notes, Digital currencies and fintech, Financial services, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E42, E5
November 29, 2017 Bank of Canada announces finalists for the third annual Governor’s Challenge Media Relations Ottawa, Ontario The Bank of Canada today announced the finalists for the 2017–18 edition of The Governor’s Challenge, a competition in which university students simulate the role of advisor to the Bank’s Governing Council. Content Type(s): Press, Press releases Source(s): The Governor's Challenge
November 29, 2017 Quarterly Financial Report - Third Quarter 2017 Quarterly Financial Report - Third Quarter 2017 - For the period ended September 30, 2017 Content Type(s): Publications, Quarterly Financial Report
November 28, 2017 Release of the Financial System Review Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Financial System Review. Content Type(s): Press, Speeches and appearances, Opening statements Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, Regional economic developments, Sectoral balance sheet
November 28, 2017 Vulnerabilities in the Canadian financial system remain elevated, but elements for improvement are emerging Media Relations Ottawa, Ontario The high level of household indebtedness and housing market imbalances remain the most important vulnerabilities identified by the Bank of Canada in its Financial System Review (FSR), published today. While these vulnerabilities are still elevated, improving economic conditions and recent changes to housing policy should support an easing of these vulnerabilities over time. Content Type(s): Press, Press releases
November 28, 2017 Shoring Up the Foundations for a More Resilient Banking System: The Development of Basel III Financial System Review - November 2017 Sheryl King, Alexandra Lai, Tamara Gomes The authors trace the development of the Basel III standards for banking regulation. Basel III builds on two earlier frameworks, in response to weaknesses revealed during the global financial crisis. They highlight how implementation of the standards will underpin greater financial stability and provide a sound foundation for economic growth. Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): G, G1, G2, G21, G28
November 28, 2017 Analysis of Household Vulnerabilities Using Loan-Level Mortgage Data Financial System Review - November 2017 Olga Bilyk, Alexander Ueberfeldt, Yang Xu This report examines detailed data on home mortgages to provide a better understanding of the vulnerabilities associated with the mortgage market. The proportion of low-ratio mortgages is growing, particularly in regions with strong house price growth. Moreover, these borrowers exhibit less flexibility to adverse shocks, since they have high debt levels relative to income and have taken mortgages with long amortization periods. Content Type(s): Publications, Financial System Review articles Topic(s): Credit and credit aggregates, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): D, D1, D12, D14, G, G2, G21, G28
November 28, 2017 Financial System Review - November 2017 This issue of the Financial System Review reflects the Bank’s judgment that the high level of household indebtedness and housing market imbalances remain the most important vulnerabilities. While these vulnerabilities are still elevated, improving economic conditions and recent changes to housing policy should support an easing of these vulnerabilities over time. A third vulnerability highlighted in the FSR concerns cyber threats and the interconnectedness of the financial system. Content Type(s): Publications, Financial Stability Report