August 22, 2014 Weekly Financial Statistics - 22 August 2014 Content Type(s): Publications, Historical: Weekly Financial Statistics
Housework and Fiscal Expansions Staff Working Paper 2014-34 Stefano Gnocchi, Daniela Hauser, Evi Pappa We build an otherwise-standard business cycle model with housework, calibrated consistently with data on time use, in order to discipline consumption-hours complementarity and relate its strength to the size of fiscal multipliers. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Fiscal policy JEL Code(s): E, E2, E24, E3, E32, E5, E52, E6, E62
Competition in the Cryptocurrency Market Staff Working Paper 2014-33 Neil Gandal, Hanna Halaburda We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies. Content Type(s): Staff research, Staff working papers Topic(s): Digital currencies and fintech JEL Code(s): L, L1
July 10, 2014 Government of Canada reopens its ultra-long bond Today, the Government of Canada announced that it successfully issued $1 billion in 50-year bonds through the syndication process. Content Type(s): Press, Market notices
July 9, 2014 Government of Canada considering issuing more ultra-long bonds The Government of Canada announced today that it is considering issuing more ultra-long bonds, subject to favourable market conditions. Content Type(s): Press, Market notices
June 27, 2014 A Dual Vision for the Canadian Payments System Remarks Lawrence L. Schembri Canadian Payments Association Charlottetown, Prince Edward Island Deputy Governor Lawrence Schembri calls for a collaborative approach to achieving a payments system that is innovative, safe, and efficient. Content Type(s): Press, Speeches and appearances, Remarks
Optimal Margining and Margin Relief in Centrally Cleared Derivatives Markets Staff Working Paper 2014-29 Radoslav Raykov A major policy challenge posed by derivatives clearinghouses is that their collateral requirements can rise sharply in times of stress, reducing market liquidity and further exacerbating downturns. Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Payment clearing and settlement systems JEL Code(s): G, G1, G19, G2, G21
Improving Overnight Loan Identification in Payments Systems Staff Working Paper 2014-25 Mark Rempel Information on the allocation and pricing of over-the-counter (OTC) markets is scarce. Furfine (1999) pioneered an algorithm that provides transaction-level data on the OTC interbank lending market. Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, Financial markets, Interest rates, Payment clearing and settlement systems JEL Code(s): C, C3, C38, C5, C53, E, E4, E42, E44, G, G1, G10
June 12, 2014 Reforming Financial Benchmarks: An International Perspective Financial System Review - June 2014 Thomas Thorn, Harri Vikstedt Thomas Thorn and Harri Vikstedt examine the efforts being taken internationally and in Canada to enhance the governance and integrity of financial benchmarks. The report provides an overview of how interbank interest rate benchmarks are set and describes the weaknesses in the process that were exposed by the financial crisis. It also explains recent policy developments designed to make global and Canadian interbank benchmarks more robust. Content Type(s): Publications, Financial System Review articles Topic(s): Financial markets, Financial system regulation and policies, Recent economic and financial developments JEL Code(s): G, G1, G11
June 12, 2014 Making Banks Safer: Implementing Basel III Financial System Review - June 2014 Éric Chouinard, Graydon Paulin Éric Chouinard and Graydon Paulin review the progress to date in implementing Basel III, the new framework of global regulatory standards for the banking sector developed by the Basel Committee on Banking Supervision. The report highlights the expected net benefits of implementing Basel III, as well as the challenges in ensuring international consistency in measuring the risk-weighted capital of banks. It includes a discussion on how implementing Basel III has affected the banking system in Canada and other important jurisdictions, and demonstrates the need for ongoing assessment of the effects on the financial system and the macroeconomy. Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): G, G2, G28