July 19, 2013 Bank of Canada announces higher target for settlement balances to reinforce the target for the overnight rate Effective Monday, 22 July 2013, the Bank is increasing the target for the minimum daily level of settlement balances to $250 million, from its current level of $25 million. This measure will remain in effect until further notice. Content Type(s): Press, Market notices
A Blessing in Disguise: The Implications of High Global Oil Prices for the North American Market Staff Working Paper 2013-23 Ron Alquist, Justin-Damien Guénette We examine the implications of increased unconventional crude oil production in North America. This production increase has been made possible by the existence of alternative oil-recovery technologies and persistently elevated oil prices that make these technologies commercially viable. Content Type(s): Staff research, Staff working papers Topic(s): International topics, Recent economic and financial developments JEL Code(s): Q, Q4, Q41, Q43, Q47
July 17, 2013 Release of the Monetary Policy Report Opening statement Stephen S. Poloz Ottawa, Ontario Press conference following the release of the Monetary Policy Report. Content Type(s): Press, Speeches and appearances, Opening statements
Why Do Emerging Markets Liberalize Capital Outflow Controls? Fiscal versus Net Capital Flow Concerns Staff Working Paper 2013-21 Joshua Aizenman, Gurnain Pasricha In this paper, we provide empirical evidence on the factors that motivated emerging economies to change their capital outflow controls in recent decades. Liberalization of capital outflow controls can allow emerging-market economies (EMEs) to reduce net capital inflow (NKI) pressures, but may cost their governments the fiscal revenues that external financial repression generates. Content Type(s): Staff research, Staff working papers Topic(s): Debt management, Financial system regulation and policies, International topics, Recent economic and financial developments JEL Code(s): F, F3, F32, G, G1, G15
Money Market Rates and Retail Interest Regulation in China: The Disconnect between Interbank and Retail Credit Conditions Staff Working Paper 2013-20 Nathan Porter, TengTeng Xu Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China’s gradual process of interest rate liberalization. Content Type(s): Staff research, Staff working papers Topic(s): Development economics, Econometric and statistical methods, Financial markets, Monetary policy framework, Monetary policy transmission JEL Code(s): C, C2, C22, E, E4, E43, E5, E52, E58
Business Cycle Effects of Credit Shocks in a DSGE Model with Firm Defaults Staff Working Paper 2013-19 M. Hashem Pesaran, TengTeng Xu This paper proposes a theoretical framework to analyze the relationship between credit shocks, firm defaults and volatility, and to study the impact of credit shocks on business cycle dynamics. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates, Economic models, Financial institutions JEL Code(s): E, E3, E32, E4, E44, G, G2, G21
May 31, 2013 Weekly Financial Statistics - 31 May 2013 Content Type(s): Publications, Historical: Weekly Financial Statistics
May 30, 2013 Banking and Financial Statistics - May 2013 Content Type(s): Publications, Historical: Banking and Financial Statistics
May 30, 2013 Quarterly Financial Report - First Quarter 2013 Quaterly Financial Report - First Quarter 2013 - For the period ended 31 May 2013 Content Type(s): Publications, Quarterly Financial Report
October 9, 2012 Addition of One Government Securities Distributor for Government of Canada Securities The Bank of Canada, on behalf of the Government of Canada, announces the addition of one new Government Securities Distributor for Government of Canada marketable bonds and treasury bills. Content Type(s): Press, Market notices