The Effects of Budget Rules on Fiscal Performance and Macroeconomic Stabilization Staff Working Paper 1997-15 Jonathan Millar Budget rules can be defined as legislated or constitutional constraints on government deficits, taxes, expenditures, or debt. This paper reviews the budget rules recently legislated in six of Canada's provinces and both of its territories, as well as budget rules in other OECD countries. Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy JEL Code(s): E, E6, E62, H, H3, H6, H61
Asset-Liability Management: An Overview Staff Discussion Paper 2010-10 Yuliya Romanyuk Relevant literature on asset-liability management (ALM) is reviewed and different ALM approaches are discussed that may be of interest to the Bank of Canada for the purpose of modelling the Exchange Fund Account (EFA). Content Type(s): Staff research, Staff discussion papers Topic(s): Foreign reserves management JEL Code(s): G, G1, G11
August 31, 2017 Research Update - August 2017 This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website. Content Type(s): Staff research, Research newsletters
Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System Staff Working Paper 2002-41 Carol Ann Northcott Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Payment clearing and settlement systems JEL Code(s): E, E4, E44, G, G2, G21
October 21, 2007 Credit Market Turbulence and Policy Challenges Ahead Remarks David Dodge Institute of International Finance Washington, D.C. Given the Institute's membership and its focus on financial stability, I feel safe in saying that all of us here today watched this summer's turbulence in credit markets with interest, to put it mildly. What began in the spring as a repricing of credit risk turned into dislocations that have yet to fully run their course. Content Type(s): Press, Speeches and appearances, Remarks
Eggs in One Basket: Security and Convenience of Digital Currencies Staff Working Paper 2021-6 Charles M. Kahn, Francisco Rivadeneyra, Tsz-Nga Wong Digital currencies store balances in anonymous electronic addresses. This paper analyzes the trade-offs between the safety and convenience of aggregating balances in addresses, electronic wallets and banks. Content Type(s): Staff research, Staff working papers Topic(s): Central bank research, Digital currencies and fintech, Financial services, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E51, E58
The Digital Economy—Insight from a Special Survey with IT Service Exporters Staff Discussion Paper 2016-21 Wei Dong, James Fudurich, Lena Suchanek Information technology (IT) is an increasingly integral part of everyday business and personal life reflecting the ongoing and accelerating digital transformation of the economy. In this paper, we present information gathered from a survey with export-oriented firms in the Canadian IT service industry and consultations with industry associations aimed at shedding light on this small but highly dynamic sector. Content Type(s): Staff research, Staff discussion papers Topic(s): Firm dynamics, Service sector JEL Code(s): D, D2, D22, L, L8, L86, O, O3, O33
August 15, 2013 Big Data Analysis: The Next Frontier Bank of Canada Review - Summer 2013 Nii Ayi Armah The formulation of monetary policy at the Bank of Canada relies on the analysis of a broad set of economic information. Greater availability of immediate and detailed information would improve real-time economic decision making. Technological advances have provided an opportunity to exploit “big data” - the vast amount of digital data from business transactions, social media and networked computers. Big data can be a complement to traditional information sources, offering fresh insight for the monitoring of economic activity and inflation. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Econometric and statistical methods, Monetary and financial indicators JEL Code(s): C, C5, C53, C6, C63, C8, C80
Monetary Policy, Credit Constraints and SME Employment Staff Working Paper 2022-49 Julien Champagne, Émilien Gouin-Bonenfant We revisit an old question: how do financial constraints affect the transmission of monetary policy to the real economy? To answer this question, we propose a simple empirical strategy that combines firm-level employment and balance sheet data, identified monetary policy shocks and survey data on financing activities. Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Econometric and statistical methods, Firm dynamics, Labour markets, Monetary policy JEL Code(s): E, E2, E3, E4, E43, E5, E52, G, G3
September 25, 2011 Some Current Issues in Financial Reform Remarks Mark Carney Institute of International Finance Washington, D.C. Governor Mark Carney discusses current financial system reform initiatives in a speech to the Institute of International Finance. Content Type(s): Press, Speeches and appearances, Remarks