The Role of the International Monetary Fund in the Post-Crisis World Staff discussion paper 2016-6 Mark Kruger, Robert Lavigne, Julie McKay The International Monetary Fund (IMF, or the Fund) has undergone a number of significant policy changes and reforms in the wake of the global financial crisis. Most notably, in December 2015, the United States approved long-delayed legislation to increase the representation of developing countries in the Fund’s governance structure. Content Type(s): Staff research, Staff discussion papers JEL Code(s): F, F3, F33 Research Theme(s): Financial markets and funds management, International markets and currencies, Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Structural challenges, International trade, finance and competitiveness
Detecting Scapegoat Effects in the Relationship Between Exchange Rates and Macroeconomic Fundamentals Staff working paper 2017-22 Lorenzo Pozzi, Barbara Sadaba This paper presents a new testing method for the scapegoat model of exchange rates that aims to tighten the link between the theory on scapegoats and its empirical implementation. This new testing method consists of a number of steps. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C3, C32, F, F3, F31, G, G1, G15 Research Theme(s): Financial markets and funds management, International markets and currencies, Models and tools, Econometric, statistical and computational methods
Adverse Selection with Heterogeneously Informed Agents Staff working paper 2018-7 Mohammad Davoodalhosseini A model of over-the-counter markets is proposed. Some asset buyers are informed in that they can identify high quality assets. Heterogeneous sellers with private information choose what type of buyers they want to trade with. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D4, D40, D8, D82, D83, G, G0, G01, G1, G10, G2, G20 Research Theme(s): Financial markets and funds management, Market structure, Financial system, Financial stability and systemic risk, Models and tools, Economic models
Cyber Risk and Security Investment Staff working paper 2022-32 Toni Ahnert, Michael Brolley, David Cimon, Ryan Riordan We develop a principal-agent model of cyber-attacking with fee-paying clients who delegate security decisions to financial platforms. We derive testable implications about clients’ vulnerability to cyber attacks and about the fees charged. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D7, D78, D8, D81, G, G1, G18, G2, G21, G23 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk, Financial system regulation and oversight, Money and payments, Digital assets and fintech
March 21, 2017 Getting Down to Business: Investment and the Economic Outlook Remarks Lawrence L. Schembri Greater Vancouver Board of Trade Vancouver, British Columbia Deputy Governor Lawrence Schembri discusses the factors affecting business investment and the implications for the economic outlook. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Funds management, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
Channels of Transmission: How Mortgage Rates Affect House Prices and Rents in Canada Staff analytical paper 2026-2 Nishaad Rao, Tao Wang We use Canadian data to examine how monetary policy affects house prices and the consumer price index for rent through exogenous changes in the mortgage interest rates. It finds that the price and rent impacts operate through various channels and that these impacts vary by region. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E3, E31, E5, E52, R, R2, R21 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission
Global Macro Risks in Currency Excess Returns Staff working paper 2016-32 Kimberly Berg, Nelson C. Mark We study a cross section of carry-trade-generated currency excess returns in terms of their exposure to global fundamental macroeconomic risk. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E2, E21, E4, E43, F, F3, F31, G, G1, G12 Research Theme(s): Financial markets and funds management, International markets and currencies, Market functioning, Models and tools, Economic models
Cross-Border Bank Flows and Monetary Policy: Implications for Canada Staff working paper 2017-34 Ricardo Correa, Teodora Paligorova, Horacio Sapriza, Andrei Zlate Using the Bank for International Settlements (BIS) Locational Banking Statistics data on bilateral bank claims from 1995 to 2014, we analyze the impact of monetary policy on cross-border bank flows. We find that monetary policy in a source country is an important determinant of cross-border bank flows. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F3, F34, F36, G, G0, G01 Research Theme(s): Financial system, Financial institutions and intermediation, Monetary policy, Monetary policy framework and transmission, Structural challenges, International trade, finance and competitiveness
Payment Coordination and Liquidity Efficiency in the New Canadian Wholesale Payments System Staff discussion paper 2022-3 Francisco Rivadeneyra, Nellie Zhang We study the impact of the Bank of Canada’s choice of settlement mechanism in Lynx on participant behaviors, liquidity usage, payment delays and the overall operational efficiency of the new system. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, E, E4, E42, E5, E58 Research Theme(s): Financial markets and funds management, Market functioning, Money and payments, Payment and financial market infrastructures
Technological Progress and Monetary Policy: Managing the Fourth Industrial Revolution Staff discussion paper 2019-11 Stephen S. Poloz This paper looks at the implications for monetary policy of the widespread adoption of artificial intelligence and machine learning, which is sometimes called the “fourth industrial revolution.” Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C5, E, E3, O, O1, O11, O3, O33 Research Theme(s): Financial system, Financial stability and systemic risk, Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Structural challenges, Digitalization and productivity