Canadians’ access to cash in 2023 Staff Analytical Note 2025-13 Heng Chen, Hongyu Xiao, Daneal O’Habib, Stephen Wild This study updates our measure of Canadians' access to cash through automated banking machines and financial institution branches. We find that in 2023 overall access to cash remains stable, while rural Canadians continue having less access. Content Type(s): Staff research, Staff analytical notes Research Topic(s): Bank notes, Financial services, Regional economic developments JEL Code(s): J, J1, J15, O, O1, R, R5, R51
Testing for Financial Contagion with Applications to the Canadian Banking System Staff Working Paper 2009-14 Fuchun Li The author proposes a new test for financial contagion based on a non-parametric measure of the cross-market correlation. The test does not depend on the assumption that the data are drawn from a given probability distribution; therefore, it allows for maximal flexibility in fitting into the data. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Econometric and statistical methods, Financial stability JEL Code(s): C, C1, C12, G, G0, G01, G1, G15
Bank Capital, Agency Costs, and Monetary Policy Staff Working Paper 2004-6 Césaire Meh, Kevin Moran Evidence suggests that banks, like firms, face financial frictions when raising funds. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial institutions, Monetary policy transmission JEL Code(s): E, E4, E44, E5, E52, G, G2, G21
Efficient Hedging and Pricing of Equity-Linked Life Insurance Contracts on Several Risky Assets Staff Working Paper 2006-43 Alexander Melnikov, Yuliya Romanyuk The authors use the efficient hedging methodology for optimal pricing and hedging of equity-linked life insurance contracts whose payoff depends on the performance of several risky assets. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets JEL Code(s): D, D8, D81, G, G1, G10, G12
Exports and the Exchange Rate: A General Equilibrium Perspective Staff Working Paper 2022-18 Patrick Alexander, Abeer Reza How do a country’s exports change when its currency depreciates? Does it matter which forces drive the exchange rate deprecation in the first place? We find that this relationship varies greatly depending on what drives exchange rate movements, and we conclude that the direct relationship between the exchange rate and exports is weak for Canada. Content Type(s): Staff research, Staff working papers Research Topic(s): Balance of payments and components, Business fluctuations and cycles, Exchange rate regimes, Exchange rates, International topics, Monetary policy transmission, Trade integration JEL Code(s): F, F3, F31, F32, F33, F4, F41
Une nouvelle méthode d'estimation de l'écart de production et son application aux États-Unis, au Canada et à l'Allemagne Staff Working Paper 1998-21 René Lalonde, Jennifer Page, Pierre St-Amant This study introduces a new method for identifying the output gap, based on the estimation of multivariate autoregression (VAR) models. This approach, which involves using restrictions to identify structural shocks that have only a transitory effect on output but that affect the trend inflation rate, is compared with the decomposition method proposed by Blanchard and […] Content Type(s): Staff research, Staff working papers
International Borrowing, Specialization and Unemployment in a Small, Open Economy Staff Working Paper 1998-2 Patrick Osakwe, Shouyong Shi Empirical evidence suggests that the unemployment rate and the export/GNP ratio are positively correlated with external debt across developing countries. This paper develops a dynamic model that provides an explanation for the aforementioned relationships. The central idea of our paper is that international borrowing affects unemployment and specialization patterns by unevenly changing the risk-sharing structure—across […] Content Type(s): Staff research, Staff working papers Research Topic(s): International topics JEL Code(s): F, F3, J, J6
May 5, 2015 Liquid Markets for a Solid Economy Remarks Carolyn A. Wilkins Chambre de commerce du Montréal métropolitain Montréal, Quebec Senior Deputy Governor Wilkins discusses funding and market liquidity, and announces consultations on the Bank’s market operations and emergency lending frameworks. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Asset pricing, Financial institutions, Financial markets, Financial stability, Financial system regulation and policies, Lender of last resort
Adoption of a New Payment Method: Theory and Experimental Evidence Staff Working Paper 2017-28 Jasmina Arifovic, John Duffy, Janet Hua Jiang We model the introduction of a new payment method, e.g., e-money, that competes with an existing payment method, e.g., cash. The new payment method involves relatively lower per-transaction costs for both buyers and sellers, but sellers must pay a fixed fee to accept the new payment method. Content Type(s): Staff research, Staff working papers Research Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): C, C3, C35, C8, C83, C9, C92, E, E4, E41
December 14, 2009 Liquidity Standards in a Macroprudential Context Financial System Review - December 2009 Carol Ann Northcott, Mark Zelmer Content Type(s): Publications, Financial System Review articles