Speed Segmentation on Exchanges: Competition for Slow Flow Staff Working Paper 2018-3 Lisa Anderson, Emad Andrews, Baiju Devani, Michael Mueller, Adrian Walton In 2015, TSX Alpha, a Canadian stock exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find no evidence that this redesign impacted market-wide measures of trading costs or contributed appreciably to segmenting retail order flow away from other Canadian venues with a maker-taker fee structure. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G14, G2, G24
December 14, 1999 Trends in Canada's Merchandise Trade Bank of Canada Review - Winter 1999–2000 Richard Dion The author examines aspects of Canada's trade performance in light of the major trends seen in world trade over the past several decades. Canada has become more integrated with the world economy, and this openness is evident from its greater export orientation, its heavier reliance on imported inputs, and more exposure to foreign competition in its domestic markets. The author analyzes the composition of Canadian trade and the trend towards increasing two-way trade in similar products. He also looks at the increasing integration of trade within regions, which for Canada has meant a greater concentration of exports with the United States. Content Type(s): Publications, Bank of Canada Review articles Research Topic(s): International topics
CoMargin Staff Working Paper 2013-47 Jorge Cruz Lopez, Jeffrey H. Harris, Christophe Hurlin, Christophe Pérignon We present CoMargin, a new methodology to estimate collateral requirements for central counterparties (CCPs) in derivatives markets. CoMargin depends on both the tail risk of a given market participant and its interdependence with other participants. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial institutions, Financial markets, Financial stability JEL Code(s): G, G1, G13
Funding Advantage and Market Discipline in the Canadian Banking Sector Staff Working Paper 2013-50 Mehdi Beyhaghi, Chris D'Souza, Gordon S. Roberts We employ a comprehensive data set and a variety of methods to provide evidence on the magnitude of large banks’ funding advantage in Canada, and on the extent to which market discipline exists across different securities issued by the Canadian banks. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial institutions, Interest rates JEL Code(s): G, G0, G01, G2, G21, G28, G3, G32, G33
October 16, 2017 Backgrounder on the Business Outlook Survey Question on Future Sales Indicators Since the 2016 summer survey, the results from a question on future sales indicators (FSI) have been included in the Business Outlook Survey (BOS). This backgrounder briefly describes the question and presents the correlations between the responses and various measures of business activity. Content Type(s): Background materials
How Oil Supply Shocks Affect the Global Economy: Evidence from Local Projections Staff Discussion Paper 2019-6 Olivier Gervais We provide empirical evidence on the impact of oil supply shocks on global aggregates. To do this, we first extract structural oil supply shocks from a standard oil-price determination model found in the literature. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Business fluctuations and cycles, International topics JEL Code(s): C, C2, C22, C5, E, E3, E37, Q, Q4, Q43
Monetary Policy Implementation in a Negative Rate Environment Staff Working Paper 2017-25 Michael Boutros, Jonathan Witmer Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants. Content Type(s): Staff research, Staff working papers Research Topic(s): Interest rates, Monetary policy framework, Monetary policy implementation JEL Code(s): E, E4, E40, E42, E43, G, G0
Responding to the First Era of Globalization: Canadian Trade Policy, 1870–1913 Staff Working Paper 2018-42 Ian Keay, Patrick Alexander In this paper we document Canada’s trade policy response to late-nineteenth- and earlytwentieth-century globalization. We link newly digitized annual product-specific data on the value of Canadian imports and duties paid from 1870–1913 to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, International topics, Trade integration JEL Code(s): F, F1, F13, F14, F4, F42, F6, F60, N, N7, N71
Democratic Political Economy of Financial Regulation Staff Working Paper 2021-59 Igor Livshits, Youngmin Park We offer a theory of how inefficiently lax financial regulation could arise in a democratic society. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, Financial system regulation and policies, Housing, Interest rates JEL Code(s): E, E4, E43, E44, G, G0, G01, G2, G21, G28, P, P4, P48
August 25, 2015 The Long-Term Evolution of House Prices: An International Perspective Remarks Lawrence L. Schembri Canadian Association for Business Economics Kingston, Ontario Deputy Governor Lawrence Schembri discusses the international evidence of underlying determinants of long-term movements in house prices. Content Type(s): Press, Speeches and appearances, Remarks Research Topic(s): Credit and credit aggregates, Financial stability, Financial system regulation and policies, Housing, International topics, Sectoral balance sheet