Monetary and Fiscal Policies in Canada: Some Interesting Principles for EMU? Staff Working Paper 2004-28 Virginie Traclet Choosing a well-designed framework for fiscal and monetary policies is a challenge for economic authorities. Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, Monetary policy framework JEL Code(s): E, E5, E58, E6, E61, E63
Estimating the Costs of Electronic Retail Payment Networks: A Cross-Country Meta Analysis Staff Discussion Paper 2025-17 Cam Donohoe, Youming Liu We explore how many electronic funds transfer (EFT) systems can viably coexist within a jurisdiction at efficient scale by estimating the cost curve of the average EFT. We estimate the marginal cost to be approximately $0.55 per transaction, and the fixed cost to be approximately $83 million per year. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial system regulation and policies, Payment clearing and settlement systems JEL Code(s): E, E4, E42, E5, E58, H, H5, H54
Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring Staff Working Paper 2007-10 Philipp Maier This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider – a “third party”, such as the IMF – to organise and facilitate debt restructurings. Content Type(s): Staff research, Staff working papers Research Topic(s): Financial stability, International topics JEL Code(s): E, E5, F, F3, N, N1, N2
The Economics of Cryptocurrencies—Bitcoin and Beyond Staff Working Paper 2019-40 Jonathan Chiu, Thorsten Koeppl Since the creation of Bitcoin in 2009, over 2,000 cryptocurrencies have been issued. We evaluate how well a cryptocurrency functions as a payment system. Content Type(s): Staff research, Staff working papers Research Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E5, L, L5
June 15, 2008 Bank of Canada Review - Summer 2008 Cover page Chinese Coin Charms The charms on the cover are part of the National Currency Collection of the Bank of Canada. Photography by Gord Carter. Content Type(s): Publications, Bank of Canada Review
A Modified P*-Model of Inflation Based on M1 Staff Working Paper 1996-15 Joseph Atta-Mensah This paper examines the performance of M1 in an indicator-model of inflation over time horizons as long as 16 quarters into the future. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models JEL Code(s): E, E3, E37
Could a Higher Inflation Target Enhance Macroeconomic Stability? Staff Working Paper 2018-17 José Dorich, Nicholas Labelle, Vadym Lepetyuk, Rhys R. Mendes Recent international experience with the effective lower bound on nominal interest rates has rekindled interest in the benefits of inflation targets above 2 per cent. We evaluate whether an increase in the inflation target to 3 or 4 per cent could improve macroeconomic stability in the Canadian economy. Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Inflation targets, Monetary policy framework JEL Code(s): E, E3, E32, E37, E4, E43, E5, E52
Prudential Liquidity Regulation in Banking—A Literature Review Staff Discussion Paper 2018-8 Adi Mordel Prudential liquidity requirements are a relatively recent regulatory tool on the international front, introduced as part of the Basel III accord in the form of a liquidity coverage ratio (LCR) and a net stable funding ratio (NSFR). I first discuss the rationale for regulating bank liquidity by highlighting the market failures that it addresses while reviewing key theoretical contributions to the literature on the motivation for prudential liquidity regulation. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Financial institutions, Financial system regulation and policies JEL Code(s): G, G2, G21, G28
May 19, 2011 Bank of Canada Review - Spring 2011 This special issue of the Review, “Lessons from the Financial Crisis,” examines the recent research on the role of liquidity in the financial system and on the public policy responses that aimed to restore stability to the financial system during the crisis and to foster economic recovery. Content Type(s): Publications, Bank of Canada Review
March 28, 2011 The “Great” Recession in Canada: Perception vs. Reality Remarks Jean Boivin Montréal CFA Society Montréal, Quebec Barely three years ago, the financial crisis was a source of major concern worldwide. This unprecedented event had serious and costly repercussions, which we continue to feel today. Content Type(s): Press, Speeches and appearances, Remarks