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Canadian Non-Energy Exports: Past Performance and Future Prospects Staff Discussion Paper 2014-1 André Binette, Daniel de Munnik, Émilien Gouin-Bonenfant Canada has continued to lose market share in the United States since the Great Recession, beyond what our bilateral competitiveness measures (relative unit labour costs) would suggest. Content Type(s): Staff research, Staff discussion papers Topic(s): Balance of payments and components, Exchange rates JEL Code(s): F, F1, F10, F14, F4, F43
Dynamic Competition in Negotiated Price Markets Staff Working Paper 2020-22 Jason Allen, Shaoteng Li Repeated interactions between borrowers and lenders create the possibility of dynamic pricing: lenders compete aggressively with low prices to attract new borrowers and then raise their prices once borrowers have made a commitment. We find such pricing patterns in the Canadian mortgage market. Content Type(s): Staff research, Staff working papers Topic(s): Financial institutions, Financial services, Market structure and pricing JEL Code(s): D, D4, G, G2, G21, L, L2
Forecasting the Price of Oil Staff Working Paper 2011-15 Ron Alquist, Lutz Kilian, Robert Vigfusson We address some of the key questions that arise in forecasting the price of crude oil. What do applied forecasters need to know about the choice of sample period and about the tradeoffs between alternative oil price series and model specifications? Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods, International topics JEL Code(s): C, C5, C53, Q, Q4, Q43, Q47
October 15, 1998 The Canadian Experience with Targets for Inflation Control Remarks Gordon Thiessen Queen's University Kingston, Ontario As an economist who worked as a banker for most of his career, Douglas Gibson brought an interesting perspective to public policy issues, to the relationship between government and business, and to the contribution of outside economists to government policies. Content Type(s): Press, Speeches and appearances, Remarks
January 20, 2012 A Fundamental Review of Capital Charges Associated with Trading Activities Financial System Review - December 2011 Grahame Johnson Content Type(s): Publications, Financial System Review articles
Stablecoins and Their Risks to Financial Stability Staff Discussion Paper 2022-20 Cameron MacDonald, Laura Zhao What risks could stablecoins pose to the financial system? We argue that the stabilization mechanisms of stablecoins give rise to the risk of confidence runs, which can propagate to broader cryptoasset markets and the traditional financial sector. We also argue that stablecoins can contribute to financial stability risks by facilitating the buildup of leverage and liquidity mismatch in decentralized finance. Such risks cannot be addressed by ensuring the price stability of stablecoins alone. Finally, we explore the potential implications of stablecoins for the current system of bank-intermediated credit and for monetary policy. Content Type(s): Staff research, Staff discussion papers Topic(s): Digital currencies and fintech, Financial institutions, Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): E, E4, E42, E44, E5, E58, G, G2, G23
Stress Relief? Funding Structures and Resilience to the Covid Shock Staff Working Paper 2023-7 Kristin Forbes, Christian Friedrich, Dennis Reinhardt Funding structures affected the amount of financial stress different countries and sectors experienced during the spread of COVID-19 in early 2020. Policy responses targeting specific vulnerabilities were more effective at mitigating this stress than those supporting banks or the economy more broadly. Content Type(s): Staff research, Staff working papers Topic(s): Coronavirus disease (COVID-19), Exchange rates, Financial institutions, Financial stability, Financial system regulation and policies, International topics JEL Code(s): E, E4, E44, E6, E65, F, F3, F31, F36, F4, F42, G, G1, G18, G2, G23, G3, G38
India and the Global Demand for Commodities: Is There an Elephant in the Room? Staff Discussion Paper 2008-18 Michael Francis, Corinne Luu After 10 years of impressive growth, India is now the fourth largest economy in the world. Yet, to date, India's impact on global commodity markets has been muted. The authors examine how India's domestic and trade policies have distorted and constrained its demand for commodities. Content Type(s): Staff research, Staff discussion papers Topic(s): Development economics, International topics JEL Code(s): F, F1, F14, O, O1, O13, O5, O53
Volatility Transmission Between Foreign Exchange and Money Markets Staff Working Paper 2000-16 Shafiq K. Ebrahim This paper uses trivariate generalized autoregressive conditional heteroscedasticity (GARCH) models to study price and volatility spillovers between the foreign exchange and associated money markets. Three models are estimated using data on U.S. dollar/Canadian dollar, U.S. dollar/Deutsche mark, and U.S. dollar/Japanese yen daily exchange rate returns together with returns on 90-day Eurodollar, Euro Canada, Euromark, and Euroyen deposits. Content Type(s): Staff research, Staff working papers Topic(s): International financial markets JEL Code(s): G, G1, G15