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2129 Results

November 17, 2011

Bank of Canada Review - Autumn 2011

This issue features four articles that present research and analysis by Bank staff. The first focuses on reforming the international monetary system; the second on the role of collateral and haircut policy in central bank lending; and the third on the extraction of information from the Business Outlook Survey using principal-component analysis. The fourth reviews studies that model the counterfeiting of bank notes.

The Side Effects of Safe Asset Creation

Staff working paper 2021-34 Sushant Acharya, Keshav Dogra
The secular decline in real interest rates has created a challenge for monetary policy, now confronting the zero lower bound more often. An increase in the supply of safe assets reduces downward pressure on the natural interest rate. This allows monetary policy to reach price stability and full employment, but not without cost—permanently lower investment.
May 11, 2017

The Life Cycle of Government of Canada Bonds in Core Funding Markets

Data on the use of government securities in the repo, securities lending and cash markets suggest there are bond market clienteles in Canada. Shorter-term bonds are more prevalent in the repo market, while longer-maturity securities are more active in the securities lending market—consistent with the preferred habitat hypothesis. These results could help design better debt-management strategies and more-effective policies to maintain well-functioning financial markets.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): G, G1, G12, G2, G23

Challenges in Implementing Worst-Case Analysis

Staff working paper 2018-47 Jon Danielsson, Lerby Ergun, Casper G. de Vries
Worst-case analysis is used among financial regulators in the wake of the recent financial crisis to gauge the tail risk. We provide insight into worst-case analysis and provide guidance on how to estimate it. We derive the bias for the non-parametric heavy-tailed order statistics and contrast it with the semi-parametric extreme value theory (EVT) approach.

How Far Do Canadians Need to Travel to Access Cash?

Staff discussion paper 2023-28 Heng Chen, Daneal O’Habib, Hongyu Xiao
This paper develops a travel-based metric to measure Canadians’ access to cash from automated banking machines (ABMs) and financial institution branches. We find that, overall, access to cash remained stable between 2019 and 2022. The total number of ABMs in Canada increased by 3.7% and the total number of branches decreased by 5.2% during that period.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): G, G2, G21, J, J1, J15, R, R5, R51 Research Theme(s): Money and payments, Cash and bank notes

Trade and Diffusion of Embodied Technology: An Empirical Analysis

Using data from patents, citations, inter-sectoral sales and customs, we examine the international diffusion of technology through imports of sectoral knowledge and production inputs. We develop an instrumental variable strategy to identify the causal effects of technology embodied in imports on innovation and diffusion outcomes.

Patterns and Determinants of Global Cryptocurrency Flows

Staff working paper 2026-15 Christian Friedrich, Laura Zhao
This paper analyzes cross-border cryptocurrency flows, focusing on Bitcoin and four major stablecoins. Using data for 162 countries, we identify the key determinants, including responses to weak economic conditions and demand for remittances. A COVID-19 case study supports these findings and emphasizes the role of cryptocurrencies in global finance.
Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, F, F3, F32, F38, F5, F51, G, G1, G15, G2, G23 Research Theme(s): Money and payments, Digital assets and fintech

Privacy in CBDC technology

Staff analytical note 2020-9 Sriram Darbha, Rakesh Arora
Privacy is a key aspect of a potential central bank digital currency system. We outline different technical choices to enact various privacy models while complying with the appropriate regulations. We develop a framework to evaluate privacy models and list key risks and trade-offs in privacy design.

The Extensive Margin of Trade and Monetary Policy

Staff working paper 2018-37 Yuko Imura, Malik Shukayev
This paper studies the effects of monetary policy shocks on firms’ participation in exporting. We develop a two-country dynamic stochastic general equilibrium model in which heterogeneous firms make forward-looking decisions on whether to participate in the export market and prices are staggered across firms and time.
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