DeFi Lending: Returns, Leverage, and Liquidation Risk Staff analytical paper 2026-13 Jonathan Chiu, Furkan Danisman DeFi lending with proper governance is operationally viable, but it also faces constraints related to capital efficiency, liquidation risk, and systemic fragility within the crypto ecosystem. Content Type(s): Staff research, Staff analytical paper JEL Code(s): E, E5, E50, E58 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures
March 12, 2012 Promoting Growth, Mitigating Cycles and Inequality: The Role of Price and Financial Stability Remarks Tiff Macklem Brazil-Canada Chamber of Commerce São Paulo, Brazil Senior Deputy Governor Tiff Macklem discusses how price and financial stability help promote growth and mitigate economic cycles and inequality. Content Type(s): Press, Speeches and appearances, Remarks
March 14, 2019 The Age of Leverage Remarks Carolyn A. Wilkins UBC Vancouver School of Economics and CFA Society Vancouver Vancouver, British Columbia Senior Deputy Governor Carolyn A. Wilkins discusses how high leverage is both a headwind to global growth and a vulnerability in the global financial system. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial stability, Monetary policy, Economic models, Economy/Economic growth, Inflation
Net Send Limits in the Lynx Payment System: Usage and Implications Staff discussion paper 2025-13 Virgilio B Pasin, Anna Wyllie We study how participants in the Lynx payment system use the net send limit (NSL) tool to control their intraday payment outflow levels. Our results show that participants typically adopt a “set it and forget it” approach to scheduling NSLs and sometimes have distinct intraday NSL adjustment behaviours. Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C10, D, D8, D82, E, E4, E42, E5, E58, G, G2, G21, G4, G41 Research Theme(s): Financial system, Financial institutions and intermediation, Money and payments, Payment and financial market infrastructures
The Relative Benefits and Risks of Stablecoins as a Means of Payment: A Case Study Perspective Staff discussion paper 2022-21 Annetta Ho, Sriram Darbha, Yuliya Gorelkina, Alejandro García Our paper contributes to the discussion about the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. The paper also provides insights that could be useful in the design of central bank digital currencies. Content Type(s): Staff research, Staff discussion papers JEL Code(s): D, D7, D78, O, O3, O38 Research Theme(s): Money and payments, Digital assets and fintech, Payment and financial market infrastructures, Retail payments
May 30, 2019 Economic Progress Report: Investing in Growth Remarks Carolyn A. Wilkins Calgary Chamber of Commerce Calgary, Alberta Senior Deputy Governor Carolyn A. Wilkins talks about the importance of business investment to the Canadian economy and reviews the latest interest rate decision. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Financial system, Financial markets, Monetary policy, Economy/Economic growth, Inflation, Inflation targeting framework
Non-competing Data Intermediaries Staff working paper 2020-28 Shota Ichihashi I study a model of competing data intermediaries (e.g., online platforms and data brokers) that collect personal data from consumers and sell it to downstream firms. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D4, D42, D43, D8, D80, L, L1, L12 Research Theme(s): Financial markets and funds management, Market structure, Models and tools, Economic models, Money and payments, Digital assets and fintech
We Didn’t Start the Fire: Effects of a Natural Disaster on Consumers’ Financial Distress Staff working paper 2023-15 Anson T. Y. Ho, Kim Huynh, David T. Jacho-Chávez, Geneviève Vallée We use detailed consumer credit data to investigate the impact of the 2016 Fort McMurray wildfire, the costliest wildfire disaster in Canadian history, on consumers’ financial stress. We focus on the arrears of insured mortgages because of their important implications for financial institutions and insurers’ business risk and relevant management practices. Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C21, D, D1, D12, G, G2, G21, Q, Q5, Q54 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Structural challenges, Climate change
A Structural Interpretation of the Recent Weakness in Business Investment Staff analytical note 2017-7 Russell Barnett, Rhys R. Mendes Since 2012, business investment growth has slowed considerably in advanced economies, averaging a little less than 2 per cent versus the 4 per cent growth rates experienced in the period leading up to crisis. Several recent studies have attributed a large part of the weakness in business investment to cyclical factors, including soft aggregate demand, and, to a lesser degree, heightened uncertainty and tighter financial conditions. Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E2, E22, E3, E37 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting, Structural challenges, Demographics and labour supply
Can the Business Outlook Survey Help Improve Estimates of the Canadian Output Gap? Staff discussion paper 2020-14 Calista Cheung, Luke Frymire, Lise Pichette We investigate whether questions in the Bank of Canada’s Business Outlook Survey can provide useful signals for the output gap. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E3 Research Theme(s): Models and tools, Economic models, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting