Privacy-Enhancing Technologies for CBDC Solutions Staff discussion paper 2025-1 Rakesh Arora, Han Du, Raza Ali Kazmi, Duc-Phong Le Privacy-enhancing technologies (PETs) could offer solutions to safeguard end-user privacy and meet rigorous data protection standards for central bank digital currencies. We consider how PETs can transform privacy design in financial systems and the implications of their broader adoption. Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E42, O, O3, O31 Research Theme(s): Financial system, Financial system regulation and oversight, Money and payments, Digital assets and fintech, Payment and financial market infrastructures
December 10, 2013 Margining for Non-Centrally Cleared Over-the-Counter Derivatives Financial System Review - December 2013 Nikil Chande, Stéphane Lavoie, Thomas Thorn Content Type(s): Publications, Financial System Review articles
June 23, 2005 A Brief Survey of Risk-Appetite Indexes Financial System Review - June 2005 Mark Illing, Meyer Aaron Content Type(s): Publications, Financial System Review articles
The Propagation of Regional Shocks in Housing Markets: Evidence from Oil Price Shocks in Canada Staff working paper 2018-56 Lutz Kilian, Xiaoqing Zhou How do global oil price shocks spread through Canada’s economy? With Canada’s regionally diverse economy in mind, we explore the implications of oil price shocks for Canadian housing markets and regional economies. We show that the belief that oil price shocks only matter in oil-rich regions is false. Content Type(s): Staff research, Staff working papers JEL Code(s): F, F4, F43, Q, Q3, Q33, Q4, Q43, R, R1, R12, R3, R31 Research Theme(s): Financial system, Financial stability and systemic risk, Household and business credit, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting
December 21, 2008 A Model of Housing Boom and Bust in a Small Open Economy Financial System Review - December 2008 Hajime Tomura Content Type(s): Publications, Financial System Review articles
Equity Option-Implied Probability of Default and Equity Recovery Rate Staff working paper 2016-58 Bo Young Chang, Greg Orosi There is a close link between prices of equity options and the default probability of a firm. We show that in the presence of positive expected equity recovery, standard methods that assume zero equity recovery at default misestimate the option-implied default probability. Content Type(s): Staff research, Staff working papers JEL Code(s): G, G1, G13, G3, G33 Research Theme(s): Financial markets and funds management, Market functioning, Financial system, Financial stability and systemic risk
Monetary Policy Transmission, Bank Market Power, and Wholesale Funding Reliance Staff working paper 2023-35 Amina Enkhbold I study how banking market concentration and reliance on wholesale funding affect monetary policy transmission to mortgage rates. I find that this transmission is imperfect and dampens the response of consumption, output, and housing prices. Content Type(s): Staff research, Staff working papers JEL Code(s): E, E4, E44, E5, E52, G, G2, G21 Research Theme(s): Financial system, Financial institutions and intermediation, Household and business credit, Monetary policy, Monetary policy framework and transmission
May 25, 2017 Upgrading the Payments Grid: The Payoffs Are Greater Than You Think Remarks Sylvain Leduc Payments Canada Toronto, Ontario Deputy Governor Sylvain Leduc discusses how upgrading Canada’s core payment systems will contribute to financial stability and help the Bank keep inflation on target. Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Digital currency, Financial system, Financial markets, Financial stability, Fintech
June 8, 2017 Financial System Review - June 2017 This issue of the Financial System Review reflects the Bank’s judgment that household indebtedness and housing market imbalances–the most important vulnerabilities for the Canadian financial system–have moved higher over the past six months. However, the financial system remains resilient, and macroeconomic conditions continue to improve. Other vulnerabilities discussed in this FSR are fragile fixed-income market liquidity and the capacity of an interconnected financial system to mitigate cyber threats. Content Type(s): Publications, Financial Stability Report
Job Ladder and Business Cycles Staff working paper 2022-14 Felipe Alves During downturns, workers get stuck in low-productivity jobs and wages remain stagnant. I build an heterogenous agent incomplete market model with a full job ladder that accounts for these facts. An adverse financial shock calibrated to the US Great Recession replicates the period’s slow recovery and missing disinflation. Content Type(s): Staff research, Staff working papers JEL Code(s): D, D3, D31, D5, D52, E, E2, E21, E24, E3, E31, E32 Research Theme(s): Models and tools, Economic models, Monetary policy, Real economy and forecasting, Structural challenges, Demographics and labour supply