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1208 Results

Government Corruption and Foreign Direct Investment Under the Threat of Expropriation

Staff working paper 2016-13 Christopher Hajzler, Jonathan Rosborough
Foreign investment is often constrained by two forms of political risk: expropriation and corruption. We examine the role of government corruption in foreign direct investment (FDI) when contracts are not fully transparent and investors face the threat of expropriation.
March 24, 2016

Annual Report 2015

The Annual Report provides an account of the Bank’s management, activities and achievements in 2015; it includes the financial statements and a message from Governor Stephen S. Poloz.
Content Type(s): Publications, Annual Report

Capital Structure, Pay Structure and Job Termination

Staff working paper 2016-12 Jason Allen, James R. Thompson
We develop a model to analyze the link between financial leverage, worker pay structure and the risk of job termination. Contrary to the conventional view, we show that even in the absence of any agency problem among workers, variable pay can be optimal despite workers being risk averse and firms risk neutral.

Dating Systemic Financial Stress Episodes in the EU Countries

Staff working paper 2016-11 Benjamin Klaus, Tuomas Peltonen, Thibaut Duprey
This paper introduces a new methodology to date systemic financial stress events in a transparent, objective and reproducible way. The financial cycle is captured by a monthly country-specific financial stress index.

Measuring Systemic Risk Across Financial Market Infrastructures

Staff working paper 2016-10 Fuchun Li, Héctor Pérez Saiz
We measure systemic risk in the network of financial market infrastructures (FMIs) as the probability that two or more FMIs have a large credit risk exposure to the same FMI participant.

A Framework in Search of an Optimal Margining Policy for Official Institutions: The Canadian Experience

Staff discussion paper 2016-9 Tomo Nakashima, Mihai Cosma, Boran Plong
One of the main outcomes of the global financial crisis has been a series of new regulations imposed on the financial system and specifically on banks.

Canadian Repo Market Ecology

Staff discussion paper 2016-8 Corey Garriott, Kyle Gray
This is the first of the Financial Markets Department’s descriptions of Canadian financial industrial organization. The document discusses the organization of the repurchase-agreement (repo) market in Canada.

The Dynamics of Capital Flow Episodes

Staff working paper 2016-9 Christian Friedrich, Pierre Guérin
This paper proposes a novel methodology for identifying episodes of strong capital flows based on a regime-switching model. In comparison with the existing literature, a key advantage of our methodology is to estimate capital flow regimes without the need for context- and sample-specific assumptions.

The Evolution of the Chinese Housing Market and Its Impact on Base Metal Prices

Staff discussion paper 2016-7 Mark Kruger, Kun Mo, Benjamin Sawatzky
The Chinese housing market has grown rapidly following its liberalization in the 1990s, generating significant economic activity and demand for base metals. In this paper, we discuss the evolution of the Chinese housing market and quantify its importance for the overall Chinese economy and its linkages to base metal prices.

Wait a Minute: The Efficacy of Discounting versus Non-Pecuniary Payment Steering

Staff working paper 2016-8 Angelika Welte
Merchants who accept credit cards face payment processing fees. In most countries, the no-surcharge rule prohibits them from using surcharges to pass these fees on to customers.
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