BoC–BoE Sovereign Default Database: Methodology, Assumptions and Sources Technical Report No. 117 David Beers, Elliot Jones, John Walsh Until recently, few efforts have been made to systematically measure and aggregate the nominal value of the different types of sovereign government debt in default. To help fill this gap, the Bank of Canada (BoC) developed a comprehensive database of sovereign defaults that is posted on its website and updated in partnership with the Bank of England (BoE). Content Type(s): Staff research, Technical reports Research Topic(s): Debt management, Development economics, Financial institutions, International financial markets JEL Code(s): F, F3, F34, G, G1, G10, G14, G15
Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data Staff Working Paper 2014-20 John Bagnall, David Bounie, Kim Huynh, Anneke Kosse, Tobias Schmidt, Scott Schuh, Helmut Stix We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): D, D1, D12, E, E4, E41, E5, E58
Following the Money: Evidence for the Portfolio Balance Channel of Quantitative Easing Staff Working Paper 2018-33 Itay Goldstein, Jonathan Witmer, Jing Yang Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds. Content Type(s): Staff research, Staff working papers Research Topic(s): Monetary policy, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E5, E58, G, G2, G23
What Drives Bank-Intermediated Trade Finance? Evidence from Cross-Country Analysis Staff Working Paper 2015-8 Jose Maria Serena, Garima Vasishtha Empirical work on the underlying causes of the recent dislocations in bank-intermediated trade finance has been limited by the poor availability of hard data. This paper analyzes the key determinants of bank-intermediated trade finance using a novel data set covering ten banking jurisdictions. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, International financial markets, International topics JEL Code(s): F, F1, F14, F19
The Ecology of Automated Market Makers Staff Discussion Paper 2024-12 Annetta Ho, Cosmin Cazan, Andrew Schrumm This paper describes the ecology of automated market makers, which are the most popular decentralized exchange model for the pricing and trading of crypto assets within decentralized finance. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Digital currencies and fintech, Financial markets, Financial stability, Financial system regulation and policies JEL Code(s): G, G1, G2
June 9, 2022 Financial System Review—2022 Tiff Macklem, Carolyn Rogers, Timothy Lane, Lawrence L. Schembri, Paul Beaudry, Toni Gravelle, Sharon Kozicki The Canadian financial system remains resilient, but vulnerabilities have become more complex and risks have grown. The Bank is carefully watching households’ high levels of mortgage debt, as well as the risks associated with a price correction in Canada’s housing market. Content Type(s): Publications, Financial Stability Report
Immigrants and Mortgage Delinquency in the United States Staff Working Paper 2015-1 Zhenguo Lin, Yingchun Liu, Jia Xie We investigate the relationship between immigrant status and mortgage delinquency in the United States. Content Type(s): Staff research, Staff working papers Research Topic(s): Debt management, Financial stability JEL Code(s): G, G2, G21, J, J1, J15
Dynamic Consumer Cash Inventory Model Staff Working Paper 2025-22 Kim Huynh, Oleksandr Shcherbakov, André Stenzel We study consumer cash inventory behavior by developing a dynamic model of forward-looking consumers and estimating structural parameters of the model using detailed consumer survey data. Consumers facing holding and withdrawal costs solve a discrete-time continuous-control dynamic programming problem to optimally use cash at the point of sale. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): D, D1, D12, D14, E, E4, E41, E42, G, G2, G21
Business Closures and (Re)Openings in Real Time Using Google Places Staff Working Paper 2022-1 Thibaut Duprey, Daniel E. Rigobon, Philip Schnattinger, Artur Kotlicki, Soheil Baharian, T. R. Hurd The COVID-19 pandemic highlighted the need for policy-makers to closely monitor disruptions to the retail and food business sectors. We present a new method to measure business opening and closing rates using real-time data from Google Places, the dataset behind the Google Maps service. Content Type(s): Staff research, Staff working papers Research Topic(s): Firm dynamics, Recent economic and financial developments JEL Code(s): C, C5, C55, C8, C81, D, D2, D22, E, E3, E32
The Macroeconomic Effects of Non-Zero Trend Inflation Staff Working Paper 2006-34 Robert Amano, Steve Ambler, Nooman Rebei The authors study the macroeconomic effects of non-zero trend inflation in a simple dynamic stochastic general-equilibrium model with sticky prices. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Economic models, Inflation and prices, Inflation targets JEL Code(s): E, E2, E24, E3, E32