Some Implications of International Financial Integration for Canadian Public Policy Technical Report No. 57 William White The domestic capital markets of the major industrial countries have become more closely integrated over the last two decades, a by-product of regulatory and technological change. This paper considers some of the implications of those changes for Canadian public policy. While no profound implications are found for Canadian macroeconomic policies, which probably reflects a long […] Content Type(s): Staff research, Technical reports Research Topic(s): International topics JEL Code(s): E, E5, E50, F, F3, F33, H, H3, H30
Measuring the Profitability and Effectiveness of Foreign Exchange Market Intervention: Some Canadian Evidence Technical Report No. 53 John Murray, Mark Zelmer, Shane Williamson When the major industrial countries decided to move to a system of managed flexible exchange rates following the collapse of the Bretton Woods system, many observers thought that this would reduce, if not eliminate, the need for official foreign exchange market intervention. During the past fifteen years, however, intervention in most countries, including Canada, has […] Content Type(s): Staff research, Technical reports Research Topic(s): Exchange rates JEL Code(s): F, F3, F31, G, G1, G14
International Interest Rate Linkages and Monetary Policy: A Canadian Perspective Technical Report No. 52 John Murray, Ritha Khemani This paper examines the implications of increased international capital mobility and asset substitutability for domestic monetary policy in a small open economy such as Canada. Alternative definitions of international financial market integration are presented and tested in the context of two popular macro models. In the main, results suggest that interest rate relationships in Canada […] Content Type(s): Staff research, Technical reports Research Topic(s): Interest rates, International topics JEL Code(s): E, E5, E50, F, F3, F33