July 18, 2018 Eligible provincial and territorial issuers under the Bank of Canada’s Standing Liquidity Facility The following represents the list of provinces and territories whose securities, either directly issued or guaranteed, are considered to be of sufficiently high quality to be eligible under the Bank of Canada’s collateral policy.
The Characteristics of Uninsured Mortgages and their Securitization Potential Staff Analytical Note 2018-24 Adi Mordel, Maria teNyenhuis Following changes to housing finance policies that target insured mortgages, uninsured mortgage credit has been growing. This robust growth creates a larger pool of mortgages that may be suitable for private-label residential mortgage-backed securities (RMBS). Content Type(s): Staff research, Staff analytical notes Topic(s): Financial institutions, Financial system regulation and policies, Wholesale funding JEL Code(s): G, G2, G21, G28
Sources of Borrowing and Fiscal Multipliers Staff Working Paper 2018-32 Romanos Priftis, Srecko Zimic This paper finds that debt-financed government spending multipliers vary considerably depending on the location of the debt buyer. In a sample of 33 countries, we find that government spending multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared with when government purchases are financed by issuing debt to home investors (residents). Content Type(s): Staff research, Staff working papers Topic(s): Debt management, Economic models, Fiscal policy, International financial markets JEL Code(s): E, E2, E6, E62, F, F4, F41, H, H3
Assessing the Impact of Demand Shocks on the US Term Premium Staff Discussion Paper 2018-7 Russell Barnett, Konrad Zmitrowicz During and after the Great Recession of 2008–09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more commonly known as quantitative easing or QE, to provide additional monetary stimulus. Content Type(s): Staff research, Staff discussion papers Topic(s): Financial markets, Interest rates, Monetary policy framework, Monetary policy implementation, Monetary policy transmission JEL Code(s): E, E4, E43, E5, E52, E58, E6, E61, E65, G, G1, G12
Does Outward Foreign Investment Matter for Canadian Productivity? Evidence from Greenfield Investments Staff Working Paper 2018-31 Naveen Rai, Lena Suchanek, Maria Bernier This paper seeks to understand how outward foreign direct investment (FDI) affects the productivity of Canadian firms. We estimate the impact of outward greenfield investment on measures of firm-level productivity using FDI data from roughly 2,000 Canadian firms and more than 4,000 outward FDI projects over the 2003–14 period. Content Type(s): Staff research, Staff working papers Topic(s): Firm dynamics, Productivity JEL Code(s): D, D2, D24, F, F2, F21, F23
July 13, 2018 Process for selecting a Deputy Governor of the Bank of Canada Further to the announcement that Deputy Governor Sylvain Leduc will leave the Bank at the end of July, the process to appoint his successor has been initiated. Content Type(s): Press, Announcements