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Eric Santor

Eric Santor was appointed as an Advisor to the Governor in 2019.  In this role, he is co-Secretary to the Governing Council and the Managing Director of the International Economic Analysis Department.

DeFi Lending: Returns, Leverage, and Liquidation Risk

Staff analytical paper 2026-13 Jonathan Chiu, Furkan Danisman
DeFi lending with proper governance is operationally viable, but it also faces constraints related to capital efficiency, liquidation risk, and systemic fragility within the crypto ecosystem.

The rise in the Canadian term premium in a global context

In Canada and abroad, yields on long-term government bonds have stayed high even as policy interest rates have fallen. This is due to rising term premiums―the extra compensation investors demand for holding these bonds. A key factor driving higher term premiums is global concerns about the ability of markets to absorb substantial amounts of government debt.
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