Complex Ownership and Capital Structure Staff Working Paper 2009-12 Teodora Paligorova, Zhaoxia Xu This paper investigates the impact of pyramid ownership structure and multiple controlling shareholders on firm leverage. Pyramids, having at least one controlling shareholder and a subsidiary, rely significantly more on debt financing than non-pyramid firms. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, International topics JEL Code(s): G, G3, G31, G32
Information Flows and Aggregate Persistence Staff Working Paper 2009-11 Oleksiy Kryvtsov Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of information is determined endogenously. Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Inflation and prices, Monetary policy transmission JEL Code(s): D, D8, D83, E, E3, E31, E32
April 1, 2009 Sound Policy Measures will Rebuild Confidence, Guide Economies Through Challenging Times, says Governor Carney Media Relations Yellowknife, Northwest Territories Although the global and Canadian economies are in recessions triggered by the most severe financial meltdown since the 1930s, Canadians can have confidence that unprecedented policy measures will restore growth, Bank of Canada Governor Mark Carney said today. Content Type(s): Press, Press releases
April 1, 2009 Rebuilding Confidence in the Global Economy Remarks Mark Carney Northwest Territories Chamber of Commerce and Yellowknife Chamber of Commerce Yellowknife, Northwest Territories These are very challenging times. The Canadian economy is in recession. The global economy is facing a crisis of confidence, triggered by the most severe financial meltdown since the Great Depression; fanned by sharp falls in trade, manufacturing output, and financial wealth; and intensified by steep increases in unemployment. Content Type(s): Press, Speeches and appearances, Remarks
March 31, 2009 Results of the 31 March 2009 Term PRA Transaction for Private Sector Instruments The results of today's term PRA operations are as follows. Content Type(s): Press, Market notices
March 31, 2009 Bank of Canada Announces the Minimum Bid Rate for Today's Term PRA Facility for Private Sector Instruments The minimum bid rate for today's 28-day Term PRA Facility for Private Sector Instruments is 0.70%. Content Type(s): Press, Market notices
March 30, 2009 Canada Offers Important Perspective as G-20 Leaders Pursue Critical Financial Reforms: Governor Carney Media Relations Edmonton, Alberta As Canadian and international policy-makers work to create a more stable, efficient global financial system, Canada has much to offer from its own experience, Bank of Canada Governor Mark Carney said today. Content Type(s): Press, Press releases
March 30, 2009 What Are Banks Really For? Remarks Mark Carney University of Alberta School of Business Edmonton, Alberta Across the world's major economies, addressing the failures of banking ranks among the highest policy priorities. In the harsh glare of the current financial turmoil, it is clear that many banks outside of Canada were either not doing their jobs or were doing them in ways that created enormous risks. Content Type(s): Press, Speeches and appearances, Remarks
March 30, 2009 Results of the 30 March 2009 Term PRA Transaction The results of today's term PRA operations are as follows. Content Type(s): Press, Market notices
March 30, 2009 Results for the 30 March 2009 Term Loan Facility The results of today's TLF operation are as follows. Content Type(s): Press, Market notices