June 11, 2002 Trust, Transparency, and Financial Markets Remarks David Dodge Greater Halifax Partnership Halifax, Nova Scotia But first, I would like to address an important subject; that is, how to promote the efficient operation of Canada's financial markets. Rather than approaching this topic in a detailed, technical way, I want to speak about two qualities that are essential to their efficient operation: trust and transparency. Content Type(s): Press, Speeches and appearances, Remarks
June 11, 2002 Bank of Canada Governor says trust and transparency crucial for financial markets Media Relations Halifax, Nova Scotia Canadian financial markets need trust and transparency to operate most efficiently, Bank of Canada Governor David Dodge said today in a speech to the Greater Halifax Partnership. Mr. Dodge said that the Bank of Canada's reliance on trust and transparency shows why these qualities are also important to the private sector. Content Type(s): Press, Press releases
June 10, 2002 Summer Consultations - Market Views Sought on Issues Relating to the Design and Operation of Government Debt Programs over 2002/03 and Beyond A consultation document on issues relating to the design and operation of the government debt programs for fiscal year 2002/03 and beyond, prepared jointly by the Department of Finance and the Bank of Canada as its fiscal agent, is being made public today. Content Type(s): Press, Market notices
June 10, 2002 Summer Consultations Overview The purpose of these consultations is to obtain market views on issues relating to the design and operation of government debt programs for fiscal 2002/03 and beyond. The fundamental objectives of the federal debt strategy are to provide stable, low-cost funding for the federal government and to maintain and enhance a well-functioning market for […]
June 4, 2002 Bank of Canada raises overnight rate target by 1/4 percentage point to 2 1/2 per cent Media Relations Ottawa, Ontario The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2 3/4 per cent. Content Type(s): Press, Press releases
Does Exchange Rate Policy Matter for Growth? Staff Working Paper 2002-17 Jeannine Bailliu, Robert Lafrance, Jean-François Perrault Previous studies on whether the nature of the exchange rate regime influences a country's medium-term growth performance have been based on a tripartite classification scheme that distinguishes between pegged, intermediate, and flexible exchange rate regimes. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rate regimes, Exchange rates, Monetary policy framework JEL Code(s): F, F3, F31, F33, F4, F43, O, O4, O40
A Market Microstructure Analysis of Foreign Exchange Intervention in Canada Staff Working Paper 2002-16 Chris D'Souza This paper clarifies the role and the impact of foreign exchange dealers in the relationship between foreign exchange intervention and nominal exchange rates using a unique dataset that disaggregates trades by dealer and by type of trade. Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Financial institutions, Financial markets JEL Code(s): F, F3, F31, G, G1, G14, G2, G21
Corporate Bond Spreads and the Business Cycle Staff Working Paper 2002-15 Zhiwei Zhang This paper examines the predictive power of credit spreads from the corporate bond market. The high-yield bond spread and investment-grade spread can explain 68 per cent and 42 per cent of output variations one year ahead, while the term spread based on government debts can explain only 12 per cent of them. Content Type(s): Staff research, Staff working papers Topic(s): Financial markets, Monetary and financial indicators, Monetary policy transmission JEL Code(s): E, E3, E5, G, G1
May 24, 2002 Convocation address Remarks David Dodge Graduating class of the Faculty of Engineering Queen's University Kingston, Ontario Queen's motto is Sapientia et Doctrina Stabilitas, which we generally translate as "Wisdom and knowledge shall be the strength of thy times." This motto is especially pertinent to you as engineers graduating today. Content Type(s): Press, Speeches and appearances, Remarks
May 21, 2002 Inflation and the Macroeconomy: Changes from the 1980s to the 1990s Bank of Canada Review - Spring 2002 David Longworth Over the last 10 years, the level of inflation has been much lower than in the previous two decades. At the same time, the behaviour of inflation has changed profoundly. By surveying the data and the economic research, the author first examines changes in the variability, growth rates, and behaviour of some of the major macroeconomic variables during the 1980s and 1990s. He then looks at how these changes are linked to a shift in the approach of monetary policy over the period. Lastly, he reviews the economic benefits that these changes have had for Canada. Content Type(s): Publications, Bank of Canada Review articles Topic(s): Business fluctuations and cycles, Credibility, Inflation targets, Inflation: costs and benefits