Financial institutions
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COVID-19 crisis: Liquidity management at Canada’s largest public pension funds
We examine how the eight largest Canadian public pension funds managed liquidity during the market turmoil in March 2020. The funds were generally resilient to large demands for liquidity and relied heavily on Canada's core funding markets. -
An Exploration of First Nations Reserves and Access to Cash
Adequate cash distribution is one the Bank of Canada’s core interests. Canadians’ ability to access cash influences the Bank’s thinking on issuing a central bank digital currency. We provide a perspective on these issues by exploring access of First Nations reserves to cash. -
Behaviour in the Canadian large-value payment system: COVID-19 vs. the global financial crisis
Unlike the 2008–09 global financial crisis, the onset of the COVID-19 crisis did not raise stress levels in Canada’s Large Value Transfer System. Swift changes to the Bank of Canada’s collateral policy and its large-scale asset purchase programs likely eased liquidity pressures in the system. -
Stablecoin Assessment Framework
We offer relevant authorities a three-step assessment framework they can use to understand, identify and quantify the risks associated with stablecoin and other cryptocurrency arrangements. -
March 23, 2021
Supporting markets in tough times
Deputy Governor Toni Gravelle talks about actions the Bank of Canada took to make sure financial markets could work smoothly during the COVID-19 pandemic. He also discusses the Bank’s plans to discontinue some programs. -
Non-bank financial intermediation in Canada: a pulse check
The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth. -
March 23, 2021
Market stress relief: The role of the Bank of Canada’s balance sheet
Deputy Governor Toni Gravelle discusses actions taken by the Bank of Canada to respond to market-wide stresses during the COVID-19 pandemic and the Bank’s role as lender of last resort in the financial system. -
Imperfect Banking Competition and Macroeconomic Volatility: A DSGE Framework
How do banks adjust their loan rate markup in response to macroeconomic shocks? -
Market Concentration and Uniform Pricing: Evidence from Bank Mergers
We show that US banks price deposits almost uniformly across their branches and that this pricing practice is more important than increases in local market concentration in explaining the deposit rate dynamics following bank mergers.