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Chapman, James; Chiu, Jonathan; Molico, Miguel - Bank of Canada - 2010

that a lending facility provides a bundle of two types of insurance: insurance against liquidity risk as well as insurance … against downside risk of the collateral. Setting a haircut therefore involves balancing the trade-off between relaxing the … liquidity constraints of agents on one hand, and increasing potential inflation risk and distorting the portfolio choices of …

Persistent link: https://www.econbiz.de/10008684432

Discounting in Mortgage Markets

Allen, Jason; Clark, Robert; Houde, Jean-François - Bank of Canada - 2011

explanation for dispersion in credit markets is that lenders engage in risk-based pricing. Our setting is unique since contracts … are guaranteed by government-backed insurance, meaning risk cannot be the main driver of dispersion. We find that mortgage …

Persistent link: https://www.econbiz.de/10008836643

The Efficiency of Private E-Money-Like Systems: The U.S. Experience with National Bank Notes

Weber, Warren E. - Bank of Canada - 2015

Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with...

Persistent link: https://www.econbiz.de/10011132362

Consumer Bankruptcy and Information

Allen, Jason; Damar, H. Evren; Martinez-Miera, David - Bank of Canada - 2012

We analyze the relationship between the intensity of banks’ use of soft-information and household bankruptcy patterns. Using a unique data set on the universe of Canadian household bankruptcies, we document that bankruptcy rates are higher in markets where the collection of soft, or...

Persistent link: https://www.econbiz.de/10010558703

Why Do Shoppers Use Cash? Evidence from Shopping Diary Data

Wakamori, Naoki; Welte, Angelika - Bank of Canada - 2012

Recent studies find that cash remains a dominant payment choice for small-value transactions despite the prevalence of alternative means of payment such as debit and credit cards. For policy makers an important question is whether consumers truly prefer using cash or merchants restrict card...

Persistent link: https://www.econbiz.de/10010559815

The Efficiency of Private E-Money-Like Systems: The U.S. Experience with State Bank Notes

Weber, Warren E. - Bank of Canada - 2014

In the United States prior to 1863 each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes. It examines historical evidence on how well the bank...

Persistent link: https://www.econbiz.de/10010762053

Retail Payment Innovations and Cash Usage: Accounting for Attrition Using Refreshment Samples

Chen, Heng; Felt, Marie-Hélène; Huynh, Kim - Bank of Canada - 2014

We exploit the panel dimension of the Canadian Financial Monitor (CFM) data to estimate the impact of retail payment innovations on cash usage. We estimate a semiparametric panel data modelthat accounts for unobserved heterogeneity and allows for general forms of non-random attrition. We use...

Persistent link: https://www.econbiz.de/10010783638

Financial Structure and Economic Growth: A Non-Technical Survey

Dolar, Veronika; Meh, Césaire - Bank of Canada - 2002

Persistent link: https://www.econbiz.de/10005673279

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