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Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis

Ehrmann, Michael; Fratzscher, Marcel - Bank of Canada - 2015

The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It … identification. The paper finds that euro area government bond markets were well integrated prior to the crisis, but saw a … substantial fragmentation from 2010 onward. Flight to quality was present at the height of the crisis, but has largely dissipated …

Persistent link: https://www.econbiz.de/10011262896

Do We Need the IMF to Resolve a Crisis? Lessons from Past Episodes of Debt Restructuring

Maier, Philipp - Bank of Canada - 2007

effectively dealing with the crisis, which might help to restore confidence. This holds all the more since creditors have better …

Persistent link: https://www.econbiz.de/10005162402

Capital Flows and Macroprudential Policies - A Multilateral Assessment of Effectiveness and Externalities

Beirne, John; Friedrich, Christian - Bank of Canada - 2014

This paper assesses the effectiveness and associated externalities that arise when macroprudential policies (MPPs) are used to manage international capital flows. Using a sample of up to 139 countries, we examine the impact of eight different MPP measures on cross-border bank flows over the...

Persistent link: https://www.econbiz.de/10010849941

A Wake-Up-Call Theory of Contagion

Ahnert, Toni; Bertsch, Christoph - Bank of Canada - 2015

with an initially uncertain correlation of regional fundamentals. A crisis in region 1 is a wake-up call to investors in …

Persistent link: https://www.econbiz.de/10011264834

The Role of Expenditure Switching in the Global Imbalance Adjustment

Dong, Wei - Bank of Canada - 2010

In theory, nominal exchange rate movements can lead to “expenditure switching” when they generate changes in the relative prices of goods across countries. This paper explores whether the expenditure-switching role of exchange rates has changed in the current episode of significant global...

Persistent link: https://www.econbiz.de/10008599625

Governance and the IMF: Does the Fund Follow Corporate Best Practice?

Santor, Eric - Bank of Canada - 2006

The governance challenges facing the International Monetary Fund (IMF) are not simply limited to representation and voice, and the associated question of quota allocation. The author identifies governance issues that hitherto remained largely ignored by the literature and policy-makers alike....

Persistent link: https://www.econbiz.de/10005673313

Monetary Policy in Estimated Models of Small Open and Closed Economies

Dib, Ali - Bank of Canada - 2003

The author develops and estimates a quantitative dynamic-optimizing model of a small open economy (SOE) with domestic and import price stickiness and capital-adjustment costs. A monetary policy rule allows the central bank to systematically manage the short-term nominal interest rate in response...

Persistent link: https://www.econbiz.de/10005673321

Has Exchange Rate Pass-Through Really Declined in Canada?

Bouakez, Hafedh; Rebei, Nooman - Bank of Canada - 2005

Several empirical studies suggest that exchange rate pass-through has declined in recent years in industrialized countries. Results for Canada also indicate that, in the 1990s, import and consumer prices became less responsive to exchange rate movements. These findings are based on reducedform...

Persistent link: https://www.econbiz.de/10005673339

Alternative Optimized Monetary Policy Rules in Multi-Sector Small Open Economies: The Role of Real Rigidities

Resende, Carlos de; Dib, Ali; Kichian, Maral - Bank of Canada - 2010

Inflation-targeting central banks around the world often state their inflation objectives with regard to the consumer price index (CPI). Yet the literature on optimal monetary policy based on models with nominal rigidities and more than one sector suggests that CPI inflation is not always the...

Persistent link: https://www.econbiz.de/10008562476

World Real Interest Rates: A Global Savings and Investment Perspective

Desroches, Brigitte; Francis, Michael - Bank of Canada - 2007

Over the past 15 years, long-term interest rates have declined to levels not seen since the 1970s. This paper explores possible shifts in global savings and investment that have led to this fall in the world real interest rate. There are several key findings. First, the authors identify the...

Persistent link: https://www.econbiz.de/10005808394