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Trade and diffusion of embodied technology : an empirical analysis

Ayerst, Stephen; Ibrahim, Faisal; MacKenzie, Gaelan; … - 2023 - Last updated: April 13, 2023

relevance of this technology for generating new innovations in different sectors in importing countries. We develop an … new innovations (measured using the forward citations those patents receive). Effects are substantially larger for … knowledge-weighted imports of embodied technology, which also lead to improvements in the average quality of new innovations. …

Persistent link: https://www.econbiz.de/10014253761

Quantifying contagion risk in funding markets : a model-based stress-testing approach

Anand, Kartik; Gauthier, Céline; Souissi, Moez - 2015

We propose a tractable, model-based stress-testing framework where the solvency risks, funding liquidity risks and market risks of banks are intertwined. We highlight how coordination failure between a bank's creditors and adverse selection in the secondary market for the bank's assets interact,...

Persistent link: https://www.econbiz.de/10011304764

Measuring systemic risk across financial market infrastructures

Li, Fuchun; Pérez Saiz, Héctor - 2016

We measure systemic risk in the network of financial market infrastructures (FMIs) as the probability that two or more FMIs have a large credit risk exposure to the same FMI participant. We construct indicators of credit risk exposures in three main Canadian FMIs during the period 2007-11 and...

Persistent link: https://www.econbiz.de/10011440454

The interplay of financial education, financial literacy, financial inclusion and financial stability : any lessons for the current big tech era?

Jonker, Nicole; Kosse, Anneke - 2020 - Last updated: August 13, 2020

The entry of Big Tech firms in the financial ecosystem might affect financial stability through the opportunities and challenges they create for financial inclusion. In this paper we survey the literature to determine the effectiveness of financial education in improving financial literacy and...

Persistent link: https://www.econbiz.de/10012262704

What drives episodes of settlement fails in the government of Canada bond market?

Fontaine, Jean-Sébastien; Pinnington, James; Walton, Adrian - 2017

We study settlement fails for trades in the Government of Canada bond market. We find that settlement fails do not occur independently. Using a novel and comprehensive dataset, we examine three drivers of fails. First, we find that fails are more likely following the release of surprise...

Persistent link: https://www.econbiz.de/10011777849

Cyber security and ransomware in financial markets

Ahnert, Toni; Brolley, Michael; Cimon, David; Riordan, Ryan - 2022 - Last updated: July 14, 2022

Financial markets face the constant threat of cyber attacks. We develop a principal-agent model of cyber-attacking with fee-paying clients who delegate security decisions to financial platforms. We derive testable implications about clients' vulnerability to cyber attacks and about the fees...

Persistent link: https://www.econbiz.de/10013277108

An economic perspective on payments migration

Kosse, Anneke; Lu, Zhentong; Xerri, Gabriel - 2020 - Last updated: June 5, 2020

Canada is in the midst of developing three new core payment systems: Lynx, Settlement Optimization Engine (SOE) and Real-Time Rail (RTR). Lynx and SOE will replace the current Large Value Transfer System (LVTS) and Automated Clearing Settlement System (ACSS), whereas RTR will be a new...

Persistent link: https://www.econbiz.de/10012243367

Rollover risk and the maturity transformation function of banks

Paligorova, Teodora; Santos, João A. C. - 2014

This paper shows that banks that rely heavily on short-term funding engage less in maturity transformation in an attempt to decrease their exposure to rollover risk. These banks shorten both the maturity of their portfolio of loans as well as the maturity of newly issued loans. We find that the...

Persistent link: https://www.econbiz.de/10010254340

Effects of funding portfolios on the credit supply of Canadian banks

Damar, H. Evren; Meh, Césaire Assah; Terajima, Yaz - 2015

This paper studies how banks simultaneously manage the two sides of their balance sheet and its implications for bank risk taking and real economic activity. First, we analyze how changes in funding affect the supply of bank loans. We then examine how the supply of credit by banks that rely more...

Persistent link: https://www.econbiz.de/10010488964

Asset encumbrance, bank funding and financial fragility

Ahnert, Toni; Anand, Kartik; Gai, Prasanna; Chapman, James - 2016

How does asset encumbrance affect the fragility of intermediaries subject to rollover risk? We offer a model in which a bank issues covered bonds backed by a pool of assets that is bankruptcy remote and replenished following losses. Encumbering assets allows a bank to raise cheap secured debt...

Persistent link: https://www.econbiz.de/10011451099

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