Modernizing Canada's wholesale payments system to Lynx from the Large Value Transfer System (LVTS) brings two key changes: (1) the settlement model shifts from a hybrid system that combined components of both real-time gross settlement (RTGS) and deferred net settlement (DNS) to an RTGS system;...

We study the role of intermediaries (brokers) in the Canadian mortgage market. In this market, consumers can search for quotes in one of two ways: on their own or via a broker. We provide descriptive evidence that borrowers who transact through brokers are different from those who do not....

This paper measures how both geographical and cultural proximity of bank branches affect household credit choice and pricing. We examine both types of proximity jointly to separately identify the importance of soft information versus alternative mechanisms. Using a detailed household-level...

High-value payment systems (HVPSs) are typically liquidity-intensive because the payment requests are indivisible and settled on a gross basis. Finding the right order in which payments should be processed to maximize the liquidity efficiency of these systems is an NP-hard combinatorial...

This paper examines the role of rewards-based and equity-based crowdfunding in funding new businesses. In this model, crowdfunding is a unique technology that serves as a real option for production and eliminates downside risk. It affords entrepreneurs who face uncertain consumer demand a viable...

Attempts to measure aspects of the Indigenous economy in Canada are limited by data availability and quality. Drawing on the most recent data sources and research, we provide an overview of the Indigenous economy in Canada. This includes a discussion of the various characteristics of the...

We present results from the 2022 Methods-of-Payment Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends in cash holdings, management and use observed across results from previous surveys in 2009, 2013 and 2017. We also review recent trends...

We present results from the 2021 Methods-of-Payment (MOP) Survey, including updated payment shares based on a three-day shopping diary. We highlight long-term trends observed across previous MOP surveys from 2009, 2013 and 2017. We also review patterns of the management and use of cash, the...

Attempts to measure aspects of the Indigenous economy in Canada are limited by data availability and quality. Drawing on the most recent data sources and research, we provide an overview of the Indigenous economy in Canada. This includes a discussion of the various characteristics of the...