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This paper provides a framework to compare linked and unlinked CCP configurations in terms of total netting achieved by market participants and the total system default e[...]
2013 | Text | Staff Working Paper - Document de travail du personnel |
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2.
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This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the eco[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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We model the behavior of dealers in Over-the-Counter (OTC) derivatives markets where a small number of dealers trade with a continuum of heterogeneous clients (hedgers). [...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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Recent reform proposals call for an elimination of the constant net asset value (NAV) or “buck” in money market mutual funds to reduce the occurrence of runs. Outside the[...]
2012 | Text | Staff Working Paper - Document de travail du personnel |
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This paper empirically assesses the effectiveness of the Bank of Canada's term Purchase and Resale Agreement (PRA) facility in reducing short-term bank funding pressures,[...]
2010 | Text | Staff Working Paper - Document de travail du personnel |
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Do short sales restrictions have an impact on security prices? We address this question in the context of a natural experiment surrounding the short sale ban of 2008 usin[...]
2009 | Text | Staff Working Paper - Document de travail du personnel |
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The authors develop a search model of venture capital in which the number of successful matches of entrepreneurs and venture capitalists (VCs) at any moment in time is a [...]
2005 | Text | Staff Working Paper - Document de travail du personnel |
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8.
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The authors study the price—volume dynamics ahead of the first public announcement of a takeover for 420 Canadian firms from 1985 to 2002. Pre-bid price run-ups in a targ[...]
2005 | Text | Staff Working Paper - Document de travail du personnel |
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9.
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The authors review the state of the debate on hedge funds and the potential threat that hedge funds pose to financial stability. The collapse of a hedge fund or a group o[...]
2007 | Text | Staff Discussion Paper - Document d’analyse du personnel |
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10.
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Since the financial crisis, attention has focused on central counterparties (CCPs) as a solution to systemic risk for a variety of financial markets, ranging from repurch[...]
2011 | Text | Staff Discussion Paper - Document d’analyse du personnel |
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