Canada
Canadian deputy says global demand must ‘rotate’
John Murray warns that a lack of co-operation in global rebalancing will only make the situation worse; says global GDP could contract by $6 trillion by 2015
Canadian deputy encourages use of derivatives central counterparty
Bank of Canada deputy calls for ‘material increase’ in central counterparty membership; supports smaller institutions accessing service through existing participants
Carney says banks should follow the Canadian example in rebuilding trust
Bank of Canada chief says banks – at least those outside Canada – have a long way to go in rebuilding trust, but progress is being made
Co-operation needed to avoid reduction in cross-border activity, says Canadian deputy
Timothy Lane says a reduction in cross-border activity only internalises the contagion risk; greater global co-operation needed to improve financial stability
Carney insists Bank of Canada will tighten policy despite holding rates again
Mark Carney says the withdrawal of monetary stimulus is postponed, but not cancelled, as Bank of Canada’s governing council holds rates again
Bank of Canada front-runner discusses interest rate rise
Tiff Macklem, tipped to be the next Canadian governor, reveals concern over household imbalances despite ‘signs of stabilisation’ and points to potential interest rate rise
Bank of Canada wants national citizen to succeed Carney
Legislation dictates governor must be a Canadian citizen; advert for new governor released publicly on central bank website
Canadian deputy fears ‘ugly’ outlook for global economy
Bank of Canada’s John Murray says policy slippages are endangering global recovery; hits out at surplus countries and says world is trapped in a ‘bad’ scenario
Asia can ease collateral squeeze, says Clearstream chief
The global thirst for high-grade collateral resulting from OTC clearing will require Asia to play a greater role in future, according to Jeffrey Tessler, chief executive of Clearstream
Industry unmoved by death of minor-currency Libor
The Wheatley Review calls for an end to Libor quoting in five currencies, but the number of trades affected is small, say market participants
Canada’s Carney wants an end to ‘global angst’
Bank of Canada governor Mark Carney says quick and bold action needed to end uncertainty restraining economic growth
Bank of Canada grandees pay tribute to James Coyne
Incumbent and retired Bank of Canada governors pay tribute to James Coyne, an early crusader for price stability and central bank operational independence, who died on October 12
Canada paper analyses China impact on Latin America
Bank of Canada study investigates the significance of Chinese and US GDP on the transmission mechanism of business cycles to Latin America
‘Financialisation’ of commodities markets in reverse, says Canada’s Lane
Bank of Canada’s Timothy Lane says bank deleveraging could lead to a reversal of the close ties in recent years between financial and commodity markets
Canadian governor refuses to lean on exchange rate
Mark Carney praised effect of high commodity prices on Canada’s economy despite currency appreciation; says he will not intervene in exchange rates
Bank of Canada paper studies risk and debt maturity
Working paper finds firms facing higher volatility tend to issue debt with a longer maturity; increase in maturity period accelerates during a recession
Carney discusses the “right kind” of globalisation
Governor of the Bank of Canada explains how globalisation can be harnessed to create prosperity for Canadians; says responsibility for past mistakes lay with many parties
BoC’s Cote says debt distributions useful in gauging systemic risk
Bank of Canada deputy governor Agathe Cote says aggregate indicators are not sufficient for judging systemic risk; distribution of debt is as important as the overall amount
Bank of Canada estimates measurement bias in CPI
Article assesses degree of bias in the consumer prices index; suggests more frequent updating of goods basket would allow for more accurate measurement
Central Bank of Chile paper supports unit root-based inflation forecasts
Working paper argues unit root-based models can create effective inflation forecasts; tests findings based on data from US, Canada and Sweden
Bank of Canada paper warns of shock transmission multipliers
Working paper finds financial integration between countries leads to multiplier effects in the transmission of shocks; suggests greater investment causes greater correlation of output
Bank of Canada holds rates steady
Governing council decides to keep benchmark rate at 1%; says modest tightening of monetary policy may be justified if recovery continues
Bank of Canada reports payment system developments
Report reviews Bank of Canada’s activities in promoting clearing and settlement systems; says operations support 'stability and efficiency' of financial system
Canada may withdraw monetary stimulus if growth remains on track, says Carney
Mark Carney lauds Canadian economy, says Europe must create a common banking union and believes global recovery relies on moving to an open, multi-polar international economy