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  Séance de réflexion des...  

Show textShow cached sourceOpen source URL	est un bon exemple des efforts que nous déployons à cet égard.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	series of bank notes is a good example of the effort that we are making in this regard.

  Le secteur canadien du ...  

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La relance de l'activité dans le secteur du logement tient au fait que l'accessibilité à la propriété n'a jamais été aussi favorable à cause des taux d'intérêt qui se situent actuellement à des creux historiques. Un autre facteur notable est le regain de confiance des consommateurs, bon nombre de Canadiens voyant leurs perspectives économiques s'améliorer.

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Canada's mortgage credit culture has tended to be quite conservative. Mortgage insurance is compulsory for federally regulated financial institutions when the loan-to-value ratio is over 80 per cent. Further, mortgage insurance providers tend to set the lending standards for the industry as a whole. Only about 30 per cent of mortgages in Canada are securitized, so most lenders have ongoing exposures to the mortgages they originate, and that gives them an incentive to be more prudent in their lending practices. Borrowers in Canada also have reasons for prudence: mortgage interest on primary residences is not tax deductible in Canada and (in most provinces) lenders have full recourse to borrowers in the event of default. Thus, a combination of factors contributes to a more stable mortgage market.

  Un solide argument en f...  

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Comme je l'ai indiqué plus tôt, les banquiers centraux s'inquiétaient depuis un bon moment de ce que les écarts de taux ne reflètent pas correctement le risque. C'est pourquoi nous avons vu d'un bon oeil la hausse des primes de risque qui s'est amorcée au printemps dernier.

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In many cases, these structured products have become increasingly complex and more difficult for investors to understand. The securities often made use of leverage and contained layers of derivatives on top of various types of assets; assets that were packaged and repackaged, sold and resold, in a myriad of forms. In this complex process, transparency about the underlying credit was often lost. Because the originators of the loans intended to securitize them rather than leaving them on their balance sheets, they lacked the incentives to carefully assess the creditworthiness of the borrower. And investors often lacked the ability, or did not make the effort, to see through the complexity of the instrument. Thus, investors were unaware of the creditworthiness of the root asset and the potential difficulties with the liquidity of the instrument itself. Compounding the problems was the fact that the models upon which these structured products were valued assumed that they could be readily traded in a liquid market. In August, that assumption was tested and found not to be fully warranted.

  L'économie et la politi...  

Show textShow cached sourceOpen source URL	L'objectif ultime de la Banque est de contribuer du mieux qu'elle peut au bon fonctionnement de l'économie canadienne et au bien-être général des Canadiens. Étayées par de nombreuses recherches théoriques et empiriques, les politiques de la Banque du Canada, et celles de la plupart des autres banques centrales, reposent sur deux propositions fondamentales :
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	This concludes a very broad outline of monetary policy. More detail will be provided later. We now go on to examine why most central banks have adopted the control of inflation as their overall policy objective, rather than the control of variables such as aggregate output, employment, or the unemployment rate.

  Le secteur canadien du ...  

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La relance de l'activité dans le secteur du logement tient au fait que l'accessibilité à la propriété n'a jamais été aussi favorable à cause des taux d'intérêt qui se situent actuellement à des creux historiques. Un autre facteur notable est le regain de confiance des consommateurs, bon nombre de Canadiens voyant leurs perspectives économiques s'améliorer.

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Canada's mortgage credit culture has tended to be quite conservative. Mortgage insurance is compulsory for federally regulated financial institutions when the loan-to-value ratio is over 80 per cent. Further, mortgage insurance providers tend to set the lending standards for the industry as a whole. Only about 30 per cent of mortgages in Canada are securitized, so most lenders have ongoing exposures to the mortgages they originate, and that gives them an incentive to be more prudent in their lending practices. Borrowers in Canada also have reasons for prudence: mortgage interest on primary residences is not tax deductible in Canada and (in most provinces) lenders have full recourse to borrowers in the event of default. Thus, a combination of factors contributes to a more stable mortgage market.

  Un solide argument en f...  

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Comme je l'ai indiqué plus tôt, les banquiers centraux s'inquiétaient depuis un bon moment de ce que les écarts de taux ne reflètent pas correctement le risque. C'est pourquoi nous avons vu d'un bon oeil la hausse des primes de risque qui s'est amorcée au printemps dernier.

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In many cases, these structured products have become increasingly complex and more difficult for investors to understand. The securities often made use of leverage and contained layers of derivatives on top of various types of assets; assets that were packaged and repackaged, sold and resold, in a myriad of forms. In this complex process, transparency about the underlying credit was often lost. Because the originators of the loans intended to securitize them rather than leaving them on their balance sheets, they lacked the incentives to carefully assess the creditworthiness of the borrower. And investors often lacked the ability, or did not make the effort, to see through the complexity of the instrument. Thus, investors were unaware of the creditworthiness of the root asset and the potential difficulties with the liquidity of the instrument itself. Compounding the problems was the fact that the models upon which these structured products were valued assumed that they could be readily traded in a liquid market. In August, that assumption was tested and found not to be fully warranted.

  Séance de réflexion des...  

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C'est pourquoi nous disposons de normes comptables, de règlements en matière de valeurs mobilières et de lois contre les crimes économiques. Le bon fonctionnement des marchés génère des avantages considérables pour la collectivité.

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Let me explain further. When there is fraud, the market is operating on incorrect information. Clearly, that can result in private losses for individual investors who acted on the wrong information. But it can also cause a general loss in confidence—a loss which affects the economy as a whole. In the absence of trust that information is correct, the market cannot function, and society as a whole is the poorer for it. That's why we have accounting standards, securities regulations, and laws prohibiting economic crime. There are significant social benefits of a properly functioning market. And there are severe social costs of a market that functions poorly.

  Communiqués - Banque du...  

Show textShow cached sourceOpen source URL	La Banque du Canada s'engage à fournir des liquidités destinées à soutenir le bon fonctionnement des marchés financiers canadiens.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	The Bank of Canada is committed to providing liquidity in support of the efficient functioning of Canada's financial markets.

  Favoriser la prospérité...  

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D'abord, à certains moments durant la crise financière, la liquidité s'est évaporée sur presque tous les marchés financiers. Toutefois, ce ne sont pas tous les marchés qui sont essentiels au bon fonctionnement du système financier.

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Of course, the financial system has many interdependent elements, and we again must keep the big picture in mind. This is especially true in our monitoring of the financial system, in our assessment of risks, and in our policy analysis. In the current context, two aspects of our policy work are worth noting. First, there were times during the financial crisis when liquidity dried up in almost all financial markets. However, not all markets are critical to the proper functioning of the financial system, so the Bank has been working to identify "core" markets, markets that, through appropriate policies, we would strive to keep operating without interruption, even during a shock. Second, because the regulatory system has tended to focus more on individual financial institutions than on interdependencies or systemic risk, the Bank of Canada, like many other central banks, has been looking at ways to strengthen financial regulation by adding a "macroprudential" orientation – that is, more focus on the system as a whole.

  La Banque du Canada pro...  

Show textShow cached sourceOpen source URL	Le plus élevé des montants suivants : 25 % du montant offert pour chaque bon du Trésor ou 500 millions de dollars
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  Table ronde de Spruce M...  

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L'économie mondiale a évidemment connu de profondes mutations depuis que ces institutions ont vu le jour, il y a plus d'un demi-siècle. Que l'on pense au transport et aux communications, nettement plus rapides et bon marché aujourd'hui qu'ils ne l'étaient après la Deuxième Guerre mondiale.

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Canada's reliance on foreign trade has required us to be active internationalists for decades. Louis Rasminsky, who went on to become Governor of the Bank of Canada, was one of Canada's delegates at the Bretton Woods Conference that led to the creation of the International Monetary Fund (IMF) and the World Bank. Rasminsky played an important role, formal and informal, at the talks. Not only was he the Chair of the drafting committee, he was also the peacemaker between the British delegation, led by John Maynard Keynes, and the U.S. delegation, led by Treasury Secretary Harry Dexter White. In the months leading up to Bretton Woods, it was Rasminsky who kept the two key delegations talking. Without his work, both as a skilled drafter and as a go-between, it's entirely possible that the talks at Bretton Woods could have ended in failure.

  Communiqués - Banque du...  

Show textShow cached sourceOpen source URL	La Banque du Canada accueille favorablement les initiatives destinées à favoriser le bon fonctionnement des marchés financiers au Canada
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	Bank of Canada welcomes initiatives to support the functioning of financial markets in Canada

  Communiqués - Banque du...  

Show textShow cached sourceOpen source URL	L'approche du Canada en matière de politique monétaire est le bon choix selon le gouverneur de la Banque du Canada
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	Bank of Canada Governor says Canada's monetary policy approach works

  L'efficience économique...  

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Même s'ils ne sont pas entièrement capitalisés, comme doivent l'être les régimes privés, bon nombre des principes qui les régissent sont similaires à ceux des régimes à prestations déterminées dotés d'une structure solide.

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First, let me talk about the CPP and the QPP. While these plans are not fully funded, as private pension plans must be, many of the principles of the CPP and QPP are the same as those used by well-structured defined-benefit pensions. The benefits are linked to the earnings history of each member. The assets of the plans are managed by the Canada Pension Plan Investment Board and the Caisse de dépôt et placement du Québec, with the aim of maximizing their long-run returns. Contributions are invested broadly, thus supporting the efficiency of financial markets and of the economy as a whole.

  L'incertitude et la tra...  

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Nos recherches révèlent que la croissance de M1 réel (c'est-à-dire agrégat monétaire au sens étroit M1 dégonflé à l'aide du niveau des prix) est un indicateur utile de la croissance future de la production réelle, et que la croissance des agrégats monétaires au sens large est un bon indicateur avancé du taux d'inflation.

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You may have noted that as yet I have not discussed the roles of the money holdings of the general public and of credit in the monetary transmission process. This is not to say that we think that such monetary and credit aggregates are unimportant; in fact, we follow their movements very closely. But we use them primarily as indicators of future developments, rather than as links in the long causal chain from Bank of Canada actions to the rate of inflation.

  La tenue de l'économie ...  

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À l'échelon fédéral, le ratio de la dette au PIB est descendu depuis sous la barre des 50 %, comparativement au sommet de 71 % atteint en 1995. Et si certaines provinces peinent toujours à dégager des excédents budgétaires, toutes ont pris d'importantes mesures pour mettre bon ordre à leurs finances.

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For almost ten years now, inflation has been well under control, and households and businesses now believe we will continue to achieve the inflation targets. Inflation expectations are well anchored, not just for the near term, but well into the future. Almost a decade of low inflation makes it easy to forget how difficult it was to achieve our inflation targets, and the economic price that was paid to achieve the tremendous benefits of low and stable inflation.

  La poursuite d'une cibl...  

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Mon prédécesseur, Gordon Thiessen, avait de profondes racines dans cette province et il connaissait bien les problèmes auxquels les cultivateurs font face bon an, mal an. Sachez que je comprends aussi ce que vivent les agriculteurs.

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Let me focus on this province for a moment. Here in Saskatchewan, the impact of a slowing world economy was felt mainly through a weakening in commodity prices. This hurt not just the agricultural sector, but the important mining sector as well. After posting very modest growth in 2001, Saskatchewan's economy is expected to show an improvement this year. A pickup in the global economy should boost commodity prices, which would be a big help to the province.

  Tiff Macklem - Banque d...  

Show textShow cached sourceOpen source URL	Les deux éléments clés de ce cadre sont un « point d'ancrage », c'est-à-dire une cible de maîtrise de l'inflation, et un régime de changes flottants. Comme vous vivez près de l'océan, vous savez mieux que moi qu'un bon arrimage est celui qui maintient le bateau bien en place, mais qui laisse du jeu au vent et à la marée.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	The two key components of the Bank's monetary policy framework are an "anchor," the inflation target, and a "float," the flexible exchange rate. Living by the ocean, you know better than I that a good mooring is one that keeps a boat in place, yet allows some give and take for the wind and the tide.

  Critères proposés pour ...  

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Le second est que ces critères doivent contribuer à soutenir le bon fonctionnement du marché du PCAA en améliorant sa transparence auprès des investisseurs et en favorisant l'émergence d'un marché secondaire dynamique pour ces titres.

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Since then, a number of positive developments have occurred in the market for bank-sponsored ABCP in Canada. Liquidity provisions for many bank-sponsored ABCP programs have been strengthened and, in the majority of cases, liquidity agreements no longer include a general market disruption (GMD) clause. In addition, credit-rating agencies operating in Canada and sponsors of ABCP programs have indicated their commitment to improving transparency for ABCP investors.

  L'incertitude et la tra...  

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Par contre, le maintien de la stabilité des prix au fil des années est un objectif qui sied bien à la politique monétaire. Autrement dit, la stabilité des prix est la contribution que la politique monétaire est en mesure d'apporter au bon fonctionnement de l'économie.

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Because the effects of monetary policy are spread over time in a way that is not readily predictable, the conduct of monetary policy must have a stable, medium-term focus. That rules out trying to fine- tune the economy in such a way as to avoid cyclical swings in production and employment. In contrast, the goal of maintaining price stability over time is well suited to the monetary policy instrument. To put it another way, price stability is the contribution to the effective operation of the economy that monetary policy is capable of delivering.

  Séance de réflexion des...  

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Les sociétés cotées en bourse ont besoin de capitaux pour investir et créer de l'emploi, et les gouvernements, pour construire des infrastructures. Les investisseurs qui fournissent ces capitaux s'attendent à ce que ceux-ci soient utilisés à bon escient et qu'ils rapportent de bons rendements.

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Public companies need capital to invest and create jobs. Governments need capital to build infrastructure. Investors provide capital on the expectation that it will be put to good use and yield good returns. In turn, investors rely on these returns to finance their own needs, their homes, their retirement, and the education of their children. All of this activity will not take place unless the players are confident that they will be treated fairly, and that they operate on a level playing field.

  L'économie et la politi...  

Show textShow cached sourceOpen source URL	Bien que plusieurs variables économiques influent sur les décisions de politique monétaire (nous reviendrons un peu plus tard sur bon nombre de ces variables), la Banque du Canada ne dispose que d'un seul instrument de politique.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	Monetary policy is conducted by the Bank of Canada, a government-owned Crown corporation that operates with considerable independence from the federal government but is nonetheless ultimately accountable to Parliament.1

  Discours - Banque du Ca...  

Show textShow cached sourceOpen source URL	Mais d'abord, j'aimerais vous parler d'un sujet important, à savoir les moyens de promouvoir le fonctionnement efficace des marchés financiers du Canada. Et plutôt que de vous présenter un exposé technique et détaillé sur la question, je me concentrerai sur deux éléments essentiels à ce bon fonctionnement : la confiance et la transparence.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	But first, I would like to address an important subject; that is, how to promote the efficient operation of Canada's financial markets. Rather than approaching this topic in a detailed, technical way, I want to speak about two qualities that are essential to their efficient operation: trust and transparency.

  Favoriser la prospérité...  

Show textShow cached sourceOpen source URL	Comme les événements récents l'ont clairement montré, la solidité du système financier est essentielle au bon fonctionnement de l'économie. L'objectif du travail de la Banque à cet égard est de favoriser la stabilité et l'efficience du système financier, aussi bien au Canada que dans le monde.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	As recent events have made clear, a sound financial system is essential to a well-functioning economy. The objective of the Bank's work here is to promote the stability and efficiency of the financial system, both domestically and globally.

  La poursuite de cibles ...  

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Bien que ces deux études tendent à corroborer la validité de la courbe de Phillips néokeynésienne, Sharon Kozicki (qui travaillait à l'époque à la Banque fédérale de réserve de Kansas City, mais qui s'est jointe depuis à la Banque du Canada) affirme que d'autres analyses de la mesure de l'inflation, des attentes d'inflation et du coût marginal devront être effectuées avant que l'on puisse conclure que cette courbe de Phillips est un bon modèle structurel de l'inflation au Canada.

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Bergljot Bjørnson Barkbu and Nicoletta Batini (International Monetary Fund) used a new method that controls for the effects of non-stationary variables to estimate the NKPC. They found that the dynamics of inflation as measured by the Canadian gross domestic product (GDP) deflator can be explained by movements in labour's share, but that the link between these two variables is not especially robust. Barkbu and Batini found that their results are sensitive to measurement of labour's share (e.g., the treatment of indirect taxes, the openness of the economy, the degree of self-employment, and the inclusion of the public sector). Günter Coenen (European Central Bank) questioned the ground for expecting a long-run relationship between inflation, which is a nominal variable, and real marginal cost, a real variable. He argued that it may be more appropriate to treat the variables under consideration as stationary. He also presented empirical results based on a model of generalized price-setting using Canadian data, and confirmed the main finding reported in Barkbu and Batini.

  Un solide argument en f...  

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Comme je l'ai indiqué plus tôt, les banquiers centraux s'inquiétaient depuis un bon moment de ce que les écarts de taux ne reflètent pas correctement le risque. C'est pourquoi nous avons vu d'un bon oeil la hausse des primes de risque qui s'est amorcée au printemps dernier.

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In many cases, these structured products have become increasingly complex and more difficult for investors to understand. The securities often made use of leverage and contained layers of derivatives on top of various types of assets; assets that were packaged and repackaged, sold and resold, in a myriad of forms. In this complex process, transparency about the underlying credit was often lost. Because the originators of the loans intended to securitize them rather than leaving them on their balance sheets, they lacked the incentives to carefully assess the creditworthiness of the borrower. And investors often lacked the ability, or did not make the effort, to see through the complexity of the instrument. Thus, investors were unaware of the creditworthiness of the root asset and the potential difficulties with the liquidity of the instrument itself. Compounding the problems was the fact that the models upon which these structured products were valued assumed that they could be readily traded in a liquid market. In August, that assumption was tested and found not to be fully warranted.

  Résumé des résultats de...  

Show textShow cached sourceOpen source URL	Si l'un des mardis choisis pour l'annonce des mesures de politique monétaire devait coïncider avec un jour où a lieu une adjudication de bons du Trésor, cela nuirait-il au bon fonctionnement des marchés?
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	If a Tuesday announcement date were to coincide with a treasury bill auction day, would this pose a problem for the smooth functioning of markets? Why?

  Résumé des résultats de...  

Show textShow cached sourceOpen source URL	Le point de vue de la Banque : En effectuant ses annonces à 9 h, comme c'est sa pratique actuellement, la Banque s'assure de fournir les renseignements sur les taux d'intérêt à un moment qui contribuera au bon fonctionnement et à l'efficacité des marchés financiers.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	The Bank's view is that a 9 a.m. announcement, as is its current practice, will provide interest rate information in a timely manner that will serve the smooth and efficient functioning of financial markets.

  Appareils de traitement...  

Show textShow cached sourceOpen source URL	Elle les incite fortement à informer leurs clients du moment où les ajustements seront effectués. Les entreprises qui possèdent ou louent des appareils de traitement des billets ont besoin que ces ajustements soient faits à temps pour pouvoir assurer un bon service à leur clientèle.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	The Bank strongly encourages manufacturers and suppliers to keep their customers informed of when adaptations will take place. Those who own or rent bank note handling equipment will be counting on timely adaptations to serve their clients.

  Jocelyn Jacob - Banque ...  

Show textShow cached sourceOpen source URL	Sur longue période, cependant, les modifications de l'écart de rendement peuvent s'avérer un bon indicateur des variations des attentes d'inflation à long terme. Selon cette mesure, les attentes d'inflation sont en baisse depuis la fin de 1994.
Compare text pagesCompare HTM pagesOpen source URLOpen target URLDefine banqueducanada.ca as primary domain	The changes in the differential over time may, nonetheless, be a good indicator of movements in long-run inflation expectations. Based on this measure, expectations of long-run inflation have declined since late 1994.