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Canadian Cataloguing in Publication Data Martin, Peter, 1942- Inside the Bank of Canada's Weekly financial statistics Bibliography: p. Includes index. ISBN 0-88975-l17-X 1. Bank of Canada. Weekly financial statistics. 2. Bank of Canada. 3. Monetary policy-Canada. 4. Banks and banking-Canada. I. Fraser Institute (Vancouver, B.C.). II. Title. HG2706.M37 1988 372.1'1'0971 C88-091305-3 COPYRIGHT 1989 by The Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical ar­ ticles and reviews. Printed in Canada. TO: Carolyn, Daniel, Pamela and Andrew who paid the highest price-my lost time with them­ to enable completion of this book. TABLE OF CONTENTS ACKNOWLEDGEMENTS ................................................................... xix PREFACE ................................................................................. xx ABOUT THE AUTHOR ..................................................................... xxi INTRODUCTION - Inside the Bank of Canada's Weekly Financial Statistics: A Column by Column, Page by Page Technical Guide to the Bank of Canada Statement ................................................................. 1 1. THE PRESENTATION STYLE ............................................................ 2 II. THE SUBSTANTIAL INCREASE IN DATA INCLUDED IN THE WFS IN 1981 AND THE COMPLETELY NEW PRESENTATION STYLE .................................... 3 1. Change in Format for the WFS ........................................................ 3 2. Data Changes Reflect Developments Arising from the 1980 Bank Act Revisions ................ 4 a) Foreign Bank Affiliates Becoming Canadian Chartered Banks ........................... 4 b) A New Chartered Bank Statistical Reporting System .................................. 4 III. SUMMARY OF CONTENTS ............................................................. 5 CHAPTER ONE - THE BANK OF CANADA'S BALANCE SHEET ............................... 9 1. BANK OF CANADA ASSETS ........................................................... 11 1. Government of Canada Direct and Guaranteed Securities .................................. 11 a) Total Held .................................................................... 11 b) Government of Canada Securities and the Bank of Canada's Balance Sheet. .............. 13 i) Debt Monetization-The Creation of Paper Currency ............................. 13 ii) The Bank of Canada's Asset Response to the Liability Side of ltsBalance Sheet and the OverboughtJUnderbought Position ..................................... 14 iii) Open Market Operations .................................................... 16 iv) Debt Management Operations ............................................... 18 2. Amount of Foregoing (Government Securities) Held Under Purchase and Resale Agreements ............................................................. 21 3. Other Bills (Purchased Directly or under a PRA) ......................................... 24 4. Advances to Members of the Canadian Payments Association .............................. 25 a) The Canadian Payments Association .............................................. 25 b) Bank of Canada Liquidity Advances to Direct Clearing CPA Members .................. 26 c) Characteristics of Liquidity Type Cash Advances .................................... 27 d) Extended Credit Advances for Bailouts ............................................ 28 e) The Impact of Bank of Canada Extended Credit Advances on the Bank's Normal Asset Transactions ............................................................. 32 5. Investments in the Industrial Development Bank (IDB) .................................... 32 6. Other Investments .................................................................. 32 a) The Bank of Canada's Cash Reserve Management Policy ............................. 33 i) Passive Offset Policy ....................................................... 33 ii) Active Cash Reserve Management Policy- The Implementation of Monetary Policy ....................................... 34 b) Transfer of Government Cash Balances Between Chartered Banks and the Bank of Canada (The Pure Drawdown and Redeposit Mechanism) ............... 35 i) The Mechanics of the Drawdown and Redeposit Technique ....................... 35 ii) Advantages of the DrawdowniRedeposit Technique .............................. 36 iii) Disadvantages ............................................................ 37 vii c) Bank of Canada Direct Securities Transactions with Government of Canada Accounts (Including Crown Corporations) for Cash Reserve Management Purposes ................ 37 d) Bank of Canada Alterations to Its Net Foreign Asset Position (Swaps with the Exchange Fund Account) as a Technical Complement to and an Extension of the Drawdown/Redeposit Technique for Cash Management Purposes ......................................... 38 i) The Mechanics ........................................................... 38 ii) Assessing the Degree of Foreign Asset Swap Activity by the Bank of Canada on a Week-to-Week Basis ....................................................... 39 iii) Advantages of Exchange Fund Swaps ......................................... 40 iv) Some Broader Implications of Bank of Canada Swapping Foreign Assets as a Technical Complement for Cash Reserve Management Policy ...................... 41 v) The Implication of Bank of Canada Foreign Asset Swaps with the Exchange Fund Account for the Foreign Exchange Market ..................................... 41 7. Foreign Currency Deposits ........................................................... 42 8. All Other Assets ................................................................... 43 9. Total Assets ....................................................................... 44 II. BANK OF CANADA LIABILITIES ....................................................... 44 10. Bank of Canada Notes in Circulation .................................................. 44 a) Total Notes Issued ............................................................. 44 b) Notes in Circulation ............................................................ 45 11. Canadian Dollar Deposits (at the Bank of Canada) ....................................... 46 a) Government of Canada Deposits .................................................. 46 b) Chartered Bank Deposits ........................................................ 47 c) Other Members of the Canadian Payments Association ............................... 48 d) Other (Canadian Dollar Deposits) ................................................. 48 12. The Monetary Base (High Powered Money) ............................................. 49 13. Foreign Currency Liabilities .......................................................... 50 14. All Other Liabilities ................................................................ 50 15. Total Liabilities .................................................................... 51 III. FOOTNOTES (Mainly Dealing with the Potential Cash Reserve Impact of Uncompleted Bank of Canada Transactions) .................. ; .......................................... 51 16. Net Amount of Uncompleted Securities Transactions (Excluding PRAs) with Dealers and Banks in Canada .................................................... 51 17. Other Investments ................................................................... 52 18. Central Bank Credit Outstanding ...................................................... 52 a) Securities Held Under Purchase and Resale Agreements .............................. 52 b) Advances to Members of the Canadian Payments Association .......................... 52 CHAPTER TWO - AN EXPLANATION OF CHARTERED BANK ASSETS ....................... 55 I. CANADIAN CHARTERED BANKING SYSTEM ASSETS .................................... 58 1. Bank of Canada Notes .............................................................. 58 2. Bank of Canada Deposits ........... " ............................................... 58 3. Primary Reserves Held .............................................................. 59 4. Day-to-Day Loans .................................................................. 59 5. Treasury Bills ..................................................................... 60 6. Secondary Reserves Held ..................... , ................. , .................... 60 7. Other (Government of Canada Direct and Guaranteed Securities) ............................ 60 8. Call and Short Loans .............. , ................................................ 60 a) Special Call Loans ............................................................... 60 b) Other Call and Short Loans ...................................................... 61 viii 9. Total Canadian Liquid Assets ......................................................... 61 10. Earning Liquid Assets .............................................................. 62 11. Chartered Bank "Free" Canadian Liquid Assets ......................................... 62 12. Liquid Assets as a Ratio of Total Canadian Dollar Major Assets (Total Liquid Asset Ratio) ........................................................... 62 13. Free Liquid Asset Ratio ............................................................. 63 14. Holdings of Selected Short-Term (Canadian Dollar) Assets by Banks ........................ 63 a) Short-Term Paper (Included in Less Liquid Canadian Assets) .........................
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