Bank of Canada Review, Summer 2008

The Summer 2008 edition of the BoC Review has been released. The table of contents is:

  • The Canadian Debt-Strategy Model
  • China‚Äôs Integration into the Global Financial System
  • House Prices and Consumer Spending
  • A Tool for Assessing Financial Vulnerabilities in the Household Sector
  • A Money and Credit Real-Time Database for Canada

I very quickly reviewed the articles, but must confess I didn’t find any of them particularly fascinating. The first article, on Canadian debt strategy (how should the feds split up their issuance in order to minimize both cost and risk? How do you define risk, anyway?) was a little disappointing; I felt that there should have been more discussion of the crowding-out effects of short term government debt (I don’t much like the government’s policy of issuing short term bonds. Leave that area for the private sector!) and a greater emphasis on apocalyptic scenarios exacerbated by fiscal boneheadism (I was on the ‘phone with my main man back in 1994, and he was telling me there were serious concerns that the Bank of Canada 10-year auction could fail. I don’t EVER want to hear that again).

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