00000nam 2200000zi 4500 9.903069 CaOODSP 20250218144357 m o d f cr cn||||||||| 210903t20212021oncd ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-6/2021-2E-PDF Fontaine, Jean-Sébastien, author. COVID-19 crisis : lessons learned for future policy research / by Jean-Sébastien Fontaine, Corey Garriott, Jesse Johal, Jessica Lee and Andreas Uthemann. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2021. ©2021 1 online resource (ii, 33 pages) : graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff discussion paper = Document d'analyse du personnel, 1914-0568 ; 2021-2 Cover title. "February 24, 2021." Includes bibliographical references (pages 32-33). "Fixed-income markets were disrupted at the beginning of the COVID-19 crisis. As whole industries temporarily shut down, businesses and households ran down their savings or needed credit to survive income losses. As volatility increased, portfolio managers sold securities to manage their leveraged exposures or meet actual and anticipated margin calls and redemption requests. In financial markets, a substantial part of the demand for money came from asset managers. When the dealer arms of commercial banks approached their internal risk limits, the demand for money outpaced their willingness to deal or lend against securities, and trading costs rose in core and peripheral funding markets. The unprecedented scale of interventions by the Bank of Canada and other central banks raises questions that we pose for future policy research. Can central banks’ policies and crisis interventions in financial markets better reflect the growing role that asset managers play in the financial system? And can the structure of financial markets be made less reliant on the capacity of banks to supply money?"--Abstract, page ii. COVID-19 Pandemic, 2020-2023 Economic aspects Canada. Banks and banking, Central Research. Monetary policy. Pandémie de COVID-19, 2020-2023 Aspect économique Canada. Banques centrales Recherche. Politique monétaire. Bank of Canada, issuing body. Staff discussion paper (Bank of Canada) 1914-0568 ; 2021-2. (CaOODSP)9.806273 PDF 687 KB https://publications.gc.ca/collections/collection_2021/banque-bank-canada/FB3-6-2021-2-eng.pdf