Government of Canada

About: Government of Canada is a government organization based out in Ottawa, Ontario, Canada. It is known for research contribution in the topics: Monetary policy & Debt. The organization has 796 authors who have published 886 publications receiving 21366 citations. The organization is also known as: federal government of Canada & Her Majesty's Government.

Flood Preparedness Application Using Pre-determined Global Flood Inundation Maps

Abstract: In Canada, floods are the most common and most costly natural disaster. Floods threaten lives, properties, and the environment and these risks are only expected to increase alongside expected population increase and impacts from climate change. Flood early warning systems (FEWs) can help mitigate the impact of floods by helping inform the public when and where a flood may occur, identifying infrastructure that may be impacted, and disseminating evacuation routes that avoid flooded roads. FEWs have been shown to save lives and mitigate flood impacts. However, many existing FEWs are limited in terms of their forecast horizon and geographical coverage, and also require precise hydraulic models and substantial computing.This paper develops a flood preparedness application for all of Canada to help prepare Canadians for future and imminent floods. This Canadian flood preparedness application addresses limitations associated with many of the developed FEWS in Canada by matching predicted river flows to predetermined return periods for developed global (or country-wide) flood inundation maps. By matching predicted river flow to return periods of predetermined inundation maps, complex computation is avoided reducing response time, and improving geographical coverage (by using a Canada-wide model). Lastly, using the static map approach, the public and emergency personal can help prepare for floods well in advance, identifying their own flood risk and as well as evacuation and muster locations strategies by identifying roads that would likely be flooded under various flood return periods. Overall the Canada-wide flood preparedness application will help protect and better prepare Canadians as flood risks continue to rise by increasing forecast horizon and geographical coverage and minimizing computation. The new approach of using global (or country-wide) static flood inundation maps to inform FEWS may be applicable in other countries where detailed hydraulic models are unavailable or too time consuming to calculate on a continuous or as needed basis.

Capital Flows and Growth across Developing Countries

Abstract: Foreign direct investment inflows are positively related to economic growth across developing countries — but so are savings in excess of investment This paper develops an explanation for these known empirical findings by focusing on the limited availability of consumer credit in developing countries, together with general equilibrium effects In the model, fast-growing developing countries scale up their holdings of debt assets, which creates net capital outflows — despite inflows of foreign direct investment — and reduces the world interest rate Slow-growing developing countries reduce their holdings of debt assets in response, which creates net capital inflows despite outflows of foreign direct investment

Capturing Information Contagion in a Stress-Testing Framework

Abstract: We develop an operational model of information contagion and show how it may be integrated into a mainstream, top-down, stress-testing framework to quantify systemic risk. The key transmission mechanism is a two-way interaction between the beliefs of secondary market investors and the coordination failure between the creditors of financial institutions. Pessimism about macroeconomic fundamentals triggers creditor runs, but also influences the fire sale discount applied to illiquid assets by secondary market investors. This hampers a troubled bank's recourse to liquidity and increases the incidence of bank runs, potentially unleashing a wave of investor pessimism that can drive otherwise solvent banks into illiquidity. We quantify this contagion channel in the context of the Bank of Canada's model of the Canadian banking system and a stress-test scenario used by the IMF during its 2013 evaluation of the Canadian financial sector.

Fiscal Policy Coordination in Monetary Unions

Abstract: The paper studies the design of optimal fiscal rules for members of a monetary union when there are privately observed shocks to countries’ social cost of domestic taxation. First, I show that optimal fiscal rules prescribe policy coordination in the sense of domestic taxation efforts that are positively correlated across member countries. In particular, coordination achieves higher ex-ante joint welfare than any fixed upper bound on domestic deficits. Second, I show that a history of asymmetric domestic taxation efforts leads to tighter policy coordination in the sense of an emergence of retaliatory fiscal policies. As a result, past disagreement leads to an increase in expected domestic deficits across the monetary union.

Outside investor access to top management: market monitoring versus stock price manipulation

Abstract: Un regime d’options d’achat d’actions devrait-il etre offert aux dirigeants qui fournissent aux investisseurs de l’information sur leur societe? Cette etude evalue comment les proprietaires d’entreprise choisissent entre les benefices qu’offre la possibilite de proposer une remuneration incitative fondee sur le cours des actions et de mieux informer les investisseurs, et le cout lie a une potentielle manipulation du cours des actions.