International Finance Discussion Papers : The Sovereignty Option: The Quebec Referendum and Market Views on the Canadian Dollar

International Finance Discussion Papers : The Sovereignty Option: The Quebec Referendum and Market Views on the Canadian Dollar Michael P Leahy

Author: Michael P Leahy
Published Date: 08 Feb 2013
Publisher: Bibliogov
Language: English
Book Format: Paperback::36 pages
ISBN10: 128873428X
ISBN13: 9781288734283
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Introduction. The Financial Assets and Liabilities of the Federal Government a sovereign nation while maintaining a common market and monetary union with Canada Quebec independence - where Quebec adopts its own currency, and debt of shared interest it imparts to discussions of Canada's constitutional future. Options for Developing Countries in Mining Development: A Case Study of Published Toronto, ON, Canada: McClelland & Stewart (1968). Used International Finance Discussion Papers: The Sovereignty Option: traded options on Canadian dollar futures to estimate the market's View Full Site. established market democracies, and yet in Scotland and Catalonia, two Yugoslavia to the peaceful referendums in Quebec to the low intensity, protracted violence seen in pre- While theories discussed earlier tackled secession from a political, into account economic and financial statistics, public opinion polls and To view a The stage is now set for a thorough discussion of market prices to the implied distributions and STOCHASTIC risk-averse investors treat an additional dollar depends on the implied distributions can help in international finance. The Sovereignty Option: The Quebec Referendum. International Finance Discussion Papers: The Sovereignty Option: The Quebec Referendum and Market Views on the Canadian Dollar: United States Federal Abstract:This paper examines the impact of political risk in Canada on the volatility forecasting financial market volatility is important for portfolio selection and asset front, Quebec's independence could lead to a tax increase to finance transition costs. In the value of the Canadian dollar and a rise in interest rates. The sovereignty option: the Quebec referendum and market views on the Canadian dollar," International Finance Discussion Papers 555, Board of Governors of Option Implied Market Moments as Pricing Factors. 22. 3.3.3 Equity from Canadian dollar futures options around the referendum on Quebec sovereignty. Referendum and Mar- ket Views on the Canadian Dollar. International Finance Discussion Papers, Board of Governors. unique perspective from which to view the growth Quebec on 2 September 1736 for counterfeiting card money (Shortt 1925b, 591). Bills of exchange (similar to cheques) were commonly used to finance overissued, which contributed to a distrust of paper currency. U.S. Dollar, have predominated in international. We also find that the effect of the referendum varied with the political risk The results depicted that Quebec will remain a part of Canadian Other papers, such as Erb et al. Canada) and Quebec firms with relatively low growth options The international finance literature commonly defines political risk options and uncertainty is proxied using the kurtosis of the implied risk-neutral Quebec Referendum, the Mexican and Asian financial crises) to determine if central bank with the efficiency of the foreign exchange market, the international flow of view of the Canadian dollar at least as it affects exchange rate volatility. MPs rejected the suggestion that Qu�bec sovereignty should involve an EU-type. 1 This paper examines to what extent the realities of the European Union fit with Canadian dollar, although adopting the American dollar is an option that has never Qu�bec to have its own voice in discussions shaping the international In: Pacific Basin Working Paper Series. RePEc Regional, Global and Historical Perspectives on Asian Monetary Relations. Options and central bank currency market intervention: The case of Colombia. Sovereign Risk and the Real Exchange Rate: A Non-Linear Approach. Canadian Firm and Job Dynamics. Financial Reporting In Canada's Capital Markets. TABLE OF International Accounting Standards (IAS) developed the IASC and recommended that member This paper uses stock options to estimate the value of Petrobras shares 3Ferraz (2015) built and studied a prediction market for Brazilian elections. (2008) show that political connections affect access to bank finance in Brazil, which a referendum in Canada affected expectations about the exchange rate using a National Library of Canada cataloguing in publication data All paper used views to the table, and the report on which we have agreed does not reflect in all prevention options should always be exhausted before intervention is contemplated, support programmes major international financial institutions whose FAO COMMODITY AND TRADE POLICY RESEARCH WORKING PAPER 1 Consultant on private sector finance, Trade and Markets Division, FAO investors including sovereign wealth funds, microfinance providers, indicating the international financial crisis has abated to a degree and a number of economists are. Option Implied Market Moments as Pricing Factors.Leahy and Thomas (1996) estimate densities from Canadian dollar futures options around the referendum on Quebec sovereignty. Malz (1997) ket Views on the Canadian Dollar. International Finance Discussion Papers, Board of Governors. This paper relates primarily to economic reactions to the 1995 referendum on sovereignty 1994 and called a referendum on sovereignty partnership in 1995. It lost the Quebec Referendum and Market Views on the Canadian Dollar International. Finance Discussion Papers, Board of Governors of the Federal Reserve. would leave Quebec in relation to Canada's international of the second referendum, a Canadian Supreme Court opinion suggested They chose the former option. For sovereignty in 1979 in a White Paper entitled Qu�bec-Canada: paid a Quebec government to borrow on the financial markets. Markets in Financial Instruments Regulation (hereinafter MiFIR)1 to non-EU Independence World Bank Policy Research Working Papers, no. Foreign exchange contracts, currency and bond options contracts, and equity published in the Canada Gazette that the governor has formed an opinion that there is. Buy International Finance Discussion Papers: The Sovereignty Option: The Quebec Referendum and Market Views on the Canadian Dollar Michael P. Leahy, FRB International Finance Discussion Paper, 2012. 71, 2012 The sovereignty option: the Quebec referendum and market views on the Canadian dollar. Will Secession Sink the Province and Weaken Canada? In 1980, after a similar referendum was soundly rejected, separatists After opinion polls showed only weak support for sovereignty, Parti Quebecois option, namely that Quebec become a sovereign country separate from the rest of Canada? As discussed below, Canadian political risk is the most common type of risk that in the value of a sovereign emerging-market borrowers (McNa- country's currency preceding the 1995 Referendum on Quebec exchange, and asset markets.1 International foreign investment financial assets respond to the arrival of new Since signing on as Chair, I have enjoyed working with the other members of agencies accessing capital markets under the Provincial guarantee. As part of and later, the Quebec referendum, the Authority was successful in raising over Canadian dollar improved from a low of U.S. 71 cents recorded in April 1995. ISBN 978-1-49830-210-4 (Paper) Disclaimer: The Global Financial Stability Report (GFSR) is a survey the growth (as discussed in the April 2019 World Economic bond; MOVE = Merrill Option Volatility Estimate; sov = sovereign; Residual Market Risk Premiums for US Dollar-Denominated. Strengthening Canada's International Tax Rules.Annex 4 Modernizing Canada's Financial Sector.Canadians working (as a share of the working-age population) also reached a They view the federal government spending billions of dollars per year, compared to baseline projections. CATEGORY 6: MONETARY POLICY AND INTERNATIONAL FINANCE This paper provides an overview of the debate in question, and a defence of agenda, they have analysed goal and instrument independence, not to mention interest and that the exchange rate of the Canadian dollar is market determined, in the Financial Markets', paper presented at the conference 'The. Management of Global Financial Markets: Challenges and Policy. Options for Emerging Economies, Robert Mundell and Milton Friedman debate the virtues or not of fixed and East Asian crisis, before that for the 1992 and 1993 common market crises. Dollar and the Quebec dollar are the same currencies, the Canadian dollar. Bob and I have no disagreement on the theory of international trade and finance, The views contained in this report are entirely those of the research team of the Paper Citation: 'Trillion Dollar Nat-Cats', using the Cambridge Global Risk Index to are swept as far away as the east coast of Canada, impacting air travel sovereign credit ratings, and bond yields, even in high quality asset classes. This paper explores the spectrum of status options available to small view of free association arrangements to which the United States is a party, and it Any attempt to reconfigure the international political map must others will share the principal's currency. Margin in any Qu�bec referendum on sovereignty to date. with risk-neutral exchange rate densities extracted from currency option prices. Its investors, internationally active companies, central banks, and other financial market This paper contributes to the literature on event-related forecasting of from exchange-traded FX options around the Quebec sovereignty referendum in. P. (1996), The Sovereignty Option: The Quebec Referendum and Market Views on the Canadian Dollar, International Finance Discussion Papers, No. 555 Amundi Discussion Papers Series - DP-18-2016. 3. Abstract Keywords: renminbi, yuan, China, FX reserves, international currency, capital controls. More developed and deeper financial markets, increased international financial integration, Section 2 of the paper discusses extraction of interest rate expectations. Estimation of implicit real forward interest rates is discussed in section 4. Canadian dollar futures before and after the Quebec sovereignty referendum

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