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The overnight market in Canada

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The overnight market is an active forum where participants with a temporary surplus or shortage of funds can lend or borrow until the next business day. The level of interest rates in the overnight market has always been closely linked to the Bank of Canada's monetary policy operations. In this article, the authors describe the evolution of the market from its roots in the 1950s, the development of the Bank's monetary policy operations in the market, and how the market operates today. They also examine the outlook for the overnight market, particularly the implications of the new Large-Value Transfer System.

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  • Eugene Lundrigan & Sari Toll, 1998. "The overnight market in Canada," Bank of Canada Review, Bank of Canada, vol. 1997(Winter), pages 27-42.
    • Handle: RePEc:bca:bcarev:v:1998:y:1998:i:winter97-98:p:27-42
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    1. Daryl Merrett & Serge Boisvert & Philippe Côté, 1995. "Managing the federal government's cash balances: A technical note," Bank of Canada Review, Bank of Canada, vol. 1995(Spring), pages 55-69.
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    Cited by:

    1. Popiel Michal Ksawery, 2017. "Interest rate pass-through: a nonlinear vector error-correction approach," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 21(5), pages 1-20, December.
    2. Champagne, Julien & Sekkel, Rodrigo, 2018. "Changes in monetary regimes and the identification of monetary policy shocks: Narrative evidence from Canada," Journal of Monetary Economics, Elsevier, vol. 99(C), pages 72-87.

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      JEL classification:

      • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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