L’argent pour la biodiversité – La Presse Op-Ed
La nature a beau être aimée de tous, il sera difficile de trouver tout l’argent nécessaire pour stopper, puis renverser sa perte de biodiversité, ai-je constaté en allant fouiner à la COP15. Un beau défi pour la finance durable.
L’expression « 30 x 30 » qui a retenu l’attention fait allusion aux 30 % de la terre et aux 30 % de l’eau qui doivent être protégés d’ici 2030. Mais elle désigne aussi les 30 milliards de dollars américains* d’aide annuelle aux pays en développement promise à partir de 2030.
Ce deuxième 30 x 30 est un compromis. Les pays riches étaient réticents, eux qui n’arrivent pas à livrer les 100 milliards par an promis au Sud pour lutter contre le…
What’s Happening with the Bank of Canada’s Balance Sheet?
When the Bank of Canada buys Government of Canada bonds from commercial banks, it adds them to the asset side of its balance sheet and pays for them by adding to the banks’ deposits (settlement balances) on the liability side of its balance sheet. As a result, the Bank’s balance sheet gets bigger. Amid rising […] Le fiasco crypto de FTX – La Presse Op-Ed
« C’est seulement quand la marée se retire qu’on découvre qui nageait nu », a constaté Warren Buffett pendant la crise financière de 2008. Cette fois, des investisseurs sont surpris à poil par l’effondrement de la plateforme FTX, vedette de l’univers crypto.
Des institutionnels réputés ont perdu 1,9 milliard US dans le capital de FTX, dont Ontario Teachers, BlackRock, SoftBank, Temasek et Sequoia. La Caisse, qui a brûlé 150 millions dans Celsius, est en belle compagnie.
Pire est le sort d’un million de clients pris dans un trou de 8 milliards dans les liquidités. La faillite de la deuxième plus importante plateforme de cryptos projette une onde de choc qui fera d’autres victimes.
Voici…
S4 E16: SME Challenges with Michael Denham
Canada’s small and medium-size enterprises (SMEs) face numerous challenges to scaling-up to compete on the world stage. There are ways to remove those barriers to financing and deepen capital markets. Michael Denham, National Bank of Canada’s Vice Chair of Commercial and Financial Markets, tells C.D. Howe Institute Podcast Host Michael Hainsworth that there are three key hurdles to overcome.
Ambler, Kronick – Time to Pause the Interest Rate Escalator
From: Steve Ambler and Jeremy M. Kronick To: Bank of Canada Governing Council Date: November 7, 2022 Re: Time to Pause the Interest Rate Escalator The Bank of Canada continued its tightening cycle last month with a 50-basis-point increase in its target for the overnight rate. A surprise to those expecting a 75-basis point increase, but still a hefty hike. It continues […] S4 E15: The Future of the Bank of Canada’s Balance Sheet
The Bank of Canada’s balance sheet has ballooned under COVID-19. The C.D. Howe Institute’s Jeremy Kronick and Steve Ambler join host Michael Hainsworth to discuss why, why it won’t be coming down any time soon, and what the implications are for monetary policy as interest rates skyrocket.
Michael Bordo — History Unlearned Dogs the Federal Reserve’s Inflation Fight
This Memo is extracted from Michael Bordo’s address at the C.D. Howe Institute’s annual David Laidler lecture last month. To: Monetary Policy Observers From: Michael Bordo Date: October 31, 2022 Re: History Unlearned Dogs the Federal Reserve’s Inflation Fight Many of the monetary policy issues long thought resolved are back with a vengeance in 2022. And when one […] Bank of Canada should now pause rate hikes and reflect – Financial Post Op-Ed
The Bank of Canada continued its tightening cycle on Wednesday by announcing a 50-basis-point increase in its target for the overnight rate. That came as a surprise to those who expected a 75-basis point increase, but it’s still a hefty hike.
It continues the Bank’s front-loading of its rate increases, which is intended to reduce the scale of future rate hikes. In our view, this latest increase was needed – both to reduce the harm of further increases and to re-anchor inflation expectations – but now the time has come to pause and reflect.
Since the Bank’s September 7th rate boost, the consumer price index (CPI) numbers for August and September have been published. Headline inflation ticked…
Miville Tremblay – Sustainable Finance and its Critics
To: Canadian ESG Observers From: Miville Tremblay Date: October 21, 2022 Re: Sustainable Finance and its Critics Sustainable finance is not green enough! No, it’s too woke! Worse, it’s a damn mess! Attacks abound on sustainable finance, which had grown to $3 trillion US in global mutual fund and ETF assets by the end of 2021. That number has […] Credit Unions Punch Above Their Weight With Canadian Smes
Source: CFIB December 2019 Research Snapshot. Credit unions in Canada play an important role in promoting financial services competitiveness. At the end of 2019, just before COVID-19, total credit union market share (assets/total financial institution assets) was 7.3 percent. While small relative to the big banks, credit unions punch above their weight in providing banking […] La crise de croissance de la finance durable – La Presse Op-Ed
La finance durable n’est pas assez verte ! Non, elle est trop woke ! Pire, un foutu bordel ! lancent les critiques. Elle vit plutôt une crise de croissance.
Les actifs mondiaux des fonds communs de placement et des FNB (fonds négocié en Bourse) en finance durable ont triplé durant la pandémie, pour atteindre 3000 milliards de dollars américains, fin 2021.1 Ils ont reculé depuis avec la correction des marchés, mais les flux restent positifs, malgré les dénonciations.
Les plus acerbes sont sorties de la bouche des gouverneurs de la Floride et du Texas, héraults de la droite dure et vaillants défenseurs du pétrole et des armes à feu.
Les tirs viennent aussi de la gauche, pour qui la…
Kronick, Robson – The Economic Perils of Federal Tax Hikes on Banks and Insurers
From: Jeremy M. Kronick and William B.P. Robson To: Minister of Finance Chrystia Freeland Date: October 4, 2022 Re: The Economic Perils of Federal Tax Hikes on Banks and Insurers Taxes are a necessary evil. Necessary, because we must fund government services. Evil, because they do damage beyond the cost to those who pay them – discouraging work […]