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Prix plafonds sur les marchés canadiens des emprunts d’obligations

Author

Listed:
  • Léanne Berger-Soucy
  • Jean-Sébastien Fontaine
  • Adrian Walton

Abstract

Le contrôle, ou plafonnement, des prix peut entraîner des pénuries, comme l’ont montré les mesures de contrôle des prix de l’essence adoptées dans les années 1970. Un échantillon d’un million de transactions montre que le marché des emprunts d’obligations au Canada comporte un prix plafond implicite : les négociants ne sont pas disposés à payer plus que le taux du financement à un jour pour emprunter une obligation. Cela donne à penser que la probabilité de pénurie augmente quand les taux d’intérêt sont très bas.

Suggested Citation

  • Léanne Berger-Soucy & Jean-Sébastien Fontaine & Adrian Walton, 2019. "Prix plafonds sur les marchés canadiens des emprunts d’obligations," Staff Analytical Notes 2019-2-fr, Bank of Canada.
  • Handle: RePEc:bca:bocsan:19-2fr
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    References listed on IDEAS

    as
    1. Jean-Sébastien Fontaine & James Hately & Adrian Walton, 2017. "Repo Market Functioning when the Interest Rate Is Low or Negative," Discussion Papers 17-3, Bank of Canada.
    2. Maddala, G S, 1983. "Methods of Estimation for Models of Markets with Bounded Price Variation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 361-378, June.
    3. Jean-Sébastien Fontaine & James Pinnington & Adrian Walton, 2017. "What Drives Episodes of Settlement Fails in the Government of Canada Bond Market?," Staff Working Papers 17-54, Bank of Canada.
    4. Chanda, Anup & Maddala, G. S., 1983. "Methods of estimation for models of markets with bounded price variation under rational expectations," Economics Letters, Elsevier, vol. 13(2-3), pages 181-184.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Marchés financiers;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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