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L’incidence des flux d’opérations sur les prix des obligations du gouvernement du Canada

Author

Listed:
  • Andreas Uthemann
  • Rishi Vala
  • Jun Yang

Abstract

Les flux d’opérations ont une incidence sur les prix des obligations du gouvernement du Canada. Selon nos estimations, la vente de 1 % des obligations disponibles fait généralement baisser les prix de 0,2 %. De 2000 à 2025, la demande des investisseurs institutionnels, comme les caisses de retraite canadiennes et les investisseurs étrangers, explique 69 % de la variation trimestrielle des prix, le reste étant attribuable aux variations de l’offre.

Suggested Citation

  • Andreas Uthemann & Rishi Vala & Jun Yang, 2025. "L’incidence des flux d’opérations sur les prix des obligations du gouvernement du Canada," Staff Analytical Notes 2025-20fr, Bank of Canada.
    • Handle: RePEc:bca:bocsan:25-20fr
    DOI: 10.34989/san-2025-20
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    JEL classification:

    • C0 - Mathematical and Quantitative Methods - - General
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • C36 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Instrumental Variables (IV) Estimation
    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G2 - Financial Economics - - Financial Institutions and Services
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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