Management by the Canadian Banks of Their Domestic Portfolios 1956-1971: An Econometric Study
Notice bibliographique
Résumé
This study is an investigation of some important aspects of the management by the chartered banks of their domestic currency portfolios and net foreign assets over the period 1956-1971. Attention is focused on the specification of demand functions for various assets and liabilities of the banks and their mortgage affiliates. Interest-rate-setting decisions are not explicitly considered. The domestic portfolio choices of the banking industry are thought of as occurring at three related levels. Although all these decisions may be made virtually simultaneously, they follow a logical order in that some of them cannot be taken without prior knowledge of the probable outcome of other portfolio decisions. At the first level of the decision-making process the banking industry chooses its holdings of a number of assets and liabilities without recourse to an overall and contemporaneous portfolio-choice procedure. Various factors influence the holdings of these predetermined items. By way of example, levels of required primary and secondary reserves must be consistent with the legal provisions governing these assets. Loans and deposits are assumed to be determined by demand at interest rates set by the banks. The level of outstanding mortgage loans held by the industry is predetermined by the normal disbursement of funds consequent to loan approvals made earlier. Banks can affect the level of their mortgage holdings only by altering the number and amount of mortgage approvals they make. The flow of such approvals is shown to be sensitive to the growth in bank assets and to interest rate inducements. At the second level of the decision-making process the banking industry allocates portfolios between three broad categories: excess secondary reserves, tertiary liquid assets, and net foreign assets. Decisions made at this stage are conditioned by the outstanding levels of predetermined items, relative interest rates, and a number of special factors. In general, this aspect of bank behaviour is shown to be accurately described by portfolio-allocation models of the Brainard-Tobin type. At the third level of the decision-making process the banking industry chooses between the various assets that comprise broad portfolio categories. That is, subject to the chosen level of excess secondary reserves and the secondary reserve requirement, funds are allocated between excess primary reserves, treasury bills, and day loans. Since the demand function for excess primary reserves is a key part of the transmission mechanism of monetary policy in Canada, particular attention is paid to this aspect of bank behaviour. Similarly, subject to the chosen level of tertiary liquid assets, banks allocate funds between short and long Canadas and call loans. At this final decision-making stage portfolio choices are shown to depend upon the funds available for investment, interest rates past and present, and special factors. As is the case at all three decision-making levels, complete portfolio adjustment to external phenomena takes time. However, it proceeds more rapidly according to this study than other studies imply.
Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.
Comment cette classification a été obtenuedéplier
Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,002 | 0,001 |
| Méta-épidémiologie (sens strict) | 0,000 | 0,000 |
| Méta-épidémiologie (sens large) | 0,000 | 0,000 |
| Bibliométrie | 0,002 | 0,003 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,000 | 0,000 |
| Science ouverte | 0,001 | 0,000 |
| Intégrité de la recherche | 0,000 | 0,000 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,000 | 0,000 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; un appel candidat d’une seule tête enseignante, pas un consensus.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».