This paper argues that the Foreign Property Rule (FPR), which limits the foreign content of a Registered Savings Plan to no more than 20 percent of book value, should be removed as quickly as possible. Given the globalization of financial markets, the FPR does not protect what it is meant to...

For the period 1976-87 forward rates on U.S. T-bills averaged more than 30 basis points above the comparable futures market rates. Since risk is common to both rates, I argue that this difference can be explained by the substitutability of different maturity T-bills for money. Consistent with...