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Public Underwriting of Private Debt: The Prospect of Industry Targeting

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  • Rock Lefebvre

    ()
    (Certified General Accountants Association of Canada)

  • Elena Simonova

    ()
    (Certified General Accountants Association of Canada)

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    Abstract

    This paper ascertains the nature and foreseeable effectiveness of some of stimulus measures introduced by Canada's federal government to stem the 2008 financial crisis. To that end, the paper considers three distinct elements which form one logical continuum. Starting with the identification of components of the overall economic stimulus package, the consideration then shifts to the least invulnerable stimulus measure, i.e. support to the auto industry. This is followed with a discussion of the possible implications of stimulus measures and other selected factors on the level of federal debt. The analysis shows that there is reason to doubt that the financial support to the auto industry was commensurate with its relative size or its comparative importance to the Canadian economy. Moreover, the combination of economic uncertainty and the already existing fiscal pressures of an aging population may exacerbate significantly the actual levels of federal deficit and debt. As such, a balanced approach to planned federal deficit reduction and federal debt stabilization may once again be desirable.

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    File URL: http://ideas.cga-canada.org/WorkingPapers/091206.pdf
    File Function: First version, 2009
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    Bibliographic Info

    Paper provided by Certified General Accountants Association of Canada in its series Working Papers with number 091206.

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    Length: 86 pages
    Date of creation: Dec 2009
    Date of revision:
    Handle: RePEc:cga:wpaper:091206

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    Related research

    Keywords: national budget; budget deficit; national debt; automobile industry; economic crisis; stimulus measures; industry targeting;

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