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La titrisation aux États-Unis et au Canada

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  • Christian Calmès

    ()
    (Chaire d'information financière et organisationnelle ESG-UQAM, Laboratory for Research in Statistics and Probability, Université du Québec (Outaouais))

  • Raymond Théoret

    ()
    (Chaire d'information financière et organisationnelle ESG-UQAM, Université du Québec (Montréal), Université du Québec (Outaouais))

  • François-Éric Racicot

    ()
    (Chaire d'information financière et organisationnelle ESG-UQAM, Telfer School of Management, University of Ottawa)

Abstract

Since the subprime crisis, securitization by financial institutions has been threatened, both in the U.S. and in Canada. In the U.S., private financial institutions have almost completely stopped their securitization activities. In Canada, the asset-backet commercial paper market is moribund and the new accounting rules (IFRS) hamper the future of residential mortgage securitization. Nevertheless, in spite of obvious weaknesses, securitization contributes to decrease the procyclicality of credit. Public measures must thus be taken to revive these markets.

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File URL: http://www.repad.org/ca/qc/uq/uqo/dsa/cifo2014-03.pdf
File Function: First version, 2014
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Bibliographic Info

Paper provided by Département des sciences administratives, UQO in its series RePAd Working Paper Series with number UQO-DSA-wp032014.

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Length: 27 pages
Date of creation: 02 Apr 2014
Date of revision:
Handle: RePEc:pqs:wpaper:032014

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Keywords: Securitization; Asset-backed commercial paper; Banks; Disintermediation; Procyclicality; IFRS.;

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  1. Scopelliti, Alessandro Diego, 2013. "Off-balance sheet credit exposure and asset securitisation: what impact on bank credit supply?," MPRA Paper 43890, University Library of Munich, Germany.
  2. Christine Cumming, 1987. "The economics of securitization," Quarterly Review, Federal Reserve Bank of New York, issue Aut, pages 11-23.
  3. Christian Calmès, 2004. "Regulatory Changes and Financial Structure: The Case of Canada," Working Papers 04-26, Bank of Canada.
  4. Calmès, Christian & Théoret, Raymond, 2013. "Market-oriented banking, financial stability and macro-prudential indicators of leverage," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 27(C), pages 13-34.
  5. Jorge Roldos, 2006. "Disintermediation and Monetary Transmission in Canada," IMF Working Papers 06/84, International Monetary Fund.
  6. John J. McConnell & Stephen A. Buser, 2011. "The Origins and Evolution of the Market for Mortgage-Backed Securities," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 173-192, December.
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