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La titrisation aux États-Unis et au Canada

Author

Listed:
  • 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.

Suggested Citation

  • Christian Calmès & Raymond Théoret & François-Éric Racicot, 2014. "La titrisation aux États-Unis et au Canada," RePAd Working Paper Series UQO-DSA-wp032014, Département des sciences administratives, UQO.
    • Handle: RePEc:pqs:wpaper:032014
    as

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    File URL: http://www.repad.org/ca/qc/uq/uqo/dsa/cifo2014-03.pdf
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    References listed on IDEAS

    as
    1. Christian Calmès, 2004. "Regulatory Changes and Financial Structure: The Case of Canada," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 140(I), pages 1-35, March.
    2. 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.
    3. Christine M. Cumming, 1987. "The economics of securitization," Quarterly Review, Federal Reserve Bank of New York, vol. 12(Aut), pages 11-23.
    4. Mr. Jorge Roldos, 2006. "Disintermediation and Monetary Transmission in Canada," IMF Working Papers 2006/084, International Monetary Fund.
    5. 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.
    6. 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.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Securitization; Asset-backed commercial paper; Banks; Disintermediation; Procyclicality; IFRS.;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

    NEP fields

    This paper has been announced in the following NEP Reports:

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