La titrisation aux États-Unis et au Canada

Christian Calmès (), Raymond Théoret () and François-Éric Racicot ()
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Raymond Théoret: Chaire d'information financière et organisationnelle ESG-UQAM, Université du Québec (Montréal), Université du Québec (Outaouais)

RePAd Working Paper Series from Département des sciences administratives, UQO

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.

Keywords: Securitization; Asset-backed commercial paper; Banks; Disintermediation; Procyclicality; IFRS. (search for similar items in EconPapers)
JEL-codes: G20 G21 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2014-04-02
New Economics Papers: this item is included in nep-acc, nep-ban and nep-ger
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