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International Financial Credit Crises; Lessons from Canada

Muhammad Rashid ()

MPRA Paper from University Library of Munich, Germany

Abstract: The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners. Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries.

Keywords: Banking System; Canada; Country Study; Financial Credit Crises; MNC’s; Regulations (search for similar items in EconPapers)
JEL-codes: F23 N12 N22 N32 N42 O51 (search for similar items in EconPapers)
Date: 2019-06-19
New Economics Papers: this item is included in nep-his
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