September 11, 2009
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September 11, 2009
Agency Conflicts in the Process of Securitization
Recent evidence finds a positive association between the prevalence of loans of inferior quality and the growth in securitized products. Some attribute this development to the lack of incentives for originators to screen and monitor the performance of securitized loans; others stress that certain factors, such as balance-sheet management, also contributed to the problem, making it difficult to pin down the reason for the proliferation of such loans during the period of high securitization growth. The author reviews the conflicts of interest between participants in the securitization process that contributed to the ongoing financial turmoil and highlights the most recent policy measures and potential solutions for ameliorating these agency issues.
Content Type(s):
Publications,
Bank of Canada Review articles
Topic(s):
Financial institutions,
Financial markets
September 11, 2009
Bank of Canada liquidity actions in response to the financial market turmoil; understanding corporate bond spreads using credit default swaps; review of the conflicts of interest between participants in the securitization process highlighting the most recent policy measures and potential solutions for ameliorating these agency issues.
Bank of Canada Review - Autumn 2009
Content Type(s):
Publications,
Bank of Canada Review
July 25, 2009
Survey respondents reported continued tightening in lending conditions (Chart 1). This tightening was evident in both the price and non-price1 aspects of business lending (Chart 2). Note that the balance of opinion indicates only the amount of agreement among respondents about the direction of the change in conditions; it does not provide any information on the magnitude of the change.
Senior Loan Officer Survey - Second-Quarter 2009
Content Type(s):
Publications,
Senior Loan Officer Survey
July 23, 2009
The global economy has suffered an intense, synchronous recession and considerable excess supply has opened up.
Monetary Policy Report – July 2009
Content Type(s):
Publications,
Monetary Policy Report
July 13, 2009
Business Outlook Survey - Summer 2009
The results of the summer survey indicate that businesses foresee an improvement in the economic outlook. In particular, the balances of opinion on both future sales and employment have turned positive. Nevertheless, firms expect their activity to recover only gradually, and they continue to be cautious regarding investment.
Content Type(s):
Publications,
Business Outlook Survey
June 21, 2009
Procyclicality and Bank Capital
Content Type(s):
Publications,
Financial System Review articles
June 21, 2009
Procyclicality and Value at Risk
Content Type(s):
Publications,
Financial System Review articles