December 15, 2015 Residential Mortgage Securitization in Canada: A Review Financial System Review - December 2015 Adi Mordel Residential mortgage securitization plays an important role in the Canadian system of housing finance, especially given the rising share of government-supported (i.e., public) securitization over the past 15 years. Mordel and Stephens analyze the evolution of two types of mortgage securitization in Canada— private and public — focusing in particular on the underlying public policy and economic benefits of the latter. They review the potential implications of the extent of public securitization and conclude with a discussion of policies that could be considered to reinvigorate private securitization in Canada. Content Type(s): Publications, Financial System Review articles Topic(s): Financial institutions, Financial stability, Financial system regulation and policies, Housing JEL Code(s): G, G2, G28
December 15, 2015 Financial System Review - December 2015 The Reports section of the Financial System Review examines selected issues of relevance to the Canadian and global financial systems. The December 2015 issue features two reports on significant developments in the financial system related to household finances: the importance of residential mortgage securitization for Canadian housing finance and the changing patterns of indebtedness of Canadian households. Content Type(s): Publications, Financial Stability Report
Credit Cards: Disentangling the Dual Use of Borrowing and Spending Staff Analytical Note 2015-3 Olga Bilyk, Brian Peterson Over the past 15 years, aggregate credit card balances have been increasing, except for a brief spell in the aftermath of the 2007–09 financial crisis. Determining whether the growing balances are due to increased usage of credit cards as a method of payment or whether they reflect increased short-term borrowing is challenging because aggregate balances are snapshots of charges on credit cards before households make their monthly payments. Content Type(s): Staff research, Staff analytical notes Topic(s): Credit and credit aggregates, Financial stability
Tractable Term Structure Models Staff Working Paper 2015-46 Bruno Feunou, Jean-Sébastien Fontaine, Anh Le, Christian Lundblad We introduce a new framework that facilitates term structure modeling with both positive interest rates and flexible time-series dynamics but that is also tractable, meaning amenable to quick and robust estimation. Content Type(s): Staff research, Staff working papers Topic(s): Asset pricing, Interest rates, International financial markets, International topics, Monetary policy and uncertainty, Monetary policy transmission JEL Code(s): G, G1, G12
December 11, 2015 Weekly Financial Statistics - 11 December 2015 Content Type(s): Publications, Historical: Weekly Financial Statistics
December 11, 2015 Results of the 22-day 11 December 2015 Term Repo Operation Results of today's term repo operation. Content Type(s): Press, Market notices
December 11, 2015 Bank of Canada Announces the Minimum Bid Rate for Today's Term Repo Operation Bank of Canada Announces the Minimum Bid Rate for today's Term Repo Operation. Content Type(s): Press, Market notices