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1367 result(s)

September 11, 2009

Agency Conflicts in the Process of Securitization

Bank of Canada Review - Autumn 2009 Teodora Paligorova

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 Review - Autumn 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.

Content Type(s): Publications, Bank of Canada Review

July 25, 2009

Senior Loan Officer Survey - Second-Quarter 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.

Content Type(s): Publications, Senior Loan Officer Survey

July 23, 2009

Monetary Policy Report – July 2009

The global economy has suffered an intense, synchronous recession and considerable excess supply has opened up.

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