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008170927s2017    oncd    obs  f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-5/2017-36E-PDF
1001 |aDesgagnés, Hélène.
24514|aThe rise of non-regulated financial intermediaries in the housing sector and its macroeconomic implications |h[electronic resource] / |cby Hélène Desgagnés.
260 |a[Ottawa] : |bBank of Canada, |c2017.
300 |aii, 44 p. : |bcol. charts
4901 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-36
500 |a"September 2017."
504 |aIncludes bibliographical references (32-33).
5203 |a“The author examines the impact of non-regulated lenders in the mortgage market using a dynamic stochastic general equilibrium (DSGE) model. The model features two types of financial intermediaries that differ in three ways: (i) only regulated intermediaries face a capital requirement, (ii) non-regulated intermediaries finance themselves by selling securities and cannot accept deposits, and (iii) non-regulated intermediaries face a more elastic demand. This last assumption is based on empirical evidence for Canada revealing that non-regulated intermediaries issue loans at a lower interest rate. The results suggest that the non-regulated sector contributes to stabilize the economy by providing an alternative source of capital when the regulated sector in unable to fulfill the demand for credit. As a result, an economy with a large non-regulated sector experiences a smaller downturn after an adverse financial shock"--Abstract, p. ii.
546 |aIncludes abstract in French.
69207|2gccst|aHousing
69207|2gccst|aLoans
69207|2gccst|aRegulation
69207|2gccst|aStatistical analysis
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-36|w(CaOODSP)9.806221
85640|qPDF|s758 KB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-36-eng.pdf