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| 02166nam 2200325za 4500 |
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| 001 | 9.844602 |
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| 003 | CaOODSP |
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| 005 | 20221107152800 |
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| 007 | cr ||||||||||| |
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| 008 | 170927s2017 oncd obs f000 0 eng d |
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| 040 | |aCaOODSP|beng |
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| 041 | |aeng|bfre |
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| 043 | |an-cn--- |
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| 086 | 1 |aFB3-5/2017-36E-PDF |
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| 100 | 1 |aDesgagnés, Hélène. |
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| 245 | 14|aThe rise of non-regulated financial intermediaries in the housing sector and its macroeconomic implications |h[electronic resource] / |cby Hélène Desgagnés. |
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| 260 | |a[Ottawa] : |bBank of Canada, |c2017. |
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| 300 | |aii, 44 p. : |bcol. charts |
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| 490 | 1 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-36 |
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| 500 | |a"September 2017." |
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| 504 | |aIncludes bibliographical references (32-33). |
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| 520 | 3 |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. |
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| 546 | |aIncludes abstract in French. |
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| 692 | 07|2gccst|aHousing |
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| 692 | 07|2gccst|aLoans |
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| 692 | 07|2gccst|aRegulation |
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| 692 | 07|2gccst|aStatistical analysis |
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| 710 | 2 |aBank of Canada. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-36|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s758 KB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-36-eng.pdf |
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