Canada : Selected Issues.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Western Hemisphere Department.

Series:

IMF Staff Country Reports; Country Report ; No. 2013/041

IMF Staff Country Reports

Language:

English

Subjects (All):

International economic relations--Canada.

International economic relations.

Saving and investment--Canada.

Saving and investment.

Industrial productivity--Canada.

Industrial productivity.

Physical Description:

1 online resource (61 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

This paper assesses the impact of high household debt on economic volatility in Canada. The debt per se may not necessarily be a risk for economic activity; it can amplify other shocks as well. A few studies have emphasized the link between the growth of household debt before 2007 and the severity of the Great Recession. Economies with debt tend to experience more severe housing busts and recessions. If household debt ratios are not stabilized, the vulnerability of the Canadian economy is likely to be high.

Contents:

Cover; Contents; I. Assessing The Impact of High Household Debt On Economic Volatility In Canada; A. Introduction; B. Household Debt and Economic Volatility: Empirical Evidence; C. Household Debt and Economic Volatility: Model Simulations; Figures; I.1. Impulsive Response After a Housing Bust in High- and Low-debt Countries; I.2. Impulse Response to a Housing Demand Shock; I.3. Impulse Response to an External Demand Shock; I.4. Deviations from Staff Baseline After Housing and External Demand Shocks; II. Is There an Excess Supply of Housing in Canada?; A. Introduction

B. Estimating Canada's Housing StockC. A Model of Canada's Housing Stock; D. Conclusions; Appendices; II.1. Housing Model, Data Definition, and Data Sources; III. Recent Experience with Macro-Prudential Tools in Canada: Effectiveness and Options Moving Forward; A. Introduction; B. The Effectiveness of Recent Macro-Prudential Measures in Canada; III.1. Impact of First Three Rounds of Tightening of Macro-Prudential Measures; C. Conclusions; Tables; III.1. Mortgage Insurance Products Until 2008; III.2. Tightening Mortgage Insurance Regulations Since 2008

III.3. Microprudential Measures in CanadaIII.4. Effects of Macroprudential Measures on Mortgage Credit; III.5. Effects of Macroprudential Measures on House Prices; III.6. Effects of Specific Macroprudential Measures on Mortgage Growth (1998-12); III.7. Effects of Macroprudential Measures on Credit (2000-11); III.8. Effects of Macroprudential Measures on House Prices (2000-11); III.9. Effects of Macroprudential Measures on Credit Growth (2000-11); IV. Canada's Loss of External Competitiveness: The Role of Commodity Prices and the Emergence of China; A. Introduction

B. Canadian Exports Dynamics Over the Past DecadesC. The Exchange Rate and Commodity Prices; D. What Explains Canada's Loss of Market Shares in the U.S.?; E. Conclusions; IV.1. Exchange Rate and Commodity Prices (Vector Error-Correction Model); IV.2. Canada Shares in the US Non-Energy Import Market (1975-07); IV.2b. Canada Shares in the US Non-Energy Import Market (1975-10); IV.3. Canada Shares in the US Manufacturing Import Market (1975-07); IV.3b. Canada Shares in the US Manufacturing Import Market (1975-10); IV.1. Data Resources

Notes:

February 2013.

Description based on online resource; title from PDF title page (ebrary, viewed September 29, 2014).

ISBN:

9781475560084

1475560087

9781475553475

1475553471

9781299395039

1299395031

9781475545531

1475545533