<address id="xrfrx"><listing id="xrfrx"><menuitem id="xrfrx"></menuitem></listing></address>
    <address id="xrfrx"><listing id="xrfrx"><menuitem id="xrfrx"></menuitem></listing></address>

    <noframes id="xrfrx">
    <noframes id="xrfrx"><listing id="xrfrx"><listing id="xrfrx"></listing></listing>
    <form id="xrfrx"><nobr id="xrfrx"><meter id="xrfrx"></meter></nobr></form>
    <address id="xrfrx"><listing id="xrfrx"><menuitem id="xrfrx"></menuitem></listing></address>

      指導
      網站地圖
      英國作業 美國作業 加拿大作業
      返回首頁

      加拿大作業寫作范文:Effect of the Financial Crisis on Canada

      論文價格: 免費 時間:2022-10-08 15:39:41 來源:www.ourpropertyvalue.com 作者:留學作業網

      加拿大作業寫作范文-金融危機對加拿大的影響。本文是一篇加拿大留學生作業寫作范文,主要內容是講述2008年9月最初的房地產泡沫演變成了美國幾十年來最嚴重的經濟衰退。雖然危機始于發達國家,主要是美國和歐洲國家,但世界各國都受到了銀行倒閉和政府紓困等不利影響。盡管加拿大與美國有著密切的貿易伙伴關系,但歐洲是唯一一個沒有銀行倒閉或紓困的七國集團國家,面臨著明顯溫和的衰退。自然,經濟學家們開始對這種穩定的原因感興趣,值得注意的因素是加拿大不可否認的保守態度和異常嚴格的監管。下面請參閱加拿大留學生作業寫作范文。

      加拿大留學生作業Stability of Canadian Banking Sector in the Face of the Global Financial Crisis 面對全球金融危機,加拿大銀行業的穩定性
      In September 2008 what started out as a housing bubble transformed into the worst recession that the United States had seen in decades. Although the crisis started in the developed countries, primarily the US and European countries, all countries around the world suffered from its adverse effects featuring bank failures and government bailouts. Canada, although close trading partners with the US, and Europe was the only G7 country with no bank failures or bailouts and faced a significantly milder recession (Haltom, 2013). Naturally, economists became interested in the cause for this stability, notable factors being Canada’s undeniable conservative approach and exceptionally strict regulation.
      Why were Canada’s banks stable in the face of the 2008 global financial crisis? This paper argues that the initial banking framework constructed in the early 19th century caused Canada’s banks to be stable. First, the resulting oligopoly allowed for easier regulation and implementation of restrictions by one overarching regulator. Second, Canadian banks, known to be less risky because of diversification allowed them to be less vulnerable to shocks. Lastly, with only 6 main competitors, there was low competition not leaving room for the shadow banking industry to thrive.
      為什么加拿大的銀行在2008年全球金融危機面前保持穩定?本文認為,19世紀初建立的初始銀行框架使加拿大銀行保持穩定。首先,由此產生的寡頭壟斷使得一個監管機構能夠更容易地監管和實施限制。其次,由于多樣化,加拿大銀行的風險較低,因此它們不容易受到沖擊。最后,由于只有6個主要競爭對手,競爭不激烈,影子銀行業沒有發展的空間。
      This paper is organized as follows: by comparing Canada’s banking system with that of the USA we begin by highlighting the direction that the Canadian banking system took in the 19th and early 20th centuries. We then consider reasons why Canada demonstrated such resilience in the 2007-2008 financial crisis. Discussing this question will allow for other countries to learn and possibly implement the successful aspects of the Canadian financial system to better handle crises of this sort in the future.
      本文的結構如下:通過比較加拿大和美國的銀行體系,我們首先強調了19世紀和20世紀初加拿大銀行體系的發展方向。然后,我們考慮加拿大在2007-2008年金融危機中表現出如此韌性的原因。討論這個問題將使其他國家能夠學習并可能實施加拿大金融體系的成功方面,以便在未來更好地處理此類危機。
      Note that although, there exist trade-offs between stability and competition, defined as the “regulator’s dilemma,” the costs of stability won’t be identified nor will they be weighed against the benefits. This paper will focus primarily on the reasons that Canada remained stable in the face of the economic crisis in 2008.
      請注意,盡管穩定與競爭之間存在權衡,被定義為“監管機構的困境”,但穩定的成本不會被確定,也不會與收益進行權衡。本文將主要關注加拿大在2008年經濟危機面前保持穩定的原因。
      The stability of the Canadian banking system in the 2008 global financial crisis is not a singular event. Throughout history, the banking system in the US faced at least eight major banking crises in the antebellum era, under the National Banking system and until the Federal Reserve System was established in 1913, unlike the Canadian banking system that experienced two minor incidences in the 1830s associated with problems in the US (Bordo et al., 2011).
      在2008年全球金融危機中,加拿大銀行體系的穩定性并不是一個單一事件??v觀歷史,美國銀行體系在戰前時期,在國家銀行體系下,直到1913年聯邦儲備體系建立之前,至少面臨八次重大銀行危機,而加拿大銀行體系在19世紀30年代經歷了兩次與美國問題相關的小事件。
      This difference originated because of the establishment appointed the jurisdiction over chartering and regulating banks. In Canada, the federal government and in the US, the state government. A dual banking system emerged during the civil war when the national banking system was established in addition to the state banking system already in place. The American banking system restricted nation-wide branch banking whereas the federal jurisdiction in Canada allowed branching across provincial and territorial borders. In the British North American Act that combined four colonies to create Canada in 1867, the federal government was given absolute authority to build the banking framework. The Canadian banking system evolved into an oligopoly that Bordo, Redish and Rockoff described as “a cartel backed by the federal government and policed by the Canadian Bankers Association” as the need for a charter limited entry into the industry.
      Due to these initial institutional foundations, although Canada currently has 80 banks, 93 percent of the market share is dominated by only six with one financial regulator[1], Office of the Superintendent of Financial Institutions (OSFI) unlike the US that have managed to charter 7000 banks and multiple financial regulators (the Fed, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and state regulators) (Haltom, 2013). OSFI supervises every aspect of the financial institutions: mortgages, insurance, investments, etc.
      Although branching is no longer prohibited in the US, this one restriction created a fragile and fragmented “unit banking[2]” in America as opposed to the highly concentrated and stable banking system in Canada in the face of the 2008 global financial crisis[3].
      這種差異源于該機構指定了租賃和監管銀行的管轄權。在加拿大,是聯邦政府,在美國,是州政府。內戰期間,除了已經建立的國家銀行體系外,還建立了國家銀行體系,從而形成了雙重銀行體系。美國銀行系統限制全國分行業務,而加拿大聯邦管轄區允許跨省和地區邊界分行。1867年,《英國北美法案》將四個殖民地合并為加拿大,聯邦政府被賦予建立銀行框架的絕對權力。加拿大銀行體系演變為寡頭壟斷,Bordo、Redish和Rockoff將其描述為“一個由聯邦政府支持并由加拿大銀行家協會監管的卡特爾”,因為需要特許有限進入該行業。
       由于這些最初的體制基礎,盡管加拿大目前有80家銀行,但93%的市場份額由僅有六家銀行和一家金融監管機構控制,金融機構監管局(OSFI)與美國不同,后者成功包租了7000家銀行和多個金融監管機構(美聯儲、聯邦存款保險公司、貨幣監理署和州監管機構)。OSFI監管金融機構的各個方面:抵押貸款、保險、投資等。             
      盡管分支機構在美國已不再被禁止,但這一限制在美國造成了一個脆弱和分散的“單位銀行業務”,而在2008年全球金融危機面前,加拿大的銀行體系高度集中和穩定。
      It is well known that Canada enforces strict regulations and restrictions on their financial system. Capital requirements such as capital adequacy regulatory standards, permissible capital deductions and regulatory capital are amongst the most restrictive in the world (World Bank 2012). Canada has greater debt regulation such as restrictions on leveraging and reduced incognito leverage or off-balance sheet (OBS) items. In addition to strict regulations, every five years, Canada reviews charters and regulations to incorporate and adapt to innovation and unfamiliar risks that may be developing. What allows these regulations and changes in restrictions to be feasibly enforced and easily implemented is the highly concentrated structure of the banking system. This facilitated coordination is also beneficial during a time of financial crisis.
      眾所周知,加拿大對其金融體系實施嚴格的監管和限制。資本充足監管標準、允許資本扣除額和監管資本等資本要求是世界上限制最嚴格的資本要求之一。加拿大有更嚴格的債務監管,例如限制杠桿作用,減少隱名杠桿或資產負債表外(OBS)項目。除了嚴格的法規外,加拿大每五年審查一次章程和法規,以納入和適應可能正在形成的創新和不熟悉的風險。銀行體系高度集中的結構使這些法規和限制的變化得以切實執行并易于實施。在金融危機期間,這種促進協調的方式也很有益。
      When discussing the 2008 global financial crisis, it’s important to note the role in lack of regulation and restrictions in causing it. The problems started with sub-prime[4] housing loans, which by 2006 were approximately 15 percent of pending mortgages in the US (Edey, 2009). There was a lack of regulation in identifying risk associated with administrating credit to borrowers with unreliable credit history and legitimate proof of income and lack of restrictions regarding loan-to-valuation ratio. The crisis continued to develop as the securitization of these sub-prime loans through mortgage-backed securities (MBSs)[5] and collateralised debt obligations (CDOs)[6] which are asset backed securities. These securities generated high returns and incorrectly received good credit[7] ratings by rating agencies attracting investors (Edey, 2009). The inevitable rise in mortgage delinquencies, reaching 11 percent at its peak, on these sub-prime mortgages that followed eliminated the confidence in these investments as the housing bubble burst. The first impact on the global financial markets was apparent when French banks suspended funds they were investing in US MBSs. Other European banks and OBS agents linked to them had also invested to a great degree in these securities making them prone to heavy losses (Edey, 2009).
      在討論2008年全球金融危機時,重要的是要注意到缺乏監管和限制在引發危機中的作用。這些問題始于次級住房貸款,到2006年,次級住房貸款約占美國待定抵押貸款的15%。對于向信用記錄不可靠、收入證明合法、貸款與估值比率缺乏限制的借款人提供信貸管理相關風險的識別缺乏監管。隨著這些次級貸款通過抵押支持證券(MBS)和債務抵押債券(CDO)進行證券化,危機繼續發展。這些證券產生了高回報,并錯誤地獲得了評級機構吸引投資者的良好信用評級。隨著房地產泡沫的破滅,這些次級抵押貸款的抵押貸款拖欠率不可避免地上升,達到11%的峰值。當法國銀行暫停投資美國MBS的基金時,對全球金融市場的第一個影響顯而易見。與他們有聯系的其他歐洲銀行和OBS代理也在這些證券上進行了很大程度的投資,使其容易遭受重大損失。
      In contrast, Canada’s mortgage financing regulations aren’t structured to allow for such careless lending. In Canada, banks keep mortgages rather than selling them to investors. Before the financial crisis, approximately 30 percent of Canada’s mortgages were securitized, much less than the US which stood at almost 70 percent (Halton, 2013). In addition, less than three percent were sub-prime mortgages, significantly reducing the risk that Canada was exposed to as tight regulation encouraged safe mortgages (Halton, 2013). Financial institutions are prohibited from giving loans without at least a five percent down payment. If the down payment is less than 20 percent, mortgages are required to have insurance. Strict restrictions for insurance are also in place as it is only approved if total household debt-to-income ratio is less than 40 percent. These restrictions kept mortgage default rates below the historical average of less than one percent in Canada (BLACK**). This highly concentrated banking system also provided incentive to banks to engage in less risky activities as a single failure would severely injure the financial system. Due to the small number of institutions in effect their engagement in less risky activities, OSFI successfully prevented the failures that sub-prime mortgages brought to the global market from entering Canada’s banks.
      相比之下,加拿大的抵押貸款融資法規并沒有考慮到這種粗心的貸款。在加拿大,銀行持有抵押貸款,而不是將其出售給投資者。在金融危機之前,加拿大大約30%的抵押貸款證券化,遠低于美國的70%。此外,不到3%的次級抵押貸款,大大降低了加拿大面臨的風險,因為嚴格的監管鼓勵安全抵押貸款)。金融機構被禁止在沒有至少百分之五首付的情況下發放貸款。如果首期付款少于20%,抵押貸款必須有保險。對保險業也有嚴格的限制,因為只有當家庭總負債與收入的比率低于40%時,保險業才能獲得批準。這些限制使抵押貸款違約率低于加拿大歷史平均水平不到1%。這種高度集中的銀行體系還鼓勵銀行從事風險較小的活動,因為單一的失敗會嚴重損害金融體系。由于實際上參與風險較低活動的機構數量較少,OSFI成功地阻止了次貸進入全球市場的失敗進入加拿大銀行。
      The unit banking system of the US resulted in small, fragile and undiversified banks. There was a chartered bank per city or region with no branches. Historically, these small banks held similar assets which were primarily local loans and mortgages. Leading up to the 2008 crisis, most banks were engaging in MBSs and CDOs investments attracted by the promise of high returns. According to the Bond Market Association of the $25.9 trillion bond market, mortgage debt contributed to $6.1 trillion (Lambert, 2006). Already less diversified than banks in Canada sub-prime lending added to this risk. Rating agencies gave CDOs high credit ratings on the basis that they were backed by mortgages that were regionally diversified. The CDOs were incorrectly rated as they consisted of primarily sub-prime mortgages, the regions in which these mortgages were issued made little or no difference to their risk.
      美國的單位銀行體系導致了小型、脆弱和單一的銀行。每個城市或地區都有一家特許銀行,沒有分行。歷史上,這些小銀行持有類似的資產,主要是本地貸款和抵押貸款。在2008年危機爆發之前,大多數銀行都在從事MBS和CDO投資,這些投資都是由高回報的承諾所吸引的。根據25.9萬億美元債券市場的債券市場協會,抵押貸款債務占6.1萬億美元。與加拿大銀行相比,次級貸款的多樣化程度已經較低,這增加了這種風險。評級機構給予CDO高信用評級的依據是,CDO由區域多樣化的抵押貸款支持。CDO的評級不正確,因為它們主要由次級抵押貸款組成,這些抵押貸款的發行地區對其風險幾乎沒有影響。
      The banks in Canada with nation-wide branching originally started off with geographically diversified assets, customers and risk constructed to be less risky which allows them to absorb shocks. With a small number of chartered banks, individual banks grew to be very large and in 1987 after the Bank Act was revised to increase competition, Canadian banks absorbed securities brokerages making them bigger than ever. This resulted in diverse sectors, investments as well as loans credited to customers. Canadian banks were now engaged in wealth management, insurance, mortgages lending, and securities brokerage (Pruss, 2015). Although attractive to smaller banks, the trade-off between higher return and high risk wasn’t one that Canadian banks needed to weigh. Only three percent of Canadian mortgages were sub-prime which further supports my argument that Canadian banks maintained diverse assets despite the pull of high return that CDOs and MBSs offered. The effects of this diversification were demonstrated historically with the small number of recessions and bank failures that Canada has faced in comparison with the US and in their ability to absorb shock in the 2008 financial crisis. 
      加拿大的銀行最初在全國范圍內設立分支機構,其資產、客戶和風險在地理上分散,風險較小,因此可以吸收沖擊。隨著特許銀行數量的減少,個體銀行變得非常龐大。1987年,在修訂《銀行法》以增加競爭之后,加拿大銀行吸收了證券經紀公司,使其規模比以往任何時候都大。這導致了不同的部門、投資以及貸記客戶的貸款。加拿大銀行目前從事財富管理、保險、抵押貸款和證券經紀業務。雖然對小型銀行有吸引力,但加拿大銀行不需要權衡高回報和高風險之間的權衡。只有3%的加拿大抵押貸款是次級抵押貸款,這進一步支持了我的觀點,即盡管CDO和MBS提供了高回報,但加拿大銀行仍保持著多樣化的資產。與美國相比,加拿大面臨的衰退和銀行倒閉數量很少,而且它們在2008年金融危機中吸收沖擊的能力也很強,這從歷史上證明了這種多樣化的影響。       
      The shadow banking activities, approximately 95 percent of the American economy played a large role in the global financial crisis (Haltom, 2013). Due to the highly concentrated nature of the Canadian banking system that fostered low competition and enforced tight regulation, the risky shadow banking industry didn’t have the same demand or freedom to grow the way it did in the US. The financial sector in the US consisted of two parallel banking systems, one that was regulated by multiple parties and another that transformed from investment banks and other financial intermediaries into the shadow banking industry, a market for activities restricted in the first (Bordo et al., 2011). Naturally, high risk activities gravitated towards the shadow banking industry which had vague restrictions and were mostly outside the regulatory umbrella (Haltom, 2013). This lack of regulation was followed by a lack of understanding in the risks associated with the industry as confidence levels were almost equal to that of the regulated sector. Krugmen (2009) claims that the problems associated with the crisis are less from deregulated institutions instead involve risks associated with “institutions that were never regulated in the first place.” As the shadow banking industry grew, the US moved towards the same financially vulnerable position that they experienced before the Great Depression. In addition, the Bush administration used their power and relation to the Office of the Comptroller of the Currency to eliminate any attempt to regulate sub-prime housing loans (Krugman, 2009).  
      影子銀行活動約占美國經濟的95%,在全球金融危機中扮演了重要角色。由于加拿大銀行體系的高度集中性,助長了低競爭,并實施了嚴格的監管,因此高風險的影子銀行業沒有像美國那樣的需求或自由增長。美國金融部門由兩個平行的銀行系統組成,一個由多方監管,另一個由投資銀行和其他金融中介機構轉變為影子銀行行業,這是第一個限制活動的市場。自然,高風險活動被影子銀行業所吸引,影子銀行業有著模糊的限制,且大多不在監管范圍之內。由于信心水平幾乎等于受監管部門的信心水平,因此缺乏監管之后,對行業相關風險缺乏了解??唆敻衤↘rugmen)聲稱,與危機相關的問題不是來自放松管制的機構,而是涉及與“最初從未受到監管的機構”相關的風險。隨著影子銀行業的發展,美國走向了大蕭條前所經歷的同樣的金融脆弱境地。此外,布什政府利用其權力和與貨幣監理署的關系,消除任何監管次級住房貸款的企圖。
      In the decades leading up to the global financial crisis, the Canadian banking system diverged further from that of the US. Following the 1987 Bank Act revision, Canadian banks began engaging in securities brokerages, mortgages and other activities that in the US, unregulated institutions partake in. OSFI overtook the affairs of the Inspector General of Banks as well as the Superintendent of Insurance becoming the sole regulator of all federal financial institutions in Canada overseeing in addition to the bank, pension funds, insurance and trust companies. With increasing risk, Canada increased their regulation. Only approximately 40 percent of the Canadian economy includes shadow banking activities, a considerable fraction of which Canada’s banks have committed to. In addition, 60 percent of these are insured and have access to lender of last resort thus protected by the federal government. The competitive and unregulated environment that allowed the shadow banking industry to grow in the US didn’t exist in Canada.
      在全球金融危機爆發前的幾十年里,加拿大的銀行體系與美國的銀行體系進一步分化。1987年《銀行法》修訂后,加拿大銀行開始從事證券經紀、抵押貸款和其他在美國未受監管機構參與的活動。OSFI接手了銀行監察長和保險監督的事務,成為加拿大所有聯邦金融機構的唯一監管機構,監管銀行、養老基金、保險和信托公司。隨著風險的增加,加拿大加大了監管力度。只有大約40%的加拿大經濟包括影子銀行活動,其中相當一部分是加拿大銀行承諾的。此外,60%的影子銀行都有保險,并且可以獲得聯邦政府保護的最后貸款人的幫助。加拿大并不存在允許影子銀行業在美國發展的競爭和不受監管的環境。
      Countries around the world were left crippled in the face of the 2008 global financial crisis, the most notable being the US where the crisis originated and developed. Canada was one exception as its banking system remained stable with no bank failures or government bailouts. Throughout history, in comparison to the US, Canada has suffered through less recessions, less panics and less bank failures. In the 2008 global financial crisis, Canada’s resilience is to be noted as it was a result of the nature the original banking framework created in the 19th century. Canada’s highly concentrated banking system allowed for tight regulation, diversification and low competition in the industry resulting in a less risky sector equipped to absorb the disastrous crisis of 2008. Although, Canada’s history has played a large part in constructing this stable system and any one solution or explanation for financial stability won’t miraculously save a nation, there is a great deal that other countries can learn from Canada to better equip themselves to handle crises in the future.
      References 參考文獻
      Bordo, Michael D., Angela Redish, and Hugh Rockoff. “Why Didn’t Canada Have a Banking
      Crisis in 2008 (Or In 1930, Or 1907, Or…)?” National Bureau of Economic Research Working Paper No. 17312, August 2011.
      Haltom, Renee. “Why was Canada Exempt from the Financial Crisis?” Econ Focus, Fourth Quarter, 2013, pp. 22-25.
      World Bank. Crisis-proofing financial integration: Canada, June 2012, pp. 30-33. 1324485944855/03_canada.pdf
      Edey, M. (2009), The Global Financial Crisis and Its Effects. Economic Papers: A journal of applied economics and policy, 28: pp. 186-195.
      Krugman, Paul. The Return of Depression Economics and the Crisis of 2008. New York: W.W.
      Norton & Company, 2009.
      Lambert, G.D., 2006. Profit From Mortgage Debt With MBS. Investopedia.
      Pruss, L., 2015. USA vs. Canadian Banking Systems. HQ Mortgages Inc.
      這篇加拿大留學生作業總結:面對2008年的全球金融危機,世界各地的國家都陷入了困境,其中最引人注目的是危機發生和發展的美國。加拿大是一個例外,因為其銀行體系保持穩定,沒有銀行倒閉或政府救助??v觀歷史,與美國相比,加拿大經歷的衰退更少,恐慌更少,銀行倒閉更少。在2008年的全球金融危機中,加拿大的恢復力值得注意,因為這是19世紀最初銀行框架所具有的性質的結果。作業提出加拿大高度集中的銀行體系允許行業嚴格監管、多樣化和低競爭,從而使風險較小的行業能夠應對2008年的災難性危機。盡管加拿大的歷史在構建這一穩定體系中發揮了很大作用,任何一種金融穩定的解決方案或解釋都不會奇跡般地拯救一個國家,其他國家可以向加拿大學習很多東西,以更好地裝備自己,應對未來的危機。本站提供各國各專業留學生作業寫作指導服務,如有需要可咨詢本平臺。

      此論文免費


      如果您有論文代寫需求,可以通過下面的方式聯系我們
      點擊聯系客服
      推薦內容
      • 社會學Essay格式:Sui...

        ?本文是社會學專業的留學生Essay范例,題目是“SuicideinNorthernCanada:ASociologicalPerspective(加拿大北部的......

      • 歷史Essay要求:Hist...

        ?本文是歷史專業的Essay范例,題目是“HistoricalInvestigationofCanada’sFailureattheBattleofDieppe......

      • 文化研究Essay范文:Ca...

        本文是文化研究專業的留學生Essay范例,題目是“Canadaacceptsimmigrants(加拿大接受移民)”,加拿大接受來自世界各地的移民,其中最重要的......

      • 護理學Essay參考案例:A...

        本文是護理學專業的留學生Essay范例,題目是“AnalysisofSickleCellDisease(鐮狀細胞病分析)”,隨著來自發展中國家的人把加拿大當成自......

      • 政治Essay寫作:Pros...

        ?本文是教育專業的Essay范例,題目是“ProsandConsoftheQuebecSeparationIssue(魁北克分離問題的利與弊)”,魁北克的分離在......

      • 文化研究Essay范文:It...

        本文是文化研究專業的留學生Essay范例,題目是“ItalianImmigrationtoCanada(意大利人移民加拿大)”,加拿大的東南海岸是在1947年6......

      色欲日日摸夜夜爽

        <address id="xrfrx"><listing id="xrfrx"><menuitem id="xrfrx"></menuitem></listing></address>
        <address id="xrfrx"><listing id="xrfrx"><menuitem id="xrfrx"></menuitem></listing></address>

        <noframes id="xrfrx">
        <noframes id="xrfrx"><listing id="xrfrx"><listing id="xrfrx"></listing></listing>
        <form id="xrfrx"><nobr id="xrfrx"><meter id="xrfrx"></meter></nobr></form>
        <address id="xrfrx"><listing id="xrfrx"><menuitem id="xrfrx"></menuitem></listing></address>