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Canada's Housing Bubble Story: Mortgage Securitization, the State, and the Global Financial Crisis

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  • Alan Walks

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  • Alan Walks, 2014. "Canada's Housing Bubble Story: Mortgage Securitization, the State, and the Global Financial Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(1), pages 256-284, January.
    • Handle: RePEc:bla:ijurrs:v:38:y:2014:i:1:p:256-284
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    File URL: http://hdl.handle.net/10.1111/j.1468-2427.2012.01184.x
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    1. Manuel B. Aalbers, 2009. "The Sociology and Geography of Mortgage Markets: Reflections on the Financial Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 281-290, June.
    2. Wynne Godley & Marc Lavoie, 2012. "Fiscal Policy in a Stock-Flow Consistent (SFC) Model," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 9, pages 194-215, Palgrave Macmillan.
    3. David Harvey, 2011. "Roepke Lecture in Economic Geography—Crises, Geographic Disruptions and the Uneven Development of Political Responses," Economic Geography, Clark University, vol. 87(1), pages 1-22, January.
    4. Finn Poschmann, 2011. "What Governments Should Do in Mortgage Markets," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 318, January.
    5. Steve Keen, 2009. "Bailing out the Titanic with a Thimble," Economic Analysis and Policy, Elsevier, vol. 39(1), pages 3-24, March.
    6. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, October.
    7. Saskia Sassen, 2009. "When Local Housing Becomes an Electronic Instrument: The Global Circulation of Mortgages — A Research Note," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 411-426, June.
    8. Jamie Peck & Nik Theodore, 2007. "Flexible recession: the temporary staffing industry and mediated work in the United States," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 171-192, March.
    9. Bezemer, D.J., 2009. "No one saw this coming. Understanding financial crisis through accounting models," Research Report 09002, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    10. Stiglitz, Joseph E, 1990. "Symposium on Bubbles," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 13-18, Spring.
    11. Kevin Fox Gotham, 2009. "Creating Liquidity out of Spatial Fixity: The Secondary Circuit of Capital and the Subprime Mortgage Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 355-371, June.
    12. Philip Ashton, 2009. "An Appetite for Yield: The Anatomy of the Subprime Mortgage Crisis," Environment and Planning A, , vol. 41(6), pages 1420-1441, June.
    13. Harris, Richard & Ragonetti, Doris, 1998. "Where Credit is Due: Residential Mortgage Finance in Canada, 1901 to 1954," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 223-238, March.
    14. Rocco Huang & Mr. Lev Ratnovski, 2009. "Why Are Canadian Banks More Resilient?," IMF Working Papers 2009/152, International Monetary Fund.
    15. Bezemer, Dirk J, 2009. "“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models," MPRA Paper 15892, University Library of Munich, Germany.
    16. Engel, Kathleen C. & McCoy, Patricia A., 2011. "The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps," OUP Catalogue, Oxford University Press, number 9780195388824.
    17. repec:dgr:rugsom:09002 is not listed on IDEAS
    18. Ann Pettifor, 2006. "The Coming First World Debt Crisis," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-23675-2, December.
    19. Steve Keen, 1995. "Finance and Economic Breakdown: Modeling Minsky’s “Financial Instability Hypothesis”," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(4), pages 607-635, July.
    20. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
    21. Godley, Wynne, 1999. "Money and Credit in a Keynesian Model of Income Determination," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 23(4), pages 393-411, July.
    22. Elvin Wyly & Markus Moos & Daniel Hammel & Emanuel Kabahizi, 2009. "Cartographies of Race and Class: Mapping the Class‐Monopoly Rents of American Subprime Mortgage Capital," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 332-354, June.
    23. Lee E. Ohanian, 2010. "The Economic Crisis from a Neoclassical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 45-66, Fall.
    24. Ms. Evridiki Tsounta, 2009. "Is the Canadian Housing Market Overvalued? A Post-crisis Assessment," IMF Working Papers 2009/235, International Monetary Fund.
    25. Kathe Newman, 2009. "Post‐Industrial Widgets: Capital Flows and the Production of the Urban," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 314-331, June.
    26. Mr. John Kiff, 2009. "Canadian Residential Mortgage Markets: Boring But Effective?," IMF Working Papers 2009/130, International Monetary Fund.
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    Cited by:

    1. Alan Walks & Brian Clifford, 2015. "The political economy of mortgage securitization and the neoliberalization of housing policy in Canada," Environment and Planning A, , vol. 47(8), pages 1624-1642, August.
    2. Gomez-Gonzalez, Jose Eduardo & Sanin-Restrepo, Sebastian, 2018. "The maple bubble: A history of migration among Canadian provinces," Journal of Housing Economics, Elsevier, vol. 41(C), pages 57-71.
    3. Beibei Zhang, 2020. "Social policies, financial markets and the multi-scalar governance of affordable housing in Toronto," Urban Studies, Urban Studies Journal Limited, vol. 57(13), pages 2628-2645, October.
    4. Markus Moos & Pablo Mendez, 2015. "Suburban ways of living and the geography of income: How homeownership, single-family dwellings and automobile use define the metropolitan social space," Urban Studies, Urban Studies Journal Limited, vol. 52(10), pages 1864-1882, August.
    5. Pablo Mendez & Noah Quastel, 2015. "Subterranean Commodification: Informal Housing and the Legalization of Basement Suites in Vancouver from 1928 to 2009," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 39(6), pages 1155-1171, November.
    6. Markus Moos, 2016. "From gentrification to youthification? The increasing importance of young age in delineating high-density living," Urban Studies, Urban Studies Journal Limited, vol. 53(14), pages 2903-2920, November.
    7. Charles Ka Yui Leung & Edward Chi Ho Tang, 2023. "The dynamics of the house price‐to‐income ratio: Theory and evidence," Contemporary Economic Policy, Western Economic Association International, vol. 41(1), pages 61-78, January.
    8. Konstantin A. Kholodilin & Sebastian Kohl & Florian Müller, 2023. "Government-Made House Price Bubbles? Austerity, Homeownership, Rental, and Credit Liberalization Policies and the “Irrational Exuberance” on Housing Markets," Discussion Papers of DIW Berlin 2061, DIW Berlin, German Institute for Economic Research.
    9. Sean Grisdale & Alan Walks, 2022. "Rise Overrun: Condoization, Gentrification, and the Changing Political Economy of Renting in Toronto," Urban Planning, Cogitatio Press, vol. 7(4), pages 229-244.
    10. Bashir Ahmad Joo & Simtiha Ishaq Mir, 2024. "Evolution of the Household Debt Narrative: A PRISMA-compliant Systematic Literature Review," Paradigm, , vol. 28(1), pages 84-100, June.
    11. Hui, Eddie C.M. & Chan, Ka Kwan Kevin, 2019. "Alternative trading strategies to beat “buy-and-hold”," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 534(C).

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