.Given persistently low real interest rates, lack of alternative investment and mortgage-to-GDP trend, rapid property price growth in …

This Selected Issues paper on the United States examines the effect of the structure of the mortgage market on real … housing activity and housing prices. The market-based financial structure has reduced the volatility of mortgage lending …. Changes in the structure of the mortgage market have coincided with lower volatility of real housing activity. Regional income …

been a key determinant of bank performance during the turmoil; and Canadian banks had ample capital. Specifically, most … banks with critically low capital at end-2006 later experienced dramatic equity value declines, and many had to be rescued …. Regulatory and structural factors contributed to the resilience of Canadian banks by reducing their incentives to take risks. …

macroprudential standards for mortgage lending while undertaking tax reforms to gradually reduce incentives for excessive leverage …