Resumen

GUTIERREZ-HACES, María Teresa. Canada before the effects of dragging of the American financial crisis. Economía UNAM [online]. 2012, vol.9, n.27, pp.45-75. ISSN 1665-952X.

This article analyzes the effects of the U.S. crisis on a country like Canada, which along with Mexico, enjoys an exceptional situation due to its geographical proximity to the United States, as well as the particularities of its economy, highly dependent on this country and regulated largely by its participation in NAFTA. The analysis of the Canadian case is rele-vant, since the effects of the U.S. crisis impacted unevenly on certain economic sectors and specific provinces and regions; this aspect contributed to the crisis did not have such devastating effects, but could not prevent the collapse of the market for asset-backed commercial paper. Although Canadian crisis was linked to the effect of the U.S. housing bubble, the effect was attenuated by the government policy of promotion housing, which does not subsidize the Canadian mortgage as in the United States. The disparity in the payment of interest during the loan period, directly affects the property rights of debt, so that in Canada the deadlines to be shorter cause the debt incurred will be paid into the bank in the first instance, while in the United States debt is renegotiated and transferred to other entities because the loans until their maturity is still a business that generates profits. Banks established in Canada, during the crisis, benefited from the bailout programs offered by the U.S. Federal Reserve, the Bank of Canada and the Canada Mortgage and Housing Corporation.

Palabras llave : Comercial Policy; U. S.; Canada; Finalcial Markets and the Macroeconomy.

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