See Michael Palumbo and Jonathan Parker, “The Integrated Financial and Real System of National Accounts for the United States: Does it Presage the Financial Crisis?” NBER Working Paper 14663, January 2009. Also in the American Economic Review, May 2009.

For a discussion, see Richard Rosen, “The role of securitization in mortgage lending.” Chicago Fed Letter, November 2007, No. 244. One estimate found 80% of US subprime mortgages were securitised: Gary Gorton, “Information, Liquidity, and the (Ongoing) Panic of 2007.” American Economic Review, May 2009, Vol. 99, No. 2, P. 567.

See “Don’t blame Canada.” P. 7 of A Special Report on International Banking in The Economist, May 16, 2009.

See Bruce Little, “Fixing the Future”. University of Toronto Press, 2008. He estimates the split between higher contributions and reduced benefits at three to one in reforming the plans finances in 1998 (p. 258).

P. 3.9, P. Cross “2008 in Review.” Canadian Economic Observer, April 2009.

See Palumbo and Parker, p. 8: “a large inflow of foreign (financial) capital provided the lion’s of net lending”.

Cash includes currency and deposits in Canadian financial institutions.

This in turn caused money market funds to withdraw their traditional funding of commercial paper. The unfolding of the crisis is summarized by Ben Bernanke, “The Crisis and the Policy Response.” At the Stamp Lecture, London School of Economics, January 13, 2009.