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In recent years, the subject of the government's debt has become more prominent in discussions on public finances. People are concerned by the size of the debt and its growth. Various governments in Canada use a number of debt concepts to measure indebtedness. The main concepts are debt representing accumulated deficits, gross debt, net debt and the debt of the public sector as a whole. Each concept has its own rationale. This document explains the various concepts of debt in Québec as well as those used by the federal and provincial governments in Canada.

Canada

International Monetary Fund. Monetary and Capital Markets Department

Published: 2019-06-24

Total Pages: 85


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This Financial System Stability Assessment paper discusses that Canada has enjoyed favorable macroeconomic outcomes over the past decades, and its vibrant financial system continues to grow robustly. However, macrofinancial vulnerabilities—notably, elevated household debt and housing market imbalances—remain substantial, posing financial stability concerns. Various parts of the financial system are directly exposed to the housing market and/or linked through housing finance. The financial system would be able to manage severe macrofinancial shocks. Major deposit-taking institutions would remain resilient, but mortgage insurers would need additional capital in a severe adverse scenario. Housing finance is broadly resilient, notwithstanding some weaknesses in the small non-prime mortgage lending segment. Although banks’ overall capital buffers are adequate, additional required capital for mortgage exposures, along with measures to increase risk-based differentiation in mortgage pricing, would be desirable. This would help ensure adequate through-the cycle buffers, improve mortgage risk-pricing, and limit procyclical effects induced by housing market corrections.
MacKinnon, Canada's first female finance minister, provides keen observations on how personalities and shared regional perspectives cut across party affiliations in the evolution of federal-provincial deliberations on managing the debt crisis. Although initially opposed to the radical cuts and downloading unilaterally imposed by the federal minister of Finance in his 1995 budget, she now argues that they were essential and analyses how they have irrevocably transformed the Canadian federation. MacKinnon provides a timely analysis of the implications of the fiscal crisis for the future of medicare and Canada's other social programs and shows why politicians must involve the Canadian public in an open and frank debate about the challenges and choices facing the nation.
Readers will follow an intense period of social change in Quebec, during which there was a remarkable increase in the level of modernization. They will note a massive entry of women into the labour force and a growing service sector that now constitutes seventy percent of all economic activity. They will observe also that the Québécois have dramatically increased their television viewing and that, while they express a generally high level of satisfaction with life, the Québécois must contend with escalating crime and suicide rates.