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Why Did the Bank of Canada Emerge in 1935?

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Author Info
Bordo, Michael D.
Redish, Angela

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Abstract

Three possible explanations for the emergence of the Canadian central bank in 1935 are examined: that it reflected the need of competitive banking systems for a lender of last resort, that it was necessary to anchor the unregulated Canadian monetary system after abandonment of the gold standard in 1929, and that it was a response to political rather than purely economic pressures. Evidence from a variety of sources (contemporary statements to a Royal Commission, correspondence of chartered bankers, newspaper reports, academic writings, and estimation of time series econometric models) rejects the first two hypotheses and supports the third.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 47 (1987)
Issue (Month): 02 (June)
Pages: 405-417
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Handle: RePEc:cup:jechis:v:47:y:1987:i:02:p:405-417_04

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