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Perspectives on Canadian Bank Insolvency during the 1930s: A Comment

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  • Kryzanowski, Lawrence
  • Roberts, Gordon S

Abstract

Jack Carr, Frank Mathewson and Neil Quigley (1995) (CMQ) introduce new archival evidence to challenge the hypothesis that Canadian banks enjoyed considerable capital forbearance during the 1930s (Lawrence Kryzanowski and Gordon S. Roberts, 1993) (KR). This note examines what the CMQ evidence has to tell us once opportunity-cost valuation and agency costs in government and the accounting profession are stirred vigorously into the inferential stew. The authors show that none of the CMQ findings is inconsistent with the original KR argument on capital forbearance. More broadly, they demonstrate how serious economic error can result from taking accounting and contractual formalisms at their face value.

Suggested Citation

  • Kryzanowski, Lawrence & Roberts, Gordon S, 1999. "Perspectives on Canadian Bank Insolvency during the 1930s: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(1), pages 130-136, February.
    • Handle: RePEc:mcb:jmoncb:v:31:y:1999:i:1:p:130-36
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    Cited by:

    1. Beyhaghi, Mehdi & D’Souza, Chris & Roberts, Gordon S., 2014. "Funding advantage and market discipline in the Canadian banking sector," Journal of Banking & Finance, Elsevier, vol. 48(C), pages 396-410.
    2. Iftekhar Hasan & Larry D. Wall, 2004. "Determinants of the Loan Loss Allowance: Some Cross‐Country Comparisons," The Financial Review, Eastern Finance Association, vol. 39(1), pages 129-152, February.
    3. Chu, Kam Hon, 2015. "Bank consolidation and stability: The Canadian experience, 1867–1935," Journal of Financial Stability, Elsevier, vol. 21(C), pages 46-60.
    4. Gueyie, Jean-Pierre & Lai, Van Son, 2003. "Bank moral hazard and the introduction of official deposit insurance in Canada," International Review of Economics & Finance, Elsevier, vol. 12(2), pages 247-273.
    5. Chu, Kam Hon, 2010. "Bank mergers, branch networks and economic growth: Theory and evidence from Canada, 1889-1926," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 265-283, March.
    6. Gianni Toniolo & Eugene N. White, 2015. "The Evolution of the Financial Stability Mandate: From Its Origins to the Present Day," NBER Working Papers 20844, National Bureau of Economic Research, Inc.

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