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Regulatory Changes and Financial Structure: The Case of Canada

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Author Info
Christian Calmès

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Abstract

The author documents some stylized facts about the Canadian financial structure. He explores these empirical facts in the context of Canadian financial legislation and finds that, over the 1990s, Canadian businesses became more heavily dependent on financial markets as their primary source of external funding. Data display a trend towards a more "market-oriented" financial system. The analysis suggests that this new trend started after the 1980 amendments to banking legislation and was considerably accentuated after the 1992 amendments. The author constructs a new series for the off-balance-sheet activities of Canadian banks that converts the non-interest income of banks into a credit equivalent. Combined with other evidence, this credit-equivalent series suggests a healthy growth trend in banking activity. Financial institutions are broadening their business lines and participating more actively in the arrangement of market financing. Regarding direct finance, the data indicate that Canadian firms issue a substantial share of their bonds in the U.S. bond market, and an increasing share of their stocks in the U.S. stock market. The author conjectures that there is some form of incompleteness in the Canadian markets. A noticeable fraction of Canadian issuances in the United States involves riskier firms for which U.S. markets seem more mature.

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File URL: http://www.bankofcanada.ca/en/res/wp/2004/wp04-26.pdf
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Publisher Info
Paper provided by Bank of Canada in its series Working Papers with number 04-26.

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Length: 43 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:bca:bocawp:04-26

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Postal: 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
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Web page: http://www.bank-banque-canada.ca/

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Postal: Publications Distribution, Bank of Canada, 234 Wellington Street, Ottawa, Ontario, K1A 0G9, Canada
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Related research
Keywords: Financial institutions; Financial services; Recent economic and financial developments;

Other versions of this item:

Find related papers by JEL classification:
G20 - Financial Economics - - Financial Institutions and Services - - - General
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Freedman, C. & Goodlet, C., 1998. "The Financial Services Sector: Past Changes and Future Prospects," Technical Reports 82, Bank of Canada. [Downloadable!]
  2. John H. Boyd & Mark Gertler, 1994. "Are banks dead? or, are the reports greatly exaggerated?," Proceedings, Federal Reserve Bank of Chicago, issue May, pages 85-117.
    Other versions:
  3. Franklin Allen & Douglas Gale, 2001. "Comparing Financial Systems," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262511258.
  4. Kevin J. Stiroh, 2002. "Diversification in banking: is noninterest income the answer?," Staff Reports 154, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  5. Freedman, C., 1998. "The Canadian Banking System," Technical Reports 81, Bank of Canada. [Downloadable!]
  6. Martin Miville & André Bernier, 1999. "The Corporate Bond Market in Canada," Bank of Canada Review, Bank of Canada, vol. 1999(Autumn), pages 3-8. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christian Calmès & Raymond Théoret, 2009. "The Impact of Off-Balance-Sheet Activities on Banks Returns: An Application of the ARCH-M to Canadian Data," RePAd Working Paper Series UQO-DSA-wp032009, Département des sciences administratives, UQO. [Downloadable!]
  2. Jason Allen & Ying Liu, 2005. "Efficiency and Economies of Scale of Large Canadian Banks," Working Papers 05-13, Bank of Canada. [Downloadable!]
    Other versions:
  3. Danny Leung & Terence Yuen, 2005. "Labour Market Adjustments to Exchange Rate Fluctuations: Evidence from Canadian Manufacturing Industries," Working Papers 05-14, Bank of Canada. [Downloadable!]
  4. Vladimir Klyuev, 2008. "Real Implications of Financial Linkages Between Canada and the United States," IMF Working Papers 08/23, International Monetary Fund. [Downloadable!]
  5. Christian Calmès & Raymond Théoret, 2009. "Off-Balance-Sheet Activities and the Shadow Banking System: An Application of the Hausman Test with Higher Moments Instruments," RePAd Working Paper Series UQO-DSA-wp042009, Département des sciences administratives, UQO. [Downloadable!]
  6. Balli, Faruk & Basher, Syed & Louis, Rosmy, 2009. "Channels of risk-sharing among Canadian provinces: 1961–2006," MPRA Paper 15206, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  7. Christian Calmès & Raymond Théoret, 2009. "The Impact of Banking Deregulation on Canadian Banks Returns," RePAd Working Paper Series UQO-DSA-wp022009, Département des sciences administratives, UQO. [Downloadable!]
  8. Jorge Roldos, 2006. "Disintermediation and Monetary Transmission in Canada," IMF Working Papers 06/84, International Monetary Fund. [Downloadable!]
  9. Christian Calmès & Raymond Théoret, 2008. "Banking Deregulation and Financial Stability : is it Time to re-regulate in Canada ?," RePAd Working Paper Series UQO-DSA-wp042008, Département des sciences administratives, UQO. [Downloadable!]
  10. Nicolas Pellerin, 2008. "L'effet des activités hors bilan sur la rentabilité et la volatilité des revenus des banques canadiennes," RePAd Working Paper Series UQO-DSA-wp032008, Département des sciences administratives, UQO. [Downloadable!]
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This page was last updated on 2009-11-24.

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