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Why did the Bank of Canada Emerge in 1935?

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  • Michael D. Bordo
  • Angela Redish

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 the last resort; that it was necessary to anchor the unregulated Canadian monetary system after the 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, the correspondence of chartered bankers, newspaper reports, academic writings and the estimation of time series econometric models) rejects the first two hypotheses and supports the third.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2079.

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Date of creation: Nov 1986
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Publication status: published as Bordo, Michael D. and Angela Redish. "Why did the Bank of Canada Emerge in 1935?" Journal of Economic History, Vol. XLVII, No. 2, June 1987, pp. 405-4 17.
Handle: RePEc:nbr:nberwo:2079

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Cited by:
  1. Gary Gorton & Lixin Huang, 2002. "Bank Panics and the Endogeneity of Central Banking," NBER Working Papers 9102, National Bureau of Economic Research, Inc.
  2. Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, Elsevier, vol. 34(3), pages 569-596.
  3. Michael D. Bordo, 1990. "The lender of last resort : alternative views and historical experience," Economic Review, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond, issue Jan, pages 18-29.
  4. George A. Selgin, 1989. "Legal Restrictions, Financial Weakening, and the Lender of Last Resort," Cato Journal, Cato Journal, Cato Institute, Cato Journal, Cato Institute, vol. 9(2), pages 429-469, Fall.
  5. Richard S. Grossman, 2011. "The Economic History of Banking," Wesleyan Economics Working Papers, Wesleyan University, Department of Economics 2011-004, Wesleyan University, Department of Economics.
  6. Eugene N. White, 2011. "“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision," NBER Working Papers 16825, National Bureau of Economic Research, Inc.
  7. Rockoff, Hugh & White, Eugene N., 2012. "Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo," MPRA Paper 49672, University Library of Munich, Germany, revised May 2013.

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