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A Comparison of the United States and Canadian Banking Systems in the Twentieth Century: Stability vs. Efficiency?

  • Michael D. Bordo
  • Hugh Rockoff
  • Angela Redish

This paper asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits and related variables over the period 1920 to 1980. Our principal findings are that: (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally slightly higher in Canada; (3) interest rates charged on loans were generally quite similar; (4) net rates of return to equity were generally higher in Canada than in the U.S..

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File URL: http://www.nber.org/papers/w4546.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4546.

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Date of creation: Nov 1993
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Publication status: published as "The U.S. Banking System from a Northern Exposure: Stability vs. Efficiency ." Journal of Economic History, Vol 54 (June 1994): 325-341.
Handle: RePEc:nbr:nberwo:4546
Note: ME
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  1. Shaffer, Sherrill & DiSalvo, James, 1994. "Conduct in a banking duopoly," Journal of Banking & Finance, Elsevier, vol. 18(6), pages 1063-1082, December.
  2. R. Alton Gilbert, 1977. "Effects of interest on demand deposits: implications of compensating balances," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 8-15.
  3. Patrick I. Mahoney, 1988. "The recent behavior of demand deposits," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Apr, pages 195-208.
  4. Haubrich, Joseph G., 1990. "Nonmonetary effects of financial crises : Lessons from the great depression in Canada," Journal of Monetary Economics, Elsevier, vol. 25(2), pages 223-252, March.
  5. Howard Bodenhorn & Hugh Rockoff, 1992. "Regional Interest Rates in Antebellum America," NBER Chapters, in: Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel, pages 159-187 National Bureau of Economic Research, Inc.
  6. John H. Boyd & Stanley L. Graham, 1991. "Investigating the banking consolidation trend," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-15.
  7. Sherrill Shaffer, 1990. "A test of competition in Canadian banking," Working Papers 90-18, Federal Reserve Bank of Philadelphia.
  8. James, John A., 1976. "The Development of the National Money Market, 1893-1911," The Journal of Economic History, Cambridge University Press, vol. 36(04), pages 878-897, December.
  9. Alli Nathan & Edwin H. Neave, 1989. "Competition and Contestability in Canada's Financial System: Empirical Results," Canadian Journal of Economics, Canadian Economics Association, vol. 22(3), pages 576-94, August.
  10. Gerald P. O'Driscoll, Jr., 1988. "Deposit Insurance in Theory and Practice," Cato Journal, Cato Journal, Cato Institute, vol. 7(3), pages 661-681, Winter.
  11. Duca, John V., 1992. "US business credit sources, demand deposits, and the 'missing money'," Journal of Banking & Finance, Elsevier, vol. 16(3), pages 567-583, June.
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