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The Montreal Gazette call loan rate, 1871-1907

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  • Kieran Furlong

Abstract

Economic historians have assumed that the call loan market in Canada was insignificant before 1900. In this paper I present a monthly series for the call loan rate recorded daily by the between 1871 and 1907, which corresponds closely with the known post-1900 rate in 1900-07. Evidence from monthly bank returns further indicates that the magnitude of the domestic call loan market rivalled that of Canadian call loans in New York prior to 1907. The call loan series bears little relation to call loan series for New York and London, partly because the Montreal market was less centralized and less liquid.

Suggested Citation

  • Kieran Furlong, 2001. "The Montreal Gazette call loan rate, 1871-1907," Canadian Journal of Economics, Canadian Economics Association, vol. 34(1), pages 165-173, February.
    • Handle: RePEc:cje:issued:v:34:y:2001:i:1:p:165-173
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    Cited by:

    1. Benati, Luca & Lucas, Robert E. & Nicolini, Juan Pablo & Weber, Warren, 2021. "International evidence on long-run money demand," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 43-63.
    2. Luca Benati & Robert E. Lucas & Juan Pablo Nicolini & Warren E. Weber, 2017. "Online Appendix for: International Evidence on Long-Run Money Demand," Working Papers 738, Federal Reserve Bank of Minneapolis.
    3. Benati, Luca, 2020. "Money velocity and the natural rate of interest," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 117-134.

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