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Financial crises, particularly the Great Depression, spurred reforms to strengthen regulation.
Leading-edge economic research and analysis are at the heart of policy-making at the Bank of Canada.
Our research is most influential when it is innovative, timely and visible.
"The twin weaknesses of the American financial system -- a commercial banking system divided along state lines and volatile financial markets in which a 'shadow banking system' of unregulated or lightly regulated investment banks and other financial intermediaries participated -- produced a series of financial panics," the authors write.
"There were major banking panics in 1837, 1857, 1873, 1893, and 1907, and minor panics in 1839, 1884, and 1890." One important factor, the authors argue, is that from the outset Canada's federal government had the authority to charter and regulate banks while the U. Constitution did not specifically reserve that power for the federal government.
Building richer models that better capture changing economic conditions is one of the keys to success.
To achieve this, we will explore new data sources as well as alternative approaches to economic modelling and new economic paradigms.An example of a recent initiative is the Bank’s new Financial System Research Centre.The 2019–21 research plan targets three high-level objectives: Several prominent themes transcend individual objectives.Prior to joining FSD, Stacey held various positions in the Bank’s Financial Markets Department and at the Department of Finance.Zahir Antia was appointed Senior Representative of the New York Office of the Bank of Canada in July 2011. Antia develops and maintains relationships with central banking counterparts, financial regulatory authorities and other financial market participants in the United States.When European and North American banks teetered on the brink of meltdown in 2008, requiring bailouts and extraordinary central bank intervention, Canadian banks escaped relatively unscathed. The United States allowed a weak, fragmented system to develop, with far more small (and less stable) banks, along with a shadow banking system of less-regulated securities markets, investment banks, and money market funds overseen by a group of competing regulators. Starting in the nineteenth century, Canada and the United States took divergent paths: Canada set up a concentrated banking system that controlled mortgage lending and investment banking under the watchful eye of a single, strong regulator.The Bank formally reviews its monetary policy framework as well as the experiences of other central banks every five years. As in past renewals, the Bank will carefully re-examine whether and to what extent the current regime has served us well and whether there may be better alternatives in the face of a continuously evolving economic landscape.This round we will rethink how alternative frameworks should be assessed.While in 20 the United States experienced bank failures, bailouts, and the worst recession since the 1930s, Canada had no bank failures, no bailouts, and its recession was less severe than either that of the early 1980s or early 1990s.Long before 2008 in the United States, there were the failures of the private investment bank Jay Cooke and Co.