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Why Did the Bank of Canada Emerge in 1935?

Michael D. Bordo and Angela Redish
The Journal of Economic History
Vol. 47, No. 2, The Tasks of Economic History (Jun., 1987), pp. 405-417
Stable URL: http://www.jstor.org/stable/2122238
Page Count: 13
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Why Did the Bank of Canada Emerge in 1935?
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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 last resort, that it was necessary to anchor the unregulated Canadian monetary system after 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, correspondence of chartered bankers, newspaper reports, academic writings, and estimation of time series econometric models) rejects the first two hypotheses and supports the third.

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