Free Banking and the Bank of Canada

David Laidler ()

No 20054, University of Western Ontario, RBC Financial Group Economic Policy Research Institute Working Papers from University of Western Ontario, RBC Financial Group Economic Policy Research Institute

Abstract: It is argued that today's Canadian monetary system has certain important characteristics in common with a free banking regime such as might have evolved had matters been left to market forces, and that the Bank of Canada's recent success probably has more than a little to do with this fact. It is also argued, however, that, in Canada at the current juncture, further progress towards "free banking" as this alternative is nowadays known, would likely involve unilateral adoption of the US dollar as the basis for the monetary system. Hence, on the 70th anniversary of the Bank of Canada's founding, the author's wish that it may enjoy many happy returns of its birthday is a particularly sincere one.

Keywords: Bank of Canada; central banking; free banking; price stability rates; unemployment; multiplier (search for similar items in EconPapers)
JEL-codes: B22 E24 E59 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk, nep-his, nep-hpe, nep-mac and nep-mon
Date: 2005

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Journal Article: Free Banking and the Bank of Canada (2006)
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