2. The Canadian Banking System

Abstract

ABSTRACT This paper examines the major changes in the Canadian banking sys-tem since the Second World War, with special attention paid to the differ-ences between Canadian and U.S. developments over this period. Animportant difference between the countries is the nationwide branch bank-ing arrangements in Canada. Two other differences are a result of regula-tory dimensions of the Canadian scene: periodic reassessment andupdating of banking legislation as a legislative requirement; and theabsence of any ceilings on interest rates on deposits or, since 1967, on loans.The amendments to the Bank Act from 1954 to 1997 are examined, and sig-nificant developments in the Canadian financial system, typically associ-ated with changes to legislation governing banks and other financialinstitutions, are discussed. The effects of these changes are then looked at,including the market share of banks in various markets, and the develop-ments in money market mutual funds and mortgage securitization in Can-ada and the United States.

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