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Why the Bank of Canada Act Needs Updating: A Lesson from the Sub-Prime Crisis

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  • John-Paul Koning

Abstract

When trouble in the US housing market this past summer bubbled into problems in credit markets around the world, central banks took action. In a partially successful effort to keep those markets functioning smoothly, several central banks, including the Bank of Canada, took special steps to ensure liquidity – very short-term financing – was available to financial institutions. For the Bank of Canada, these steps included extending the list of securities it would accept as collateral when providing financing.

Suggested Citation

  • John-Paul Koning, 2007. "Why the Bank of Canada Act Needs Updating: A Lesson from the Sub-Prime Crisis," e-briefs 50, C.D. Howe Institute.
    • Handle: RePEc:cdh:ebrief:50
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    File URL: https://www.cdhowe.org/public-policy-research/why-bank-canada-act-needs-updating-lesson-sub-prime-crisis
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    Cited by:

    1. Clyde Goodlet, 2010. "Too Big to Fail: A Misguided Policy in Times of Financial Turmoil," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 311, October.
    2. Tim Brennan, 2008. "Generating the Benefits of Competition: Challenges and Opportunities in Opening Electricity Markets," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 260, April.

    More about this item

    Keywords

    monetary policy; Bank of Canada;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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