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Free Banking and the Bank of Canada

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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.

Suggested Citation

  • David Laidler, 2005. "Free Banking and the Bank of Canada," University of Western Ontario, Economic Policy Research Institute Working Papers 20054, University of Western Ontario, Economic Policy Research Institute.
    • Handle: RePEc:uwo:epuwoc:20054
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    File URL: https://ir.lib.uwo.ca/cgi/viewcontent.cgi?article=1025&context=economicsepri_wp
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    Cited by:

    1. Laidler, David, 2017. "Economic ideas, the monetary order and the uneasy case for policy rules," Journal of Macroeconomics, Elsevier, vol. 54(PA), pages 12-23.
    2. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    3. Lawrence H. White, 2013. "Antifragile Banking and Monetary Systems," Cato Journal, Cato Journal, Cato Institute, vol. 33(3), pages 474-484, Fall.
    4. Omerčević, Edo, 2013. "Monetary systems, sustainable growth and inclusive economic development," MPRA Paper 44559, University Library of Munich, Germany.

    More about this item

    Keywords

    Bank of Canada; central banking; free banking; price stability rates; unemployment; multiplier;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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