Hostname: page-component-78c5997874-t5tsf Total loading time: 0 Render date: 2024-11-08T06:35:57.596Z Has data issue: false hasContentIssue false
  • English
  • Français

Some Reflections on Central Banking in Canada

Published online by Cambridge University Press:  07 November 2014

J. N. Wolfe
J. N. Wolfe*
Affiliation:
University of Rochester
Get access

Abstract

An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.
Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Notes and Memoranda
Information
Canadian Journal of Economics and Political Science/Revue canadienne de economiques et science politique , Volume 24 , Issue 1 , February 1958 , pp. 98 - 102
Copyright
Copyright © Canadian Political Science Association 1958

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 It is not suggested that the evenness of impact would show itself, even under ideal conditions, in equal percentage declines in all the investment-goods industries affected. The magnitude of decline in the output of the various industries will depend on the slope of the marginal efficiency schedule for the various types of capital goods involved.

2 London, 1936, chap. xii. This parallel was first pointed out to me by Professor G. A. Elliott Notice that the volume of new bank-lending does not provide a sufficient measure of the importance of the banking system in a capital market in which many of the other large lending-institutions (insurance and trust companies, pension funds, etc.) sometimes tend to adopt a relatively inflexible attitude to the composition of their portfolios. Thus the chartered banks probably dominate the market for short-term funds of all sorts, and are exceedingly influential in the market for some types of longer-term loans.

3 Wolfe, J. N., “Canada';s Present Money Problems,” Business Quarterly (University of Western Ontario), XXII, no. 1, spring, 1957, 53–67.Google Scholar The present paper provides a more considered judgment on some of the issues raised in that essay.

4 This argument assumes stable interest rates in the United States but could easily be amended to fit different assumptions.

5 The events of the six months between the preparation of this paper and its publication have supported this suggestion to a degree which had hardly been foreseen. The relaxation of a crisis atmosphere would be doubly beneficial if it were utilized for sober and unhurried consideration of mechanisms for meeting a recurrence of the emergency.