OLIGARCHS at OTTAWA, PART II Night a Success
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From Next Best to World Class: the People and Events That Have
FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer FROM NEXT BEST TO WORLD CLASS CDIC—Next Best to World Class.indb 1 02/10/2017 3:08:10 PM Other Historical Books by This Author A Thirty Years’ War: The Failed Public Private Partnership that Spurred the Creation of the Toronto Transit Commission, 1891–1921 (Osgoode Society and Irwin Law, Toronto, 2015) Lawyers, Families, and Businesses: A Social History of a Bay Street Law Firm, Faskens 1863–1963 (Osgoode Society and Irwin Law, Toronto, 2013) Damaging Winds: Rumours That Salieri Murdered Mozart Swirl in the Vienna of Beethoven and Schubert (historical novel published as an ebook through the National Arts Centre and the Canadian Opera Company, 2013) The Fiercest Debate: Cecil Wright, the Benchers, and Legal Education in Ontario, 1923–1957 (Osgoode Society and University of Toronto Press, Toronto, 1987) with Jerome Bickenbach CDIC—Next Best to World Class.indb 2 02/10/2017 3:08:10 PM FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer CDIC—Next Best to World Class.indb 3 02/10/2017 3:08:10 PM Next Best to World Class: The People and Events That Have Shaped the Canada Deposit Insurance Corporation, 1967–2017 © Canada Deposit Insurance Corporation (CDIC), 2017 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the publisher. -
Dalrev Vol44 Iss2 Pp165 171.Pdf (3.958Mb)
H. H. F. Binhammer CANADA'S MONEY MUDDLE IN RETROSPECT QUESTIONS CONCERNING THE CONTROL OF MONEY are as old as the use of money as a measure and store of value and a medium of exchange. Relevant to developments in the post~war period in Canada is the controversy of the mid-nineteenth century between the so-called Banking School and the Currency School. The Banking School maintained that control over the supply of money should be left in the hands of private commercial banks. The Currency School, on the other hand, among other things, maintained that control over the money supply should be vested directly or indirectly in the hands of government. Settlement in favour of the Currency School led to the establishment of central banks, mainly under the sponsorship of govern ments. These banks were to provide an umbrella over the private commercial banks. In Canada, interference with the money supply by a central authority started with the Finance Act of 1914. This was followed by the establishment of the Bank of Canada in 1935, first with limited government participation and later with com~ plete government control. The degree to which the central bank should assert its influence over the economy and in particular over the private commercial banks was not questioned until the fifties. During the thirties, the war, and the immediate post-war period, the central bank, on the whole, accommodated the activities of the chartered banks without question. That is to say, the central bank, in a more or less routine fashion, assisted the chartered banks to meet the demands of business. -
A Tribute to the Honourable R. Gordon Robertson, P.C., C.C., LL.D., F.R.S.C., D.C.L
A Tribute to The Honourable R. Gordon Robertson, P.C., C.C., LL.D., F.R.S.C., D.C.L. By Thomas d’Aquino MacKay United Church Ottawa January 21, 2013 Reverend Doctor Montgomery; members of the Robertson family; Joan - Gordon’s dear companion; Your Excellency; Madam Chief Justice; friends, I am honoured – and humbled – to stand before you today, at Gordon’s request, to pay tribute to him and to celebrate with you his remarkable life. He wished this occasion to be one, not of sadness, but of celebration of a long life, well lived, a life marked by devotion to family and to country. Gordon Robertson – a good, fair, principled, and ever so courteous man - was a modest person. But we here today know that he was a giant. Indeed, he has been described as his generation’s most distinguished public servant – and what a generation that was! Gordon was proud of his Saskatchewan roots. Born in 1917 in Davidson – a town of 300 “on the baldest prairie”, in Gordon’s words, he thrived under the affection of his Norwegian-American mother and grandparents. He met his father – of Scottish ancestry - for the first time at the age of two, when he returned home after convalescing from serious wounds suffered at the epic Canadian victory at Vimy Ridge. He was, by Gordon’s account, a stern disciplinarian who demanded much of his son in his studies, in pursuit of manly sports, and in his comportment. Gordon did not disappoint. He worked his way through drought- and depression-torn Saskatchewan, attended Regina College and the University of Saskatchewan, and in 1938 was on his way to Oxford University, a fresh young Rhodes Scholar. -
Is Monetary Financing Inflationary? a Case Study of the Canadian Economy, 1935–75
Working Paper No. 848 Is Monetary Financing Inflationary? A Case Study of the Canadian Economy, 1935–75 by Josh Ryan-Collins* Associate Director Economy and Finance Program The New Economics Foundation October 2015 * Visiting Fellow, University of Southampton, Centre for Banking, Finance and Sustainable Development, Southampton Business School, Building 2, Southampton SO17 1TR, [email protected]; Associate Director, Economy and Finance Programme, The New Economics Foundation (NEF), 10 Salamanca Place, London SE1 7HB, [email protected]. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2015 All rights reserved ISSN 1547-366X ABSTRACT Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost demand and/or relieve debt burdens. We find little empirical evidence to support the standard objection to such policies: that they will lead to uncontrollable inflation. -
The Political Legitimacy of Cabinet Secrecy
51 The Political Legitimacy of Cabinet Secrecy Yan Campagnolo* La légitimité politique du secret ministériel La legitimidad política del secreto ministerial A legitimidade política do segredo ministerial 内阁机密的政治正当性 Résumé Abstract Dans le système de gouvernement In the Westminster system of re- responsable de type Westminster, les sponsible government, constitutional conventions constitutionnelles protègent conventions have traditionally safe- traditionnellement le secret des délibéra- guarded the secrecy of Cabinet proceed- tions du Cabinet. Dans l’ère moderne, où ings. In the modern era, where openness l’ouverture et la transparence sont deve- and transparency have become funda- nues des valeurs fondamentales, le secret mental values, Cabinet secrecy is now ministériel est désormais perçu avec scep- looked upon with suspicion. The justifi- ticisme. La justification et la portée de la cation and scope of Cabinet secrecy re- règle font l’objet de controverses. Cet ar- main contentious. The aim of this article ticle aborde ce problème en expliquant les is to address this problem by explaining raisons pour lesquelles le secret ministériel why Cabinet secrecy is, within limits, es- est, à l’intérieur de certaines limites, essen- sential to the proper functioning of our tiel au bon fonctionnement de notre sys- system of government. Based on the rele- * Assistant Professor, Common Law Section, University of Ottawa. This article is based on the first chapter of a dissertation which was submitted in connection with fulfilling the requirements for a doctoral degree in law at the University of Toronto. The research was supported by the Social Sciences and Humanities Research Council of Canada. For helpful comments on earlier versions, I am indebted to Kent Roach, David Dyzenhaus, Hamish Stewart, Peter Oliver and the anonymous reviewers of the Revue juridique Thémis. -
The Evolution of Monetary Policy at the Bank of Canada 1935-2000
Gordon Thiessen: Can a bank change? The evolution of monetary policy at the Bank of Canada 1935-2000 Lecture by Gordon Thiessen, Governor of the Bank of Canada, to the Faculty of Social Science, University of Western Ontario, on 17 October 2000. * * * I would like to thank the Faculty of Social Science here at the University of Western Ontario for inviting me to deliver this lecture. The Department of Economics within the Faculty is known for its long-standing interest in monetary economics, as well as its appreciation of economic history. I thought that it would be appropriate, therefore, to combine these two elements and use this occasion to reflect upon the dramatic changes that have taken place in the theory and practice of monetary policy in Canada during the Bank of Canada’s 65-year history. Over this period, there has been a fundamental transformation in the way monetary policy is conducted in Canada and in most other industrial countries. While globalization and technological change have played an important role in this area, as in so many others, they have not, to my mind, been the principal driving force behind this transformation. Far more important has been the interaction of experience and economic theory. The puzzling and, at times disappointing, performance of the economy has often served as the catalyst for major theoretical advances and policy innovations. Although the evolutionary process set in motion by these forces has not always been smooth or painless, it has, without question, deepened our understanding of how the economy works. It has also taught us valuable lessons about how monetary policy should be conducted. -
History of the Business Development Bank of Canada
History of the Business Development Bank of Canada The FBDB period (1975-1995) Donald Layne For the men and women who worked and work at Canada’s business development bank, FBDB and BDC Bibliothèque et Archives nationales du Québec and Library and Archives Canada Title: History of the Business Development Bank of Canada: The FBDB period (1975-1995) Issued also in French under title: Histoire de la Banque de développement du Canada : La période BFD (1975-1995) ISBN 978-0-9953184-4-1 Published by the Business Development Bank of Canada (BDC). All rights reserved. Printed in Canada. Also available in electronic format. In the event of any discrepancies between the English and French versions, the English version shall prevail. Legal deposit – Library and Archives Canada, 2016 Cover picture: Stock Exchange Tower, Montreal. BDC’s Head Office was located here from 1969 to 1997. Table of Contents Preface 06 Chapter 1 The genesis 09 Chapter 2 Creating FBDB 15 Chapter 3 Early days at FBDB 23 Chapter 4 On the eve of the great recession 40 Chapter 5 Cost recovery Part I 45 Chapter 6 SBFR & a new mandate for FBDB 58 Chapter 7 Cost recovery Part II 71 Chapter 8 Rock bottom 82 Chapter 9 Rebuilding 94 Chapter 10 Working with government 114 Chapter 11 Treasury ops 126 Chapter 12 Shocks to the system 138 Chapter 13 Another recession 149 Chapter 14 Information technology @ FBDB/BDC 169 Chapter 15 Start of a new era 190 Chapter 16 The BDC act 207 Chapter 17 Mandate change begets culture change 215 Appendix 1 Members of the boards of directors 234 Appendix 2 Contributors 236 6 Preface This book provides a history of the Business Development Bank of Canada during the period 1975 to 1995. -
Comm 285COVER.Qxp
NO. 285, MARCH 2009 C.D. Howe Institute COMMENTARY MONETARY POLICY To the Next Level: From Gold Standard to Inflation Targets – to Price Stability? William B.P. Robson In this issue... Can Canada improve on its successful monetary order based on a 2 percent inflation target when it expires in 2011? Yes – better price measures, a lower inflation or price-level target, and stronger accountability could better preserve the value of Canadians’ money. THE STUDY IN BRIEF Canada’s current monetary regime, with its 2 percent inflation target, has a record of success that sets the bar high for improvements in 2011 when it comes up for renewal. Yet the 2 percent target has key defects: the impact of 2 percent annual inflation on Canadians’ purchasing power will, by 2011, have reduced the dollar’s value by more than one-quarter since 2 percent targeting began in 1995, and the annual target means the future price level is less predictable as the forecast horizon THE AUTHOR OF lengthens. Moreover, the 2 percent regime’s success also suggests that protecting THIS ISSUE money’s purchasing power more vigorously would be easier and more rewarding than once thought. WILLIAM B.P. ROBSON is President and Chief Before assessing whether and how the current regime can be improved, this Executive Officer of the Commentary first examines the key elements of a durable monetary order. They are: C.D. Howe Institute. a unique, logical goal for monetary policy; technical power to influence monetary conditions decisively; tactical skill to use that power effectively; private expectations and behaviour that conform to the goal; democratic support and accountability; and Rigorous external review resilience in the face of foreseeable shocks. -
Revisiting the Coyne Affair: a Singular Event That Changed the Course of Canadian Monetary History
Economic Research Paper Revisiting the Coyne Affair: A Singular Event that Changed the Course of Canadian Monetary History Pierre L. Siklos* August 2008 * Professor of Economics, Department of Economics, School of Business and Economics, Wilfrid Laurier University, Waterloo, Ontario, Canada. Jennifer Brickman and Garry Tang provided excellent research assistance. Richard Burdekin, Charles Goodhart, and David Laidler provided comments on an earlier draft. I am also grateful to Simon van Norden and Robert Rasche for their help in providing some of the real time data used in the paper. I also wish to thank Heather Ryckman and Jane Boyko of the Bank of Canada Archives for their assistance in providing documents from the Coyne era. An earlier version was presented at the International Economic History Association Conference, Helsinki, Finland.. Abstract The Coyne Affair is the greatest institutional crisis faced by the Bank of Canada in its history. The crisis took place in 1959-1961 and led to the resignation of the Governor, once he was cleared of any wrongdoing. The crisis eventually resulted in a major reform of the Bank of Canada Act. Archival and empirical evidence is used to assess the performance of monetary policy throughout the 1950s. In doing so, a real-time dataset is constructed for both Canada and the US that permit estimation of reaction functions. I find that the case against James Coyne is ‘not proven’. Pierre L. Siklos, Wilfrid Laurier University e-mail: [email protected] Home Page: www.wlu.ca/sbe/psiklos Phone: (519) 884-0710, ext. 2491 Fax: (519) 884-5922 JEL Classification Codes: N100, E52, E58, C52 Keywords: Coyne Affair, monetary policy stance, Taylor rules, real-time data. -
Jimmy Muir's Royal Bank
CHAPTER NINE Jimmy Muir's Royal Bank "The Wave of Optimism" E N[VtR I:XPtCTED TO DlI:. IN 1960, DEATH CAUGHT HIM AT THE WHEEL Hof his Rolls-Royce during a Sunday drive in the Lowlands of Scotland. There, on a low, gorse-covered hill above his native Peebles, Jimmy Muir was carried away by a massive heart attack at the age of sixty-nine. On a nearby hill four years previously, he had been installed as Warden of Neidpath Castle. Before that, in 1952, he had been made a Freeman of the Royal and Ancient Burgh of Peebles. His friend Roy Thomson had called him to the board of Scotland's great newspaper, The Scotsman. These honours were but punctuation marks in Muir's annual pilgrimages to his homeland, treks intended to refresh his immense self-regard and indulge a nostalgia for his Scottish roots. Here was a Scottish laddie, "aye guid at tottin' up figures," who had left school at age fifteen, joined a bank, immigrated to Canada in 1912, and now found himself president of Canada's largest bank. The boy who once earned £10 a year as a junior in the Commercial Bank of Scotland now oversaw assets in excess of $4 billion. In Muir, such success bred a sense of invincibility and imperiousness. Few liked him, most respected him. William Zeckendorf, the New York developer who helped Muir conceive Place Ville Marie in Montreal, likened him to the "chieftain of a fighting clan." I Even George Goodman, the bank electrician who had indulged the president's boardroom egotism, had to admit that Muir was "a hard, but fair man .. -
Not Easy, Smooth, Or Automatic": Canada-US Relations, Canadian Nationalism, and American Foreign Policy, 1961-1963
mn u Ottawa L'Uiiiversile cnnadienne Canada's university mn FACULTE DES ETUDES SUPERIEURES l^s FACULTY OF GRADUATE AND ET POSTOCTORALES u Ottawa POSDOCTORAL STUDIES L'Universite canadienne Canada's university Asa McKercher AUTEUR DE LA THESE / AUTHOR OF THESIS M.A. History GRADE/DEGREE Department of History FACULTE, ECOLE, DEPARTEMENT/ FACULTY, SCHOOL, DEPARTMENT 'Not Easy, Smooth or Automatic": Canada-Us Relation, Canadian Nationalism and American Foreign Policy. 1961-1963 TITRE DE LA THESE / TITLE OF THESIS Galen Perras DIRECTEUR (DIRECTRICE) DE LA THESE / THESIS SUPERVISOR CO-DIRECTEUR (CO-DIRECTRICE) DE LA THESE / THESIS CO-SUPERVISOR EXAMINATEURS (EXAMINATRICES) DE LA THESE/THESIS EXAMINERS Serge Durflinger Jeffrey Keshen Gary W. Slater Le Doyen de la Faculte des etudes superieures et postdoctorales / Dean of the Faculty of Graduate and Postdoctoral Studies "Not easy, smooth, or automatic": Canada-US relations, Canadian Nationalism, and American Foreign Policy, 1961-1963 Asa McKercher A thesis submitted to the Faculty of Graduate and Postdoctoral Studies in partial fulfilment of the requirements for the Master of Arts degree in History Universite d'Ottawa / University of Ottawa 2009 ©Asa McKercher, Ottawa, Canada, 2009 Library and Archives Bibliotheque et 1*1 Canada Archives Canada Published Heritage Direction du Branch Patrimoine de I'edition 395 Wellington Street 395, rue Wellington OttawaONK1A0N4 OttawaONK1A0N4 Canada Canada Your file Votre reference ISBN: 978-0-494-61316-0 Our file Notre reference ISBN: 978-0-494-61316-0 NOTICE: -
Finding Aid No. MSS1505 / Instrument De Recherche No. MSS1505 Robert B. Bryce Fonds (MG31-E59/R4583)
Date: 2011-01-19 Robert B. Bryce fonds (MG31-E59/R4583) Page 1 Finding Aid No. MSS1505 / Instrument de recherche no. MSS1505 Report: Y:\App\Impromptu\Mikan\Reports\Description_Reports\finding_aids_&_subcontainers.imr MIKAN Container File/Item Cr. file/item Hierarchy Title, etc Date of/de Extent or Media / Dim. / Access # Contenant Dos./PièceDos./item cr. Hiérarchie Titre, etc création Support ou Média / Dim. / Accès 121440 Series Tax Review Committee files [textual record] 1965-1968 4105539 1 1 File Depletion and carrying charges, $550 19 July 1965 Textual records / 90 dependants, and add dollar exemption claims 4105540 1 2 File Scope and timing problems - Capital gains 21 July 1965 Textual records / 90 4105541 1 3 File Programme outline 18 August 1965 Textual records / 90 4105542 1 4 File Principal points for consideration 19 August 1965 Textual records / 90 4105543 1 5 File Should capital gains be taxed? 9 September 1965 Textual records / 90 4105544 1 6 File Strengths and weaknesses of the system of 10 September 1965 Textual records / 90 individual taxation (superseded by the next paper) 4105545 1 7 File An appraisal of the present system of individual 24 September 1965 Textual records / 90 taxation 4105546 1 8 File Master computer programme for simulation 30 September 1965 Textual records / 90 4105547 1 9 File Taxation of capital gains realized by 8 October 1965 Textual records / 90 non-residents 4105548 1 10 File Children in the family unit 18 October 1965 Textual records / 90 4105549 1 11 File Tax treatment of gains on disposal of