What a paper by the trio – Michael D. Bordo, Angela Redish, Hugh Rockoff (free version here).
Canada’s banking system has always been a case of owner’s pride and neighbor’s envy. It has had this history of having minimal impact of any global crisis on its financial system. And it is never really talked about much except during crisis. You hear about US banks, UK banks and even Europe U-Banks but not much about Canadian banks except when there is a crisis and they escape unscathed.
This paper tracks the reasons for Canada’s fin system. The answer is its history of financial regulation. US struggled to have a unified financial regulation and had multiple regulators and charters with powers divided between states and centre. Canada the federal had powers to regulate the financial sector and hence we have a much better and regulated financial system.
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Utopia, you are standing in it! 
Sep 10, 2016 @ 11:47:53
Ian McFarlane, Glen Stevens predecessor, made some similar points when examining the OZ and Canadian banks v yanks re 2008
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