Micro- and Macro-Level Financial Reform in Canada



Over the past fifteen or so years, financial liberalization has become increasingly popular around the world. Among industrial countries, we have witnessed the elimination of exchange controls in Europe, interest rate liberalization in Japan and the USA and major financial sector reforms virtually everywhere, most notably London’s ‘Big Bang’ in 1986. In the USA, inter-state banking has been liberalized, while Glass-Steagall restrictions separating banking and securities business have been significantly eroded; this latter type of development is occurring in Japan as well.


Exchange Rate Interest Rate Monetary Policy Central Bank Financial Institution 
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© International Development Research Centre 1998

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