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Essay / Research Paper Abstract
This 3 page paper outlines and compares the banking systems seen in Canada and China, including the role of the central banks and the influence of government on the operations of the central bank. The bibliography cites 2 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEbancanchi.rtf
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Unformatted sample text from the term paper:
to play in helping to manage the economy. If we look at two countries; Canada and China, there are both similarities and differences. The banking system in Canada has
the Bank of Canada as its central point and overseer of the banking industry. The Bank of Canada may also be seen as one of the younger central banks today.
The topic only arose in the Canadian parliament in 1913, and there was not believed to be the need for a central bank (Bank of Canada, 2005). The banking system
was very different from the model seen in the US where there were many small independent banks. Here there was a reflection of the UK models with a smaller number
of banks with more braches (Bank of Canada, 2005). The Bank of Canada was eventually set up in 1935 following a Royal Commission in 1933 under the Bank of
Canada Act. At first the bank was private and sold shares, but was soon nationalised under an amendment to the Bank of Canada Act in 1938 (Bank of Canada, 2005).
The bank is the overseer of the banking system and has many functions. The bank has control of the bank note operations, but the policy is dictated by
government policy. The Receiver General is also an agency of the bank (Bank of Canada, 2005). As well as banker to the government and controller of interest rates
the bank also has research division which has the aim of providing information on the conditions of business in the home state and internationally in different countries. There are securities
division to oversee these operations and there is also a foreign exchange division. Today the function of the bank is to "regulate credit and currency in the best interests of
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