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Essay / Research Paper Abstract
This is a 5 page paper discussing the history, function and significance of the Bank of Canada. The Bank of Canada was founded in 1934 as a privately owned corporation and became a Crown corporation in 1938 belonging to the federal government. Since 1938, the Minister of Finance holds the entire share capital issued by the Bank although the Bank of administered by a Governor and a Board of directors. The original Bank of Canada Act of 1934 defines the central role of the Bank of Canada is to “promote the economic and financial well-being of Canada” and the four main responsibilities of the Bank are monetary policy, central banking services, bank notes and administering public debt.
Bibliography lists 6 sources.
Page Count:
5 pages (~225 words per page)
File: D0_TJCanIn1.rtf
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Unformatted sample text from the term paper:
Since 1938, the Minister of Finance holds the entire share capital issued by the Bank. The original Bank of Canada Act of 1934 defines the central role of the Bank
of Canada is to "promote the economic and financial well-being of Canada". The Bank of Canada Act introduces the role of the
Bank of Canada as "Whereas it is desirable to establish a central bank in Canada to regulate credit and currency in the best interests of the economic life of the
nation, to control and protect the external value of the national monetary unit and to mitigate by its influence fluctuations in the general level of production, trade, prices and employment,
so far as may be possible within the scope of monetary action, and generally promote the economic and financial welfare of Canada" (Bank of Canada, Bank of Canada Act). The
Bank of Canada is by no means considered to be a private commercial institution and citizens of Canada cannot directly have transactions with the Bank of Canada (BOC). Instead, its
clients are the federal government, other central banks, commercial banks and other financial institutions. Nor is the BOC considered as a department within the federal government and because of this
retains a large amount of autonomy (Bank of Canada, FAQs). The separation of the BOC from the commercial process and the government process allows for the separation of power from
those who spend money from those who create money as the BOC is the sole issuer of bank notes in the country. In separating it from the federal government departments,
enables the BOC to plan and adopt medium and long-term initiatives to conduct efficient monetary policies without the dependence on the party in leadership (Bank of Canada, FAQs). The Bank
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