Canada, with a branch-banking system from the 1860s and no central bank until 1935, experienced none of the panics the US suffered (1873, 1884, 1890, 1893, 1896, 1907), demonstrating that US panics stemmed from the fragility of its unit-banking structure rather than from an inherent need for central banking.

causalpending

Speaker

Charles Calomiris

Evidence Quote

Canada is not experiencing any of that because it has a different micro economic structure and by the way Canada didn't have a central bank until 1935

Source

Charles Calomiris on the Financial Crisis 10/26/2009EconTalk
Created: 6/15/2026, 9:20:15 AM

My Notes

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