Globalization and financial innovation: a new frontier to conquer
Article Abstract:
The Economic Council of Canada reports that Canadian financial institutions are losing ground in the world financial market. To remain competitive in the global market, Canada must: harmonize the jurisdictions of its regulatory authorities; coordinate federal and provincial prudential supervision of the financial industry; open domestic markets while insisting on reciprocity; and foster international cooperation. The Council recommends, in the interest of prudential supervision, that foreign financial operations establish subsidiaries in Canada rather than branch operations. The Council does not at this time propose that international banking centers (IBCs), which attempt to match the subsidies of foreign countries to financial institutions booking international transactions, be established outside of Montreal and Vancouver. Even though 80% of international transactions are conducted in Toronto, IBCs represent a symbolic national commitment to strengthening Montreal and Vancouver's local financial activities.
Publication Name: Au Courant
Subject: Business, international
ISSN: 0226-224X
Year: 1989
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Free trade and the productivity gap
Article Abstract:
The Free-Trade Agreement between Canada and the United States will benefit several sectors of the Canadian economy and will help to decrease the productivity gap between the two countries, according to a recent economic study by the Economic Council of Canada. The potential benefits of the Agreement include: improving market operating efficiency; increasing the adoption of new technology; and an accelerating of the reallocation of resources to growing industries. In addition, the introduction of larger markets will increase Canadian productivity and decrease the productivity gap by allowing manufacturers to take advantage of economies of scale, increased production runs, and increased diffusion of technology.
Publication Name: Au Courant
Subject: Business, international
ISSN: 0226-224X
Year: 1989
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