Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)?
---- Acknowledgements -----
The authors would like to thank participants in a session at the Economic History Association Meetings at Chicago in September 2010, and especially our discussant David C. Wheelock; participants at the Norges bank, Federal Reserve Bank of Dallas and the CNEH conference in Ottawa, June 2011, and at Development of the American Economy meetings at the NBER summer institute, Cambridge Mass., July 2011. Michael Bordo was a consultant to the Bank of Canada in 2011. This paper was not funded, sponsored, or endorsed by the Bank. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.