@techreport{NBERw2079,
 title = "Why did the Bank of Canada Emerge in 1935?",
 author = "Michael D. Bordo and Angela Redish",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "2079",
 year = "1988",
 month = "1988",
 URL = "http://www.nber.org/papers/w2079",
 abstract = {Three possible explanations for the emergence of the Canadian central bank in 1935 are examined: that it reflected the need of competitive banking systems for a lender of the last resort; that it was necessary to anchor the unregulated Canadian monetary system after the abandonment of the gold standard in 1929; and that it was a response to political rather than purely economic pressures. Evidence from a variety of sources (contemporary statements to a Royal Commission, the correspondence of chartered bankers, newspaper reports, academic writings and the estimation of time series econometric models) rejects the first two hypotheses and supports the third.},
}