@techreport{NBERw4546,
 title = "A Comparison of the United States and Canadian Banking Systems in the   Twentieth Century: Stability vs. Efficiency?",
 author = "Michael D. Bordo and Hugh Rockoff and Angela Redish",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "4546",
 year = "1996",
 month = "October",
 URL = "http://www.nber.org/papers/w4546",
 abstract = {This paper asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly.  We assembled a data set that compares bank failures, lending rates, interest paid on deposits and related variables over the period 1920 to 1980.  Our principal findings are that: (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally slightly higher in Canada; (3) interest rates charged on loans were generally quite similar; (4) net rates of return to equity were generally higher in Canada than in the U.S..},
}