Crisis and Reform

Crisis and Reform : Canada and the International Financial System

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The financial crisis that erupted in 2008 severely affected the global economy, plunging most countries into a recession with aftershocks still being felt today. Canada was able to weather the crisis well in comparison to many euro-zone countries and the United States, but it did not escape unscathed. Two major themes are explored in this volume: Canada's role in the international financial system and the Canadian policy response to the global financial crisis. These themes are examined in light of the shift from the classical gold standard to Bretton Woods to the 'non-system' of late, the finance-trade crossover agenda, the changing role of central banks, the European Monetary Union, developing countries and a post-financial crisis global political economy. What becomes clear in this volume is that Canada plays a powerful role, which belies its size, in the development of the financial system and its regulation at an international level.

Crisis and Reform: Canada and the International Financial System - the 28th volume of the influential Canada Among Nations series - examines the global financial crisis through Canada's historical and current role in the international financial system. Canada has been held up as a shining example of good governance during the financial crisis, and its prominent role within international financial institutions should grow as Canada continues as a leading player in the global financial system.

Canada Among Nations has been the premier source for critical insight into Canadian foreign policy issues since 1984. This volume continues that tradition by providing students, policy makers and practitioners with a timely compendium of expert opinion on Canada and its role before, during and after the global financial crisis.
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Table of contents




Introduction Rohinton Medhora and Dane Rowlands

1. Inclusiveness and Creativity at the Creation: Canada and the Bretton Woods Negotiations Eric Helleiner

2. Canada and the IMF: Global Finance and the Challenge of Completing Bretton Woods James A. Healey

3. The G8 and G20: Canada's Role Barry Carin

4. Canada, the FSB and the International Institutional Response to the Current Crisis Tony Porter

5. The Global Financial Crisis and Financial Regulation: Canada and the World David Longworth

6. Success under Pressure: The Bank of Canada and the Global Financial Crisis - Actions and Lessons Eric Santor and Lawrence Schembri

7. The Bank of Canada and the Global Financial Crisis: Quietly Influential among Central Banks Domenico Lombardi and Pierre Siklos

8. Canadian Autonomy and Systemic Financial Risk after the Crisis of 2008 Louis W. Pauly

9. The Finance-Trade Crossover John M. Curtis

10. Europe's Monetary Union in Crisis Juliet Johnson

11. The Developing Countries and the Great Financial Crisis: Was This Time Different? Roy Culpepper

12. The Contours of the Post-financial Crisis Global Political Economy Randall Germain

Canada in the Global Financial System James M. Boughton

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