Financial History Review

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A comparison of the stability and efficiency of the Canadian and American banking systems, 1870–19251

Michael D. Bordoa1, Hugh Rockoffa1 and Angela Redisha2

a1 Rutgers University and the NBER

a2 University of British Columbia


1 A draft of this paper was given at the Colloquium ‘Financial Institutions and Financial Markets in Twentieth Century Europe’, Zürich, 27–28 May 1993, organised by the European Association for Banking History and the Verein für Bankgeschichte (Schweiz und Fürstentum Liechtenstein). For helpful comments on an earlier draft we wish to thank especially Neil Quigley and Ellis Tallman and an anonymous referee of this journal.