ACCT 2230 Lecture Notes - Lecture 4: Mark Carney, Main Source
13 Feb 2015
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Document Summary
The financial crisis of 2008 was considered by many economists to be the worst financial collapse since the great depression in the 1930s. We witnessed many banks being bailed out, large institutions going bankrupt, an increase in unemployment, and a housing sector collapse. People all around the world felt the effects of the crisis and many feared a total economic collapse. While canadians didn"t experience the worst of the crisis compared to countries such as the united states, we had our fair share of difficulties. However, with some smart policy changes and a strong bank system we were able to stimulate economic growth and overcome the crisis. The main source of canada"s surprisingly strong avoidance/recovery of the financial crisis came down to our central banks and stricter banking regulations. Bankruptcies and defaults have always been low in canada, which is a huge reason why canadian banks did not suffer as hard as other countries specifically the u. s.
