0. History of the Canadian Dollar

Principles of Macroeconomics (with Xtra!)

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Unformatted text preview: A History of the C ANADIAN D OLLAR by James Powell B ANK OF C ANADA This publication is also available in French. Cette publication est aussi disponible en français. ISBN 0–662–28123–3 Cat. No. FB2–141 1999E Printed in Canada on recycled paper. A History of the Canadian Dollar Table of Contents Acknowledgements Acknowledgements .................................... iv The Early Years (pre-1841) The Early Years (pre-1841) ....................... 1 The Halifax and York ratings .......................... 2 Dollars and cents or pounds, shillings, and pence ? ................................................... 3 Currency Reforms (1841–71) Currency Reforms (1841–71) ................... 6 Introduction of a decimal-based currency ...................................................... 7 The first government note issue ........................ 9 Paper currency outside the Province of Canada ....................................................... 11 Confederation ................................................ 12 The Canadian Dollar under the The Canadian Dollar under the Gold Standard (1854–1914) Gold Standard (1854–1914) .................... 14 Operation of the gold standard ........................ 14 The Canadian dollar and the U.S. greenback (1862–79) ................................... 15 Canada off the Gold Standard Canada off the Gold Standard (1914–26) (1914–26) .................................................. 18 World War I .................................................. 18 Setting the stage for a return to the gold standard ......................................................20 Back on the Gold Standard— Back on the Gold Standard— Temporarily (1926–31) Temporarily (1926–31) ...........................23 The Depression Years (1930–39) The Depression Years (1930–39) ............. 26 Establishment of a central bank ...................... 27 Canada under Exchange Controls Canada under Exchange Controls (1939–51) (1939–51) ................................................. 32 The war years (1939–45) .............................. 32 The revaluation of 1946 ................................. 35 The devaluation of 1949 ................................ 36 The decision to float, 1950 ............................. 37 The unofficial exchange market ...................... 39 The relevance of the unofficial rate ................. 40 A Floating Canadian Dollar A Floating Canadian Dollar (1950–62) (1950–62) ................................................. 42 Return to a Fixed Exchange Rate Return to a Fixed Exchange Rate (1962–70) (1962–70) ................................................. 44 Return to a Floating Rate Return to a Floating Rate (June 1970–present) (June 1970–present) ................................ 48 The dollar in the 1970s .................................. 50 The dollar in the 1980s .................................. 51 The dollar in the 1990s .................................. 52 Concluding Remarks...
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0. History of the Canadian Dollar - A History of the C...

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