BANKING SYSTEM OF CANADA: MEETING TODAY’S CHALLENGES
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BANKING SYSTEM OF CANADA: MEETING TODAY’S CHALLENGES
Annotation
PII
S268667300000484-2-1
Publication type
Article
Status
Published
Authors
Irina Yarygina
Edition
Pages
86-98
Abstract
Actual international financial relations reveal the precious experience of the Canadian banking, which effectively solves the problems of reengineering and successfully meets new challenges. Prerequisites of the modern process of financial internationalization of Canada are the technological progress in the industrial field and multifactorial process of competition at the national and international level. At the same time, competition in banking contributes to reducing costs, improving quality and expanding the range of goods and services and becomes a generator of globalization. The conditions and instruments for effective banking regulation in Canada are based on the independence of the Supervisory body and the usage of sufficient resources for the rehabilitation of troubled financial intermediaries, as well as correct assessment of risks at the level of credit institutions and banking system. In the aim of identification the factors for the Canadian banking system development, the article reveals the interdependence of the processes of internationalization and integration. A distinctive feature of internationalization is linked with the increase of inter-country communication at different historical stages and spatial scales levels: from bilateral to regional and global. The process of financial internationalization in Canada acts as a common framework for the process of interaction with the UK, USA and other countries. Results of the research, presented in the article, show that international integration as the highest stage of internationalization is characterized by the merging of national markets of goods, services and labor, and the formation of an integrated market space with unified monetary and legal systems and close coordination of internal and external economic policies of different countries. Such a character of the integration process is not peculiar to Canada, which maintained its independence and sustainability. At the same time, as a result of the impact of macroeconomic factors, including national financial system, the integral economic space is set up, which is successfully administered by the new economic vehicle of management. Examples of regulation and administration of the banking sphere are presented.
Keywords
banking system, Canada, monetary regulation, financing, entrepreneurship
Date of publication
09.02.2017
Number of purchasers
0
Views
59
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