The economy of Canada is a highly developed mixed economy, with the world's tenth-largest economy as of 2023, and a nominal GDP of approximately US$2.117 trillion. Canada is one of the world's largest trading nations, with a highly globalized economy. In 2021, Canadian trade in goods and services reached $2.016 trillion. Canada's exports totalled over $637 billion, while its imported goods were worth over $631 billion, of which approximately $391 billion originated from the United States. In 2018, Canada had a trade deficit in goods of $22 billion and a trade deficit in services of $25 billion. The Toronto Stock Exchange is the tenth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$3 trillion.
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
Paul Edgar Philippe Martin, also known as Paul Martin Jr., is a Canadian lawyer and politician who served as the 21st prime minister of Canada and the leader of the Liberal Party of Canada from 2003 to 2006.
Alan Greenspan is an American economist who served as the 13th chairman of the Federal Reserve from 1987 to 2006. He worked as a private adviser and provided consulting for firms through his company, Greenspan Associates LLC.
Francis Joseph McKenna is a Canadian businessman and former politician and diplomat. He is currently Deputy Chairman of the Toronto-Dominion Bank. He served as Canadian Ambassador to the United States from 2005 to 2006. He served as the 27th premier of New Brunswick from 1987 to 1997, winning every seat in the province in his first election.
David Allison Dodge is a Canadian economist. He served as Governor of the Bank of Canada from 2001 to 2008.
Ben Shalom Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve, he was appointed a distinguished fellow at the Brookings Institution. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis, for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the Department of Economics there from 1996 to September 2002, when he went on public service leave. Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences, jointly with Douglas Diamond and Philip H. Dybvig, "for research on banks and financial crises", more specifically for his analysis of the Great Depression.
Bank rate, also known as discount rate in American English, and (familiarly) the base rate in British English, is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country, and has changed over time in some countries as the mechanisms used to manage the rate have changed.
Michael Holcombe Wilson was a Canadian businessman, politician and diplomat who served as minister of finance from 1984 to 1991 and minister of international trade from 1991 to 1993 under Prime Minister Brian Mulroney.
The Bank of Canada is a Crown corporation and Canada's central bank. Chartered in 1934 under the Bank of Canada Act, it is responsible for formulating Canada's monetary policy, and for the promotion of a safe and sound financial system within Canada. The Bank of Canada is the sole issuing authority of Canadian banknotes, provides banking services and money management for the government, and loans money to Canadian financial institutions. The contract to produce the banknotes has been held by the Canadian Bank Note Company since 1935.
Sir Byron Edmund Walker, CVO was a Canadian banker. He was the president of the Canadian Bank of Commerce from 1907 to 1924, and a generous patron of the arts, helping to found and nurture many of Canada's cultural and educational institutions, including the University of Toronto, National Gallery of Canada, the Champlain Society, Appleby College, Art Gallery of Ontario and Royal Ontario Museum.
Mark Joseph Carney is a Canadian economist and banker who was the governor of the Bank of Canada from 2008 to 2013 and the governor of the Bank of England from 2013 to 2020. He is chairman, and head of impact investing at Brookfield Asset Management since 2020, and was named chairman of Bloomberg Inc., parent company of Bloomberg L.P., in 2023. He was the chair of the Financial Stability Board from 2011 to 2018. Prior to his governorships, Carney worked at Goldman Sachs as well as the Department of Finance Canada. He also serves as the UN Special Envoy for Climate Action and Finance.
Henry K. Rotich is a Kenyan civil servant who was nominated by President Uhuru Kenyatta as Cabinet Secretary for the National Treasury on 23 April 2013. On 14 January 2020, Rotich, who had been arrested on charges of corruption, was removed from this position.
Richard Tiffany Macklem, known as Tiff Macklem, is a Canadian banker and economist who has served as governor of the Bank of Canada since 2020. He was also the former dean of the Rotman School of Management and had previously served as the senior deputy governor of the Bank of Canada.
Marvin Seth Goodfriend was an American economist. He held the Allan H. Meltzer Professorship in economics at Carnegie Mellon University; he was previously the director of research at the Federal Reserve Bank of Richmond. Following his 2017 nomination to the Federal Reserve Board of Governors, the White House decided to forgo renominating Goodfriend at the beginning of the new term.
Perry Warjiyo is the current Governor of Bank Indonesia, Indonesia's central Bank. His nomination for the post of Governor was approved by the Indonesian parliament on 28 March 2018. He was sworn into office on 24 May 2018, succeeding the previous Governor Agus Martowardojo.
Amir Yaron is an Israeli-American economist and the current Governor of the Bank of Israel. Prior to serving as Governor, Yaron served as Professor of Banking and Finance at the Wharton School, University of Pennsylvania.
The Canadian property bubble refers to a significant rise in Canadian real estate prices from 2002 to present which some observers have called a real estate bubble. The Dallas Federal Reserve rated Canadian real estate as "exuberant" beginning in 2003. From 2003 to 2018, Canada saw an increase in home and property prices of up to 337% in some cities. In 2016, the OECD warned that Canada's financial stability was at risk due to elevated housing prices, investment and household debt. By 2018, home-owning costs were above 1990 levels when Canada saw its last housing bubble burst. Bloomberg Economics ranked Canada as the second largest housing bubble across the OECD in 2019 and 2021. Toronto scored the highest in the world in Swiss bank UBS' real estate bubble index in 2022, with Vancouver also scoring among the 10 riskiest cities in the world. The Royal Bank of Canada analysis showed that Canadian housing had become the least affordable that it had ever been. By 2023 Canada’s nonfinancial debt exceeded 300% of GDP and household debt surpassed 100% of GDP, both higher than the levels seen in the United States before the 2008 global financial crisis. Canada's housing investment as a percentage of GDP ratio peaked at 8.9% in 2022, whereas the US at the peak of the housing bubble only reached 7% in 2006.
Carolyn A. Wilkins is a Canadian economist. She served as Senior Deputy Governor of the Bank of Canada. from May 2, 2014 to December 9, 2020. Wilkins was the first woman to hold the position of Senior Deputy Governor, the highest position ever held by a woman at the Bank of Canada.
Stanley Edwin Lovell was a prominent businessperson and philanthropist of Oshawa, Ontario, Canada.
