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Chief Economic Analyst (613-951-9162)
With the release of the September GDP estimates, this was revised to 0.5%.
For a history of the Long Term Capital Management fund, see Roger Lowenstein, "When Genius Failed", Random House, 2000.
Other irregular factors include a strike at Inco in July and forest fires in BC. See "Year-end Review", Canadian Economic Observer (Catalogue No. 11-010-XPB), April 2004.
From Current Economic Conditions, Canadian Economic Observer, November 2006.
Hours worked fell at least one quarter in 1983, 1986, 1989, 1995, 1998, 2001 and 2003.
The difference between the economy before and after September 2008 is most evident in central bank actions: before September, the US Fed and the Bank of Canada changed the composition but not the level of their assets. Afterwards, both changed radically in response to the financial crisis.
Hyman Minsky, "Stabilizing an Unstable Economy". Yale University Press, New Haven, Conn, 1986, p. 59. Another 13 US banks failed in 1975.
The bankruptcy of Germany's Herstatt Bank on June 26, 1974 triggered an international financial crisis. It was liquidated with $620 million of unsettled foreign exchange trades, where counterparties had paid up but not received the exchange currency due to the time difference between settlements in different countries. This led to the near collapse of the US clearing system. The episode led to the creation of the Basel Committee on Banking Supervision at the end of 1974 under the auspices of the Bank for International Settlements for the purpose of controlling the "Herstatt Risk" of payment default. From comment by J. F. Lepetit "On the lender of last resort" in "Financial Crises: Theory, History, and Policy". Charles Kindleberger and Jean-Pierre Laffargue (eds.), 1982, p. 252.