Canadian Banking Solvency, 1922-1940
用市场价值会计重述加拿大银行资产负债表，发现大萧条期间仅一家幸存银行经济上具有偿付能力，并论证加拿大政府隐性全额存款担保、贷款支持和鼓励合并的政策使银行得以继续运营。
The use of market value accounting to restate the year-end balance sheets for Canadian banks strongly suggests that only one surviving bank was economically solvent during the Depression. Like U.S. S&Ls, the authors' alternative hypothesis argues that Canadian banks continued to operate because of the Canadian government's (forebearance) policy of providing an implicit 100 percent guarantee of bank deposits, standing ready to lend to banks, and encouraging early mergers of troubled and healthier banks. Unlike the stylized fact, the role of national branching was to facilitate this policy by reducing the number of banks and lessening competition. Copyright 1993 by Ohio State University Press.