Canadian Banks Act As Monopoly: Report

Law360, New York (August 15, 2007, 12:00 AM EDT) -- A new study conducted by the Bank of Canada has revealed that Canadian banks act as a monopoly, with the country's six largest banks controlling 90% of the assets in the banking system.

The study, conducted by Jason Allen and Ying Liu and summarized in a report released earlier this week, shows that “the Canadian banking sector is in equilibrium and characterized by monopolistic competition.”

The report finds that despite a steady increase in the number of banks in Canada, the industry is still dominated by...
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