FMK-8 REGULATING FINANCE TO PROMOTE GROWTH: THE QUEBEC EXPERIENCE IN PERSPECTIVE
DOI:
https://doi.org/10.11575/sppp.v16i1.75623Abstract
Canada has one of the largest and most developed financial systems in the world. At the end of 2018, total assets of financial institutions reached 626 percent of GDP, placing Canada ahead of Japan, France, the United States and Germany on this metric, and the amount of debt securities outstanding and market capitalization amounted to 252 percent of GDP (IMF, 2019).
Canada’s financial system is highly concentrated. Each segment of the financial system is among the largest in the world in nominal terms. The six largest banks and Quebec’s "Mouvement Desjardins" – designated as financial institutions of national importance – account for about 90 percent of deposit-taking institutions’ assets, while the three largest life insurers account for about 70 percent of total net premiums.
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