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David E. Bond, John F. Chant and Ronald A. Shearer.

Scarborough (ON), Prentice-Hall, c1984.
671pp, paperbound boards, $29.95.
ISBN 0-13-229799-X.

Reviewed by Thomas F. Chambers.

Volume 12 Number 3
1984 May

This is a book that deals with a very specific aspect of the Canadian economy. It was written for students who have previously taken some economics courses and assumes that they have a good grasp of the fundamentals. It is not a book for the poor student or the casual reader concerned with Canada's current economic problems.

The authors of The Canadian Financial System were unhappy with existing texts in money and banking. They feel that these do not go far enough in explaining the function of our economic institutions. They also do not pay enough attention to international economics and do not emphasize the relationship between microeconomics and macroeconomics.

The Canadian Financial System attempts to remedy these shortcomings. It is divided into three sections. Part 1 deals with the microeconomics of Canada's financial system. The authors argue that any discussion of macroeconomics must be based on its microeconomic roots. Part 2 is an assessment of public policy with respect to Canada's financial institutions and financial markets. What are the objectives of the Canadian public policy? What effect does it have on our financial system? Part 3, an analysis of the macroeconomics of the Canadian financial system, discusses money and its influence on aggregate demand. It also looks at the government's control of the money supply and the relationship between government policy and the foreign exchange rate.

This is a well-written book. It is both challenging and informative. It could easily become the standard text for courses in Canadian money and banking. Shearer, a professor at the University of British Columbia, Chant, a professor at Simon Eraser, and Bond, employed by the Public Service of Canada, obviously know their subject well.

Thomas F. Chambers, Canadore College, North Bay, ON.
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