Differences among Bank of Canada, the Bank of England, and the Bank of Japan - Essay Example

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This bank was established on July 3, 1934 through the Bank of Canada Act. During this time, it was a privately owned corporation. Later in 1938, the bank changed a Crown corporation that the monarch in Canada right owned the…

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Differences among Bank of Canada, the Bank of England, and the Bank of Japan

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Subject: Finance & Accounting
Type: Essay
Level: Masters
Pages: 1 (250 words)
Downloads: 8
Author: qpfannerstill

Extract of sample "Differences among Bank of Canada, the Bank of England, and the Bank of Japan"

Differences among Bank of Canada, the Bank of England, and the Bank of Japan The bank of Canada is the nation’s central bank. This bank was established on July 3, 1934 through the Bank of Canada Act. During this time, it was a privately owned corporation. Later in 1938, the bank changed a Crown corporation that the monarch in Canada right owned the corporation. The Minister of Finance owns the corporation because the Minister of Finance of Canada holds the bank’s entire capital share (Yasin, 2013).

The Bank of England was founded to function as the Government banker of the English. The bank still functions as the banker for HM government. In 1694, the bank operated from its foundation, and it was privately owned. However, the bank has since become independent becoming a public organization. The Treasury Solicitor owns the bank on behalf of the Government. In addition, the Treasury Solicitor has independence in monetary policy (Yasin, 2013).The bank of Japan, BOJ had its reorganization after the post-war time in 1942.

The bank was independent and operated independently. The BOJ had its own monetary and controlled its credits. The bank had considerable independence that lead to losing of its accountability leading to promulgation of the Japan law. The BOJ controlled the monetary and currency, which controlled the economy. The government maintains a close relationship with the bank. The government helps the bank in managing the currency and monetary aspects of the bank (Yasin, 2013). The main difference among the three banks is the ownership and control of the banks.

The Canada Minister of Finance owns the bank of Canada. He owns the bank behalf of Her Majesty in right. The Treasury Solicitor on behalf of the Government owns the Bank of England. The Bank of Japan is independently owned, and the government maintains a close relationship to help the bank in its currency and monetary aspect (Yasin, 2013).ReferenceYasin, A. (2013). The Banks Today and Tommorrow. The Dawns, 13-16.

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