The Efficiency of Canadian Capital Markets: Some Bank of Canada Research

Bank of Canada Review, Summer 2004

14 Pages Posted: 22 Feb 2005

See all articles by Scott Hendry

Scott Hendry

Bank of Canada

Michael R. King

Gustavson School Of Business


Capital markets and their related financial instruments make an important contribution to the welfare of Canadians. The Bank of Canada is interested in the efficient functioning of capital markets through each of its responsibilities for monetary policy, the financial system, and funds management. Hendry and King highlight the key findings of Bank research published over the past year that addresses capital market efficiency and summarize lessons that have been learned. The research conducted thus far suggests that Canadian capital markets are efficient for a capital market of Canada's size but are less diverse than the U.S. capital markets, indicating that there is room for improvement in certain areas.

Keywords: capital market efficiency; Canada; fixed income; equity; foreign exchange; derivatives

JEL Classification: G14, G15, F3

Suggested Citation

Hendry, Scott and King, Michael Robert, The Efficiency of Canadian Capital Markets: Some Bank of Canada Research. Bank of Canada Review, Summer 2004, Available at SSRN:

Scott Hendry

Bank of Canada ( email )

234 Wellington Street
Ottawa, Ontario K1A 0G9
613-782-7668 (Phone)

Michael Robert King (Contact Author)

Gustavson School Of Business ( email )

University of Victoria
Business & Economics Building, Room 246
Victoria, British Columbia V8W 2Y2
250-721-6425 (Phone)

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