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Abstract

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									  Canadian Financial Institution Failures: The Pathologies of Regulatory Inaction

                                          Abstract




This study is an examination of inaction associated regulatory behaviours, using case

studies of the Canadian Commercial Bank, the Northland Bank and the Principal Group,

Canadian financial institutions which were closed by government initiatives in l985 (the

Canadian Commercial Bank and the Northland Bank) and l987 (the Principal Group).

The closures of these institutions involved losses to the public, either directly, by way of
lost investments, or indirectly, by way of government compensation payments.           The

reports of quasi-judicial inquiries into the circumstances surrounding the closures of these

institutions contain conclusions that regulatory inaction contributed to public losses. The

circumstances of regulatory inaction associated with these financial institution closures

are examined from two theoretical perspectives: institutional theory, as developed in

organizational behaviour, and regulation theory, as developed in law and policy. Through

blending the perspectives, suggested contributions are made to theory and evidence in

both domains, as well as to future regulatory practice.




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