The North-South Institute


Global Financial Crisis

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How did countries respond to and weather the global financial crisis? This project examines policy responses to the global financial crisis and identifies lessons from countries that withstood the global financial crisis relatively well.

Particular emphasis is placed on Canada’s experience of the financial crisis. The Canadian banking system was rated soundest in the world at the height of the crisis. Observers ranging from the IMF to the OECD praised Canada’s economic management, financial sector regulation and oversight, and prudent housing finance.

Findings on the experience of Canada and Commonwealth countries (as well as China) were presented at international roundtables in Ottawa, New York and Geneva.  The papers presented, and policy briefs capturing the highlights from the roundtables, can be found below.

Based on these findings, NSI published an electronic book that compares the Canadian experience with that of other countries including Australia, India, Ireland, South Korea and Malaysia. Specific attention was given to  macroeconomic policy leading up to and through the crisis, and financial sector regulation and supervision.


E-book: How to Prevent the Next Crisis: Lessons from Countries Experiences of the Global Financial Crisis, edited by Aniket Bhushan (NSI), August 2012.

Policy Brief: How to Prevent the Next Crisis: Lessons from Countries that Weathered the Storm Better, by Aniket Bhushan (NSI), November 2010.

Report: Canadian Banks in the Financial and Economic Crisis, by Tony Porter (McMaster University), June 2010.

Report: The Canadian Exception to the Financial Crisis: Canada’s Macroeconomic Policy, by Roy Culpepper (NSI), June 2010.

Report: Securities and Housing Finance in Canada and the Global Financial Crisis, by Aniket Bhushan (NSI), May 2010.

Report: Canadian Banks Abroad: Expansion and Exposure to the 2008-09 Financial Crisis, by Hugues Létourneau and Pablo Heidrich (NSI), May 2010.

Policy Brief: Beyond Band-Aid Solutions to the Crisis, Towards a New Paradigm, by Aniket Bhushan (NSI), April 2009.


For more information:

Aniket Bhushan
Senior Researcher