By G. Glenn Baigent and Vincent G. Massaro

ISBN-10: 1848557280

ISBN-13: 9781848557284

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Read or Download Review of Accounting and Finance ~ The 1987 market crash: 20 years later, Volume 8 Number 2 (2009) PDF

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Extra resources for Review of Accounting and Finance ~ The 1987 market crash: 20 years later, Volume 8 Number 2 (2009)

Sample text

0 percent inflation prompts major inflation fighting behavior by the Bank of Canada and one in which high commodity prices pushed the value of the Canadian dollar to exceed par with the US greenback, until its demise (along with commodity prices) in the fall of 2008 back into the mid-1980 cent range (Bank of Canada’s Monetary Policy Report, 2008). All of these changes have occurred against a background where none of the major policy initiatives of the late 1980s Conservative government has been reversed, while the newly elected Conservative government has been able to reduce the GST to 5 percent.

An obscure, small-cap mining company based in Calgary, which had never mined an ounce of gold. Based on preliminary reports of an ‘‘enormous’’ gold discovery (with one estimate of more than 200 million ounces), Bre-X’s stock price experienced a meteoric rise and the company became a major large-cap mining stock, with its market value peaking at over $5 billion. Ironically, it was the collapse of Bre-X in 1997, after it was discovered that their stock price increases were based on fraudulent mineral discoveries, which triggered the collapse of over-inflated Canadian mining stock prices.

It puts significant upward pressure on the interest rates that corporations had to borrow at, causing them to delay investments or eliminate them all together, which in turn lead to higher unemployment and slower economic growth. The unfortunate fact of all this was that the fiscal deficits occurring at all layers of government were being masked by the strong economic performance of the late 1980s as government revenues increased with the strong GDP growth. However, in 1987 an inflation fighting Governor of the Bank of Canada was appointed, and he immediately started increasing short-term interest rates to head off inflation[2].

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Review of Accounting and Finance ~ The 1987 market crash: 20 years later, Volume 8 Number 2 (2009) by G. Glenn Baigent and Vincent G. Massaro


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