ECON 1021 Lecture Notes - Lecture 8: Dow Jones Industrial Average, Toronto Stock Exchange, Autarky

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Financial system - the group of institutions in the economy that help to match one person"s saving with another person"s investment. Two key ingredients in long-run economic growth: saving. Savers - people who spend less than they earn. Borrowers - people who spend more than they earn. The of ce of the superintendent of financial institutions (osfi) - an independent agency of the federal government that reports to the department of finance canada, regulates banks, insurance companies, and pension plans of canada. Credit unions, caisses populaires, securities dealers, and mutual funds are largely regulated by the provincial governments. Financial institutions can be grouped into two categories: financial markets. Financial markets - nancial institutions through which savers can directly provide funds to borrowers. The two most important markets in the economy are: the bond market. Bond - a certi cate of indebtedness, and iou, identi es: Date of maturity: time at which the loan will be repaid.

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