Following the severe financial crises of the 1990s and early 2000s, substantial efforts have been undertaken in Russia and Turkey to diversify and deepen the financial systems. However, despite unquestionable improvements, financial deepening in Russia and Turkey has taken place at a slower pace...

Using a model based on the work of Duarte and Eisenbach (2015), I stress test the Canadian banking system using publicly available data from 1996 to 2015. I find that the Canadian banking system is resilient to all but the most extreme event. This is because (i) strong macroprudential regulation...