MBF activities are significant in several advanced economies, and are comparable in size to traditional lending activities performed by banks. If we estimate total activity by liabilities outstanding, since 1999 the MBF sector in Canada has been about the same size as the traditional banking sector.
In comparison, in the United States, at their peak before the crisis, MBF liabilities were roughly twice as large as traditional bank liabilities. They are currently about 25 per cent larger. Another key characteristic of the MBF sector is its diversity, both within and across countries. It involves a wide range of activities with different levels of benefits and risk.