The Bank of Canada's primary emphasis at that time was on the development of a government treasury bill market, to assist in the more effective implementation and transmission of monetary policy. In addition, the Finance Department, with the central bank as its fiscal agent, wanted to promote the development of a well-functioning government bond market.
(Chart 1)  World Economic Growth Rate % 6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 1996 97  98  99 2000 01  02  03  04  05  06  07  08  09  10  11  12  Source: IMF, “World Economic Outlook.”  (Chart 2)  Corporate Profits and Business Fixed Investment tril.