There can be little doubt in any financial analyst's mind that, at least in recent months (i.e. since September 11, 2001), the economy of the United States has been the "axe" of the world market - where it fell, the world followed. While the still-falling DOW and NASDAQ have been leading the way downward even prior to the attacks, at least according to many sources, and thus were sending the world's already suffering economy on a downward spiral following the vacuum left by the imploding high-tech markets, there is still something to be said for an internally controlled economy which is not dependent upon the stability of other nations for its own health. Such is the case for the Canadian fiscal well-being. While it is true that the fiscal health of the United States, in particular, has a strong national effect upon that of Canada, it is also true that Canada's central bank has been able to sustain a particular level of independence from the world markets that have, in great part, shielded it from some of the same financial damage being felt in the States and in Germany (whose own tech-only exchange is set to close at the end of this year, having lost 97% of its value). It has been asserted that the Bank of Canada's financial behaviors, actions and decisions are influenced (both strongly and weakly) by the FED's (the "central bank" of the United States) financial behaviors and that these influences are due to the strong economic ties between Canada and the United States. This is certainly a statement which bears out through research and it is the purpose of this paper to demonstrate that it is so.
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