James Elliott Coyne

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James Elliott Coyne, banker, businessman (b at Winnipeg 17 July 1910). Coyne became a highly controversial governor of the BANK OF CANADA in 1955 after 17 years with the bank. He warned against the dangers of FOREIGN INVESTMENT and spoke out on economic matters despite the divergence of his views from government policy. His outspokenness caused friction with the DIEFENBAKER government, which already distrusted him because of his close links with prominent Liberals. Ultimately, Coyne's refusal to adopt the government's expansionist MONETARY POLICY irritated not only Finance Minister Donald FLEMING but many leading economists, who signed an open letter calling for his resignation. Coyne initially refused but, confronted with a bill firing him, he stepped down 13 July 1961.

Author JOHN ENGLISH


Links to Other Sites
James Coyne
Biographies of former governors of the Bank of Canada. See the list on the right for other profiles. From the website for the Bank of Canada.

Former Bank of Canada Governor James Coyne Dies, CP Says
An obituary for former Bank of Canada Governor James Coyne. From bloomberg.com.

James Coyne: A father, Rhodes scholar and Bank of Canada governor
This obituary for James Coyne chronicles his career as Bank of Canada governor and other notable accomplishments. From the Globe and Mail.

Former Bank of Canada governor John Crow reflects on the legacy of fellow former governor James Elliott Coyne, who passed away Friday at the age of 102.
A news story that focuses on James Coyne’s belief in the role of the central bank in establishing sound monetary policies that can help sustain a strong Canadian economy. From the National Post.

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