From 1871 to 1913 the banking sector grew relative to the size of the Canadian economy, specifically Ontario, Canada's largest province, in the 1890s accounted for the greatest economic output. The nature of bank liabilities changed dramatically: in 1871, 32% of the monetary liabilities of the Canadian banks were notes in circulation, while by 1913 that ratio had fallen to 9.5%. The data collected from the late 19th century allowed Redish and Di Matteo to link the individuals to census data and study the trends at a macroeconomic level.
