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Regulatory change in Australia and New Zealand following the global financial crisis

Author

Listed:
  • Christine Ann Brown
  • Kevin Davis
  • David Mayes

Abstract

Purpose - – The purpose of this study is to explain rationale for regulatory change in Australia and New Zealand after the global financial crisis. Design/methodology/approach - – Outline regulatory changes and relate to crisis experience and regulatory shortcomings exposed. Findings - – Regulatory change was driven primarily by need, as capital importing nations, to comply with emerging global standards, and the different approaches in both nations are also related to domestic political considerations. Research limitations/implications - – The process of regulatory change in response to the crisis is ongoing. Practical implications - – A number of areas for further improvement in financial regulation are identified. Social implications - – Costs of poor regulation and financial crises are identified. Originality/value - – A comparison of regulatory approaches in two countries dominated by the same four large banks helps understand the challenges of cross-border financial regulation cooperation.

Suggested Citation

  • Christine Ann Brown & Kevin Davis & David Mayes, 2015. "Regulatory change in Australia and New Zealand following the global financial crisis," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 7(1), pages 8-28, April.
    • Handle: RePEc:eme:jfeppp:v:7:y:2015:i:1:p:8-28
    DOI: 10.1108/JFEP-11-2014-0072
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    Citations

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    Cited by:

    1. Dirk Schoenmaker, 2020. "Trans-Tasman cooperation in banking supervision and resolution," Journal of Banking Regulation, Palgrave Macmillan, vol. 21(1), pages 15-25, March.
    2. Satoshi Koibuchi, 2016. "Financial Regulatory Reform in Global Perspective: Discussion in the Global Summit of Shadow Financial Regulatory Committees," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 12(2), pages 239-252, March.

    More about this item

    Keywords

    Banks; Financial markets and institutions; Financial aspects of economic integration; Regulatory change; G01; G18; G20; G28;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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