Regulatory change in Australia and New Zealand following the global financial crisis
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.
Keywords
Citation
Brown, C.A., Davis, K. and Mayes, D. (2015), "Regulatory change in Australia and New Zealand following the global financial crisis", Journal of Financial Economic Policy, Vol. 7 No. 1, pp. 8-28. https://doi.org/10.1108/JFEP-11-2014-0072
Publisher
:Emerald Group Publishing Limited
Copyright © 2015, Emerald Group Publishing Limited