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

Christine Ann Brown (Department of Banking and Finance, Monash University, Melbourne, Australia)
Kevin Davis (Department of Finance, University of Melbourne, Melbourne, Australia; And Australian Centre for Financial Studies, Monash University, Melbourne, Australia)
David Mayes (Business School, The University of Auckland, Auckland, New Zealand)

Journal of Financial Economic Policy

ISSN: 1757-6385

Article publication date: 7 April 2015

1744

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

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