In recent years there has been a renewed emphasis on improving the regulatory frameworks of financial systems in part as a response to the global financial crisis. This has included a focus on how institutional design can promote financial stability. Support for the continued importance of...

Regulatory theory since the global financial crisis (“GFC”) has emphasised the importance of systemic financial stability as a regulatory objective. This has taken the place of pre-GFC reliance on private markets as a primary mechanism to avoid systemic risk combined with a laissez faire...

The global financial crisis (GFC) revealed fundamental regulatory weaknesses in many of the world's leading financial jurisdictions. In particular, there was a lack of attention to risks of a systemic nature. Post-GFC regulatory reforms in many of these jurisdictions have sought to address this...

Australian credit card debt has grown rapidly over the last two decades and there were, as at September 2011, 14.9 million credit card accounts in Australia with outstanding balances of $49.2 billion, representing an ownership rate of 87% of the adult population. Credit cards are the second...

This paper explores important issues relating to regulatory coordination and integration in the international financial system. Coordination in a regulatory context refers to coordination between regulators in different jurisdictions to achieve desired regulatory outcomes, including effective...

Over the last two decades, Australia has developed a unique legal and regulatory framework for collective investments, including mutual funds. This framework is built around a single “responsible entity” that combines the role of the fund sponsor and adviser with that of the trustee. This...

This paper is one of a series of working papers that explore various aspects of Australia's system of financial regulation and the relevance of its experience to reform in other countries. Adopting a broad perspective that outlines the context in which the system operates in Australia, it...

Various explanations have been advanced for why shareholder protection looks the way that it does. These explanations include varieties of capitalism, legal origins and various configurations of social interests. When compared with the United States and the United Kingdom, Australian corporate...

The current debate in the United Kingdom about the appropriate regulatory response to payday lending involves the key issue of borrower vulnerability. There is compelling evidence in the UK that many payday lenders are deliberately making loans to financially vulnerable borrowers who cannot...

As China's financial system has become more complex and integrated, calls have intensified for structural reform. In particular, many commentators have called for China to move towards the twin peaks model of financial regulation along the lines of the experience in Australia. This paper...