Regulation and Reforms to Enhance Financial Stability in the Post-GFC Era

55 Pages Posted: 11 Aug 2014 Last revised: 3 Jun 2020

See all articles by Graeme S. Cooper

Graeme S. Cooper

The University of Sydney Law School

Michael Dirkis

The University of Sydney Law School

Jennifer G. Hill

Monash University - Faculty of Law; European Corporate Governance Institute (ECGI)

John G H Stumbles

The University of Sydney Law School

Greg Tolhurst

The University of Sydney Law School

Richard J. Vann

The University of Sydney Law School

Sheelagh McCracken

The University of Sydney Law School

Date Written: August 11, 2014

Abstract

It has been said that the intellectual origins of the global financial crisis (GFC) can be traced back to “blind spots” in traditional financial theory, which obscured complexity and financial innovation in contemporary markets. There has been growing recognition that changes to the modern market, including the effects of globalisation, extreme mobility of capital and technological advances, require corresponding changes in regulatory approach and structure. The crisis highlighted the need for specific regulation to enhance financial market stability, and the importance of ensuring that such regulation is both informed and effective. This paper discusses key regulatory issues and developments emerging from the GFC in relation to three distinct areas - financial market regulation; taxation; and banking and finance. The paper analyses the adequacy and efficacy of Australia’s legal infrastructure in these three areas from a comparative perspective.

Suggested Citation

Cooper, Graeme S. and Dirkis, Michael and Hill, Jennifer G. and Stumbles, John G H and Tolhurst, Greg and Vann, Richard J. and McCracken, Sheelagh, Regulation and Reforms to Enhance Financial Stability in the Post-GFC Era (August 11, 2014). CIFR Paper No. 036/2014, Available at SSRN: https://ssrn.com/abstract=2478515 or http://dx.doi.org/10.2139/ssrn.2478515

Graeme S. Cooper (Contact Author)

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

Michael Dirkis

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

Jennifer G. Hill

Monash University - Faculty of Law ( email )

Wellington Road
Clayton, Victoria 3800
Australia

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

John G H Stumbles

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

Greg Tolhurst

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

Richard J. Vann

The University of Sydney Law School ( email )

Faculty of Law Building, F10
The University of Sydney
Camperdown, NSW 2006
Australia
+61 2 9351 0206 (Phone)
+ 61 2 9351 0200 (Fax)

HOME PAGE: http://www.law.usyd.edu.au/about/staff/RichardVann/index.shtml

Sheelagh McCracken

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

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