Integration of Financial Services

Bain, Elisa A.; Harper, Ian

doi:10.1080/10920277.2000.10595920

Cited by 5 publications

(2 citation statements)

References 1 publication

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“…The collapse of Barings Bank played a major role in the removal of regulatory authority from the Bank of England, which was allocated to the Financial Services Authority (Copelovitch and Singer ). Financial crises toward the end of the twentieth century led South Korea and Turkey to engage in significant economic and institutional reforms, including the creation of a new financial regulator, partially under pressure from the International Monetary Fund (Bain and Harper ; Choi ; Önis ). Australia's regulatory shift occurred in response to the rise of financial conglomerates—firms simultaneously active in commercial banking, insurance, and securities—which prompted the 1997 Australian Financial System Inquiry report to conclude that “the regulatory framework must adapt to them” rather than the other way around (Australian Financial System Inquiry :346); similar reforms were made for similar reasons in Luxembourg and Iceland.…”

Section: Discussionmentioning

confidence: 99%

Bank Regulation, Macroeconomic Management, and Monetary Incentives in OECD Economies

Winecoff

2014

Int Stud Q

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This paper argues that banks operating in systems where monetary and regulatory authority are unified in a central bank expect and receive preferential monetary policies, and so act less prudently than do banks in non-unified systems. These incentives arise when the natural tension between counter-cyclical monetary policy and pro-cyclical regulatory policy is resolved in ways that benefit the banking sector. I test the hypothesis using time series cross-sectional and multilevel models that exploit two types of policy interventions -accession to the European monetary union, and reassignment of domestic regulatory authority -within OECD countries from 1992-2007, the period during which the international Basel accords harmonized key aspects of national regulatory standards. The results strongly support the claim that there is a relationship between prudential behaviors of banks and the location of regulatory and

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Section: Discussionmentioning

confidence: 99%

Bank Regulation, Macroeconomic Management, and Monetary Incentives in OECD Economies

Winecoff

2014

Int Stud Q

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“…Although the 1981 Campbell Report noted that Australian banks had become significantly involved in non-banking business activities through their ownership of equity stakes in finance companies, money market companies, superannuation funds and insurance brokers (Bain & Harper 2000), its recommendations resulted in the introduction of an institutional system of regulation, composed of four main regulators: the Reserve Bank of Australia (RBA) was responsible for banks; the Insurance and Superannuation Commission (ISC) for insurers and superannuation funds; the Australian Securities Commission (ASC) for securities market conduct and disclosure; and the state and territory based State Supervisory Authorities for the building societies, friendly societies and credit unions. It also paved the way for liberalization of the financial system.…”

Section: Australia's 'Corporate Cowboys' Bite the Dustmentioning

confidence: 99%

Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability

Konzelmann¹,

Fovargue-Davies

2012

Handbook of Institutional Approaches to International Business

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Abstract:The return to economic liberalism in the Anglo-Saxon world was motivated by the apparent failure of Keynesian economic management to control the stagflation of the 1970s and early 1980s. In this context, the theories of economic liberalism, championed by Friederich von Hayek, Milton Friedman and the Chicago School economists, provided an alternative. However, the divergent experience of the US, UK, Canada and Australia reveals two distinct 'varieties' of economic liberalism: the 'neo-classical' incarnation, which describes American and British liberal capitalism, and the more 'balanced' economic liberalism that evolved in Canada and Australia. In large part, these were a product of the way that liberal economic theory was understood and translated into policy, which in turn shaped the evolving relationship between the state and the private sector and the relative position of the financial sector within the broader economic system. Together, these determined the nature and extent of financial market regulation and the system's relative stability during the 2008 crisis.

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Does Organizational Heritage Matter in the Development of Offshore Markets? The Case of Australian Life Insurers

Keneley¹

2013

Bus. Hist. Rev.

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The globalization of fi nancial markets over the past decade has focused the spotlight on the responsiveness of fi nancial fi rms to international pressures. Insurance markets have traditionally relied on global networks not only to expand the insurers' sphere of infl uence but also to support domestic business. Until relatively recently, Australian insurance companies have not played a signifi cant role in the development of international markets. However, in the last decade of the twentieth century Australian insurers ventured overseas on a scale without precedence. This article presents an historical perspective on the internationalization of the Australian life-insurance market with a view to understanding why these fi rms have been classifi ed "late starters" in the internationalization stakes. In a broader capacity it provides insights into the impediments to overseas expansion and the forces encouraging or discouraging the development of cross border networks. nsurance was one of the very fi rst markets to develop on a global basis. A number of studies have demonstrated the link between insurance products and the growth strategies of insurance providers. 1 Mira Wilkins traces the development of international insurance markets, pointing to how strategic insurance fi rms were in developing crossborder relationships and the value of these international markets to their bottom line. 2 The British were among the fi rst to build the insurance 1 Recent publications highlight the extent of research undertaken in this respect: Peter

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Integration of Financial Services

Cited by 5 publications

References 1 publication

Bank Regulation, Macroeconomic Management, and Monetary Incentives in OECD Economies

Bank Regulation, Macroeconomic Management, and Monetary Incentives in OECD Economies

Anglo-Saxon Capitalism in Crisis? Models of Liberal Capitalism and the Preconditions for Financial Stability

Does Organizational Heritage Matter in the Development of Offshore Markets? The Case of Australian Life Insurers

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