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- W2247173214 abstract "This paper traces the evolution of the Australian financial system from 1788 to the current day showing how institutions have evolved to meet the changing needs of the economy. Governors in the earliest periods struggled with an inappropriate legal and regulatory structure; and the economy suffered from major fluctuations in financial flows. By the later part of the nineteenth century the institutional and legal structure was more stable but the system was shocked in the 1880s and '90s by an asset price bubble (fed by financial exuberance and large capital inflows) which burst and provoked a depression. This experience was similar to the current global financial crisis. While the 1890s crisis was a private sector failure, Australia's 1930s experience was caused by a major build-up in public debt, largely borrowed offshore, which could not be serviced. The private financial institutions had few problems. The subsequent period from 1940 through to 1980 then saw heavy repression of finance. This helped pay down government debt at the expense of private savers, but proved unsustainable as finance moved around the regulatory net and controls became progressively less effective. The breakdown of the global system of fixed exchange rates made Australia's position untenable. The financial system was liberalized during the eighties, re-opening the economy to large capital inflows and forcing it to adjust to a fluctuating exchange rate. So far the experiment has worked well. The system appears to be stronger, more diversified, and more resilient than in the past." @default.
- W2247173214 created "2016-06-24" @default.
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- W2247173214 date "2013-01-01" @default.
- W2247173214 modified "2023-10-17" @default.
- W2247173214 title "Banks, Capital Markets and Australian Economic Development" @default.
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- W2247173214 doi "https://doi.org/10.2139/ssrn.2258843" @default.
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