Global Financial Crisis (2008-2009)


Fact sheet

Fact Check: Does being unemployed for a year nearly halve your chances of ever working again?

CEO of the Australian Council of Social Services (ACOSS), Cassandra Goldie, claimed that people unemployed for more than a year are roughly half as likely to ever find another job, and that this was the experience after the 2008-09 global financial crisis. Dr Goldie’s claim...
Journal article

Convergent insights for sustainable development and ethical cohesion: an empirical study on corporate governance in Romanian public entities

This study aims to analyse the relevance of and the interdependencies between financial governance assessment indicators and income efficiency with synergetic effects on sustainable development and social cohesion, offering a distinct contemplation on errors in governance and financial reporting.
Fact sheet

Fact Check: Is economic growth the lowest it's been since the global financial crisis?

Shadow Treasurer Jim Chalmers says the Government has no idea how to turn around Australia's "floundering" economy, and claims economic growth is at a 10-year low.
Journal article

New Zealand Reserve Bank reform: phase 1

Significant reforms were introduced to the Reserve Bank Act in late 2018 as part of a two-stage review, notably an expanded mandate and a committee decision-making structure. This article reviews the changes in the light of global and domestic challenges to central banking emerging since...
Discussion paper

The property ladder after the financial crisis: the first step is a stretch but those who make it are doing ok

This paper investigates how things have changed since the global financial crisis for those stepping onto the property ladder in Australia.
Fact sheet

Fact Check: Did the mining boom play no role in staving off a recession during the global financial crisis?

Australia was among a small handful of the world's advanced economies to avoid recession during the global financial crisis. Wayne Swan, the treasurer during the crisis, claims the mining boom played no role staving off recession.
Briefing paper

GFC+10: a survey of public attitudes to the federal government’s handling of the global financial crisis, ten years on

Polling conducted by The Australia Institute asked Australians about the federal government’s handling of the global financial crisis (GFC).

Housing prices, household debt and household consumption

This research investigated the relationship between increasing housing prices (or housing wealth) and the increased consumption expenditure of households from before the GFC and afterwards.

Taxing times: the impact of the GFC on tax revenue in Australia

Examines the effect that the fall in tax revenue post Global Financial Crisis (GFC) had on the Commonwealth’s budget. Summary This paper looks at the effect that the fall in tax revenue post Global Financial Crisis (GFC) had on the Commonwealth’s budget . It does...
Conference paper

The impact of government guarantees on banks’ wholesale funding costs and risk taking: evidence from a natural experiment

This study compares the effect of the introduction and removal of the Australian Government Wholesale Funding Guarantee Scheme (WGS) on the funding costs and risk taking incentives of authorised deposit-taking institutions (ADIs).
Working paper

Australian Prudential Regulation before and after the Global Financial Crisis

This paper reviews the nature of Australian bank prudential regulation before and after the Global Financial Crisis (GFC). It begins by providing a detailed conceptual framework for understanding the functions of banks and deposit-takers, the theory of what can go wrong with the operation of...
Working paper

Real estate cycles and bank systemic risks

We present an empirical model of systemic banking crises from an Australian perspective. Having no history of domestic banking crises in recent history, our quantitative model is estimated using an international panel data set spanning 18 countries and 30 years of observations. We evaluate in...
Fact sheet

Fact Check: Is government spending today higher than it was in the GFC?

Labor frontbencher Anthony Albanese claims spending is higher as a proportion of GDP in 2016 than it was during the global financial crisis.
Working paper

A model of network formation for the overnight interbank market

We introduce an endogenous network model of the interbank overnight lending market. Banks are motivated to meet the minimum reserve requirements set by the Central Bank, but their reserves are subject to random shocks. To adjust their expected end-of-the-day reserves, banks enter the interbank market...
Working paper

The costs and benefits of financial regulation: A financial CGE assessment of the impact of a rise in commercial bank capital adequacy ratios

Financial regulators in Australia and overseas are requiring banks to raise additional capital. The benefits of this are understood in terms of reducing the risk of incurring the significant costs of another financial crisis. But there are potential costs from securing these benefits, in the...
Working paper

Approaches to financial system regulation: an international comparative survey

In the aftermath of the 2008 global financial crisis (GFC), and the catastrophic scale of regulatory failure, much attention has been paid to the various systems of financial system regulation currently in force. Of the total of four financial regulatory systems currently in use, ‘Twin...
Working paper

Competition in Australian retail banking: how much is enough and options to facilitate more

In a retail banking sector characterised by both high concentration and low consumer switching, questions arise for Australian policy makers and regulators as to the effectiveness of competition as one important means by which economic outcomes are engendered, including innovation beneficial to consumers and consumer...

Factors shaping the dynamics of housing affordability in Australia 2001–11

This study utilized the first 11 waves of the Household, Income and Labour Dynamics of Australia (HILDA) Survey to track individuals’ tenure transitions and housing affordability dynamics over the period 2001–11.
Working paper

Commonality in liquidity

Following previous research which established that liquidity commonality exists within one stock market over a short period of time, this paper finds that liquidity commonality also exists globally. Utilising a large number of stock exchanges and a twelve year research timeframe, this paper observes that...
Working paper

Regulation and reforms to enhance financial stability in the post-GFC era

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...
Discussion paper

The fall and rise of the green economy

It is five years since the Global Financial Crisis (GFC) and its knock-on effects are still playing out in ways that are likely to have longer-term implications than those purely financial in nature; namely, its impact on the green agendas of governments and industries and...
Working paper

G20’s performance in global financial regulation

This article assesses the performance of the G20 since the Global Financial Crisis by analysing the regulatory measures it has called for and their current stage of implementation. It then proceeds to consider the changes in the global financial system in the past 40 years...
Working paper

Banks non-interest income and global financial stability

Depositary institutions over the last 15 years have increased the share of non-traditional revenue in total income.While the change in business models is a global phenomenon, it is more pronounced in countries such as the U.S., France and the U.K. In this study, we examine...
Working paper

Foreign banks and international shock transmission: ownership matters no more

This paper studies the recent (2007-2009) Global Financial Crisis and its transmission through bank lending to emerging Asian economies. It highlights two channels of shock transmission identified in the literature: bank ownership and liquidity. We find that the bank ownership does not play a substantial...
Working paper

Global Financial Crisis, liquidity shocks and global financial stability

The most recent global financial crisis, characterized as a liquidity crunch, began in the U.S. in late 2007 and quickly spread to other countries. The rapid propagation of the liquidity shock and the severe effects of the crisis on stock market performance have raised several...