CIFR funds new, innovative and multi-disciplinary research, this is a list of all of our currently funded projects.
An individual’s decision to save seems to be private, but the repercussions of insufficient savings at retirement are felt throughout the economy as individuals without sufficient savings need to rely on the public purse through a social safety net that provides income in old age. The existing suppor...
How does financial literacy affect the savings decision?
How to best structure a default investment option in an accumulation fund is a pressing question around the world, as retirement savings systems shift to defined contribution schemes and mandatory or automatic enrolment is implemented. In Australia, most superannuation funds ha...
The Superannuation System and Its Regulation: Views from Fund Executives
The Australian superannuation system post Stronger Super: views from fund executives
Law and Financial Markets Review Volume 9, Issue 2, 2015
Design of MySuper default funds: influences and outcomes
Accounting and Finance
Delegation, trust and defaulting in retirement savings:
Perspectives from plan executives and members
Summary of Main Findings and Implications
MySuper: A Stage in an Evolutionary Process
The Global Financial Crisis serves as a timely reminder of the substantial risks associated with investing in financial markets and the importance of adequately controlling exposures to large negative returns (tail risk). At the same time, there is an increasing recognition tha...
Immunization and Hedging of Longevity Risk
Equity Investing with Targeted Constant Volatility Exposure
Portfolio Insurance Strategies for Target Annuitisation Funds
According to the Federal Government, MySuper is “a new low cost and simple superannuation product” that will provide a “single diversified investment strategy, suitable for the vast majority of members who are in the default option.” As more and more MyS...
The Diversification Delta: A Different Perspective
The shape of default superannuation funds in Australia recently changed with the introduction of MySuper. The system is transitioning towards all default money being managed within a MySuper product by 1 July 2017. The development of MySuper has been occurring in conjunction with a raft of other regulatory...
MySuper: A New Landscape for Default Superannuation Funds
In Collaboration with Warren Chant & Mano Mohankumar, Chant West
MySuper vs. KiwiSaver: Retirement Saving for the Less Engaged
The study explores possible ways of encouraging greater RMB trade invoicing and, more broadly, a range of market and policy questions related to the development of RMB trade and investment flows between Australia and China. The study includes both international and Australian aspects, with inputs from acad...
"RMB Invoicing and RMB Internationalisation: Opportunities, Outlook and some Research Issues"
Media Release September 2013
Corporate Attitudes towards Renminbi Trade Settlement and Investment Survey
The Australia-Hong Kong Renminbi Trade and Investment Dialogue
Guy DeBelle, Assistant Governor (Financial Markets), Reserve Bank of Australia Reserve Bank of Australia. Watch>
Prasanna Gai, Prof of Macroeconomics, University of Auckland. Watch>
Geoff Weir, Research Fellow, CIFR. Watch>
Kathy Walsh, Assoc Professor ANU & Research Fellow, CIFR. Watch>
David Olsson, China Practice Consultant, King & Wood Mallesons. Watch>
"Internationalisation of the Renminbi: Pathways, Implications and Opportunities"
"RMB Trade Invoicing: Benefits, Impediments and Tipping Points"
Safe-haven or safe assets underpin the international monetary system by serving as liquid and stable collateral for financial transactions. Since World War II, the US dollar and US Treasury bills have fulfilled the role of safe assets in the world economy. Any detraction from the status of these assets wou...
Global stores of value and the international role of the renminbi
The safe asset frontier
Australia introduced a statutory-backed continuous disclosure policy (CDP) in 1994 to help bolster the Australian Securities Exchange (ASX) in policing its continuous disclosure rules. However, statutory-backed continuous disclosure may be problematic for managers of innovative or high-growth firms. This i...
Measuring the effectiveness of Australia’s statutory-backed continuous disclosure policy on ‘innovative’ investment disclosures
The Australia in the Asian Century White Paper emphasised the expertise of Australian financial organisations, and concluded that those with a presence in Asia were well-positionedto capitalise on increasing investment, interregional trade flows and new financial markets emerging through the benefits of te...
The Chinese Anti-Monopoly Law: Lessons for Australian Banks and Chinese Regulators
Self-managed superannuation funds (SMSFs) currently manage about one third of total superannuation assets (approximately $500B). The growth in SMSFs in recent years has been exceptional. SMSFs are important at the microeconomic level because of their impact on the retirement incomes of members. SMSFs are i...
Who Starts a Self-Managed Superannuation Fund and Why?
Experiences of Current and Former Members of Self-Managed Superannuation Funds
Self-Managed Superannuation Funds: Why are They Popular and Do They Fulfil a Useful Purpose?
Highly speculative trades on the part of key decision makers resulted in large losses and institutional collapses during the GFC. These collapses and the ensuing chaos also harmed depositors, taxpayers, and deposit-insurance schemes such as the FDIC. In the wake of these events, the question arises as to h...
Gaming and Strategic Opacity in Incentive Provision
In many developing countries, rural residents require two or more days to get to a bank branch. Moreover, their journey may be wasted, because up to 45 % of government payments can go missing. The delivery of financial services over a mobile phone means that the person ca...
Ross Buckley, Scientia Professor, CIFR KWM Chair of International Finance Law, UNSW Australia Watch >
Developing and Implementing AML/CFT Measures Using a Risk-Based Approach for New Payments Products and Services
Building Consumer Demand for: Digital Financial Services – The New Regulatory Frontier
The Regulation of Mobile Money In Malawi
Pacific injustice and instability: Bank account closures of Australian money transfer operators
Journal of Banking and Finance Law and Practice (Ooi & Buckley)
Using Trusts to Protect Mobile Money Customers
Singapore Journal of Legal Studies (Greenacre & Buckley)
The Regulation of Mobile Money in Emerging Markets: State of Play
(Malady & Buckley)
E-MONEY KNOWLEDGE PRODUCT: Trust Law Protections for E-Money Customers
(Greenacre & Buckley)
The rise of mobile money: Regulatory issues for Australia
Using trusts to protect mobile money customers
Singapore Journal of Legal Studies (Greenacre & Buckley)
Briefing Note 1 - Using Trusts to Protect Customers’ Mobile Money Funds
Briefing Note 2 - The Role of Regulators in Building Consumer Demand for Mobile Money
Briefing Note 3 - Regulating the Use of DFS Agents in Developing Countries
Briefing Note 4 - Protecting Customers' Mobile Money Funds in Civil Law Jurisdictions
Regulating digital financial services agents in developing countries to promote financial inclusion
Singapore Journal of Legal Studies (Gibson, Lupo-Pasini & Buckley)
Regulation of Digital Financial Services in China: Last Mover Advantage?
Tsinghua China Law Review (Zhou, Arner & Buckley)
The Enabling Regulation of Digital Financial Services
Digital payments are coming - and life will be different
The Sydney Morning Herald and Canberra Times
The Coming of Age of Digital Payments as a Field
Journal of Law, Technology & Policy, Forthcoming (Mas & Buckley)
There has been significant growth in international banks' foreign claims, which reached a peak of 34 trillion dollars in 2007, before the Global Financial Crisis. The extent of this growth showed the increased importance of international bank lending as a source of financin...
Associate Professor Eliza Wu, Finance Discipline Group, University of Technology Sydney Watch >
The Effects of Ratings-Contingent Regulation on International Bank Lending Behaviour: Evidence from the Basel 2 Accord
The GFC of 2008 prompted calls for a better understanding of financial market vulnerabilities, and the inherent risks within the system. The complexity of relationships between financial entities may be illustrated using the concept of a network. Furthermore, the multiple linkage points within a network ma...
Connecting the dots: econometric methods for uncovering networks with an application to the Australian Financial Institutions
A Model of Network Formation for the Overnight Interbank Market
The onset of the global financial crisis (GFC) in 2008 prompted a funding cost shock to the Australian banking system. Banks use a mix of wholesale and deposit funds to finance lending. If a country is a net importer of wholesale funds, then a financial crisis in a foreign country can ‘infect’...
Regulation, competition and banking markets
Don’t just target the big banks: why all banks need higher capital
Two critical issues emerging from the recent financial crisis are the importance of systemic risk and links between the financial sector and the real economy. Detecting and measuring systemic risk presents significant problems for regulators and policymakers.
The research aimed t...
Professor Mardi Dungey, Associate Dean of Research, Faculty of Business, University of Tasmania. Watch >
The Emergence of Systemically Important Insurers
Surfing Through the GFC: Systemic Risk in Australia
Quelle Surprise? Why it’s good for markets to second-guess the RBA
The Changing International Network of Sovereign Debt and Financial Institutions
The introduction of the compulsory Superannuation Guarantee Contribution and favourable tax incentives has facilitated a rapid increase in pension savings in Australia. Australia now has the world’s fourth biggest pension fund market, with total assets in excess of $1.83 trillion, which is the equiva...
Understanding Assurance in the Australian Self-Managed Superannuation Fund Industry
The Size, Cost and Asset Allocation of Australian Self-Managed Superannuation Funds
The project seeks to provide ASIC with evidence based research on the impact of proposed market structure changes. It entails providing joint responses on behalf of CIFR and CMCRC to all requests for comment by ASIC on proposed market structure changes with independent, evidenced based comment on how the c...
A Worldwide Examination of Exchange Market Quality: Greater Integrity Increases Market Efficiency
Journal of Business Ethics
Trade size, high-frequency trading, and colocation around the world
The European Journal of Finance
Fragmentation and Algorithmic Trading: Joint Impact on Market Quality
How beneficial has competition been for the Australian equity marketplace?
Market Fairness: The Poor Country Cousin of Market Efficiency
Accounting standards for the impairment of assets require managers to make a series of judgments and decisions when determining an asset’s recoverability, including estimating its future cash flows. It has been a concern for regulators in Australia and internationally that the various estimations req...
Do Regulatory Requirements Influence Managers’ Information Processing Bias in Impairment Decisions?
No jurisdiction has undertaken the sort of fundamental rethinking of regulation in response to the GFC that the largest crisis since 1929 should have provoked, and that the crisis of 1929 did provoke. The reasons for this are many, but owe much to the exceptional complexi...
The G20's Performance in Global Financial Regulation
University of New South Wales Law Journal (2014) 37(1)
A Stable and Resilient Global Financial System: What would it take?
Regulating Financial Innovation a Multifaceted Challenge to Financial Stability, Consumer Protection and Growth
The Oxford Handbook of Financial Regulation (Oxford University Press, 2015)
Regional financial arrangements: lessons from the Eurozone crisis for East Asia
Avgouleas, Arner & Ashraf
Global Shock, Risks, and Asian Financial Reform (Edward Elgar & Asian Development Bank 2015)
The broken glass of European integration: origins and remedies of the Eurozone crisis and implications for global markets
Avgouelas & Arner
International Economic Law after the Global Crisis: A Tale of Fragmented Disciplines (Cambridge University Press 2015)
Financial Innovation in East Asia
Buckley, Arner & Panton
Seattle University Law Review 3 (2) (2014)
Reconceptualising Global Finance and its Regulation
Edited by Professor Ross P Buckley, Professor Emilios Avgouleas and Professor Douglas W Arner
Cambridge University Press
Reconceptualizing the Regulation of Global Finance
Oxford Journal of Legal Studies (2015), pp. 1–30
The global financial crisis (GFC) challenged a central assumption concerning the market’s efficiency, rationality and ability to self-regulate that had underpinned prior financial law. It has been said that the intellectual origins of the global financial crisis (GFC) can be traced back to “bli...
Regulation and Reforms to Enhance Financial Stability in the Post-GFC Era
Striking gold offshore with Australia's tax information gathering powers: alchemy or evolution?
Journal of Australian Taxation
The developing international framework and practice for the exchange of tax related information: evolution or change?
eJournal of Tax Research
Trading one uncertainty for another?: Ten years' experience with the debt-equity rules
Reforming the Taxation of Trusts: Piecing Together the Mosaic
Sydney Law Review
Seeing the bigger picture
Australian Tax Forum
Corporate Tax Reform in Australia: Lucky Escape for Lucky Country?
British Tax Review
BEPS: OECD perspective paper
The Tax Institute Financial Services Taxation Conference
Policy Forum: The Policy Underpinning the BEPS Project – Preserving the Corporate Income Tax?
Canadian Tax Journal
The Basel II and III accords require the public disclosure of bank regulatory information under the Pillar 3, or market discipline, framework on a semi-annual basis. The new information details bank risk exposures and management strategies, capital adequacy and remuneration practices to enhance market disc...
Market Discipline and Basel Pillar 3 Reporting
Information Effects of the Basel Bank Capital and Risk Pillar 3 Disclosures
The Impact of Pillar 3 Disclosures on Asymmetric Information and Liquidity in Bank Stocks: Multi-Country Evidence
Does Mandatory Risk Information Disclosure Affect Bank Debt Design? Cross-Country Evidence from Yankee Bond Covenants
The ASX has relaxed one of its Listing Rules, allowing small cap companies to increase the amount of share capital they can issue at a discount. Historically, the ASX rules allowed all listed companies to make non-pro-rata issues of up to 15 per cent of their shares at a price discount of up to 15 per cent...
Should Exchanges Allow Larger and More Discounted Placements? An Analysis of Changes to ASX Listing Rules
To date, financial risk models have been based on through-the-cycle approaches, implying that risk modellers do not address the state of the economy, or changes in systemic risk drivers. The 2008 GFC showed how idiosyncratic risks in the credit markets have become more broadly systemic and have resulted in...
GARP Chapter Meeting
4th Joint World Bank/BIS Public Investors Conference
Washington DC, USA
Office of the Comptroller of the Currency
Washington DC, USA
7th Annual Conference on Asia-Pacific Financial Markets of The Korean Securities Association
2012 Credit Risk Modelling Forum hosted by NAB
Associate Professor Harald Scheule, Core Member, Quantitative Finance Research Centre, UTS Business School, University of Technology, Sydney. Watch>
Forecasting Mortgage Securitization Risk under Systematic Risk and Parameter Uncertainty
As Featured on Journal of Risk and Insurance
Volume 81, Issue 3, September 2014
Ratings Based Capital Adequacy for Securitizations
Dynamic Implied Correlation Modeling and Forecasting in Structured Finance
As Featured on Journal of Futures Markets
Volume 33, Issue 11, November 2013
Decomposing the Smile: Systematic Credit Risk in Mortgage Portfolios
Valuation of Systematic Risk in the Cross-Section of Credit Default Swap Spreads
To tackle risk, address how mortgage brokers are paid
Asset portfolio securitizations and cyclicality of regulatory capital
European Journal of Operational Research
Volume 237, Issue 1, 16 August 2014
Australian banks are too exposed to mortgages, but what if the world was flat?
A Simple Econometric Approach for Modeling Stress Event Intensities
Journal of Futures Markets
Volume 35, Issue 4, April 2015
Ageing population calls for more reverse mortgages
Rising mortgage rates - is it time to refinance your home loan?
Role of Loan Portfolio Losses and Bank Capital for Asian Financial System Resilience
CREDIT RISK ANALYTICS
The first comprehensive guide to practical credit risk modelling
The growing size and significance of investments by Sovereign Wealth Funds (SWFs) and State-Owned Enterprises (SOEs) impact on the dynamics of markets across the world. Specifically in Australia, Chinese investment into the country represents a national strategic issue given th...
Professor Justin O'Brien and Dr George Gilligan led CIFR's inagural "Meet the Researcher" seminar to discuss their CIFR project. Seminar presentation available here
"The Great Game Rebooted or the Long March to Acceptance? The Legal and Policy Impediments to Chinese Investment in Australian Corporations and Business Opportunities"
"A Line in the Oil-Sands: Canada Refines Investment Protocols" published on the Centre for Law, Markets and Regulation.
"Mapping the terrain" interview with Doug Arner, Professor, University of Hong Kong, Department of Law
"Power, responsibility and transparency" interview with Adam Dixon - Research Fellow, University of Bristol, School of Geographical Sciences
"Australia's Chinese dilemma" interview with Greg Golding Partner, King & Wood Mallesons
"Quack Corporate Governance as Chinese Medicine" - Nicolas Howson Professor, University of Michigan Law School
"Transition or transformation" interview with Teemu Ruskola - Professor, Emory University, Faculty of Law
State Capitalism: Views from Berle V in Sydney, May 2013
A critical theme in the Berle V conference recently held at the CLMR was the examination of state capital and the dynamics of financial regulation with particular emphasis on the evolution of Chinese corporate and securities law. >>
What's the State of Play? The Effects of State Capital Investment in Australia and Regulatory Implications
China: Investing in the World
The Global Impact of State Capital
Justin O'Brien, Professor of Law, CLMR Director, UNSW Australia Watch >
Foreign Investment Law and Policy in Australia: A Critical Analysis
Law and Financial Markets Review Vol 8 Iss 1 (2014)
Sovereign Wealth Funds: The Good Guy Investment Actors?
The Australia-China Free Trade Agreement and the Growing Acceptance of Chinese State Capital Investment
Asian Journal of Public Affairs 8 (1): e1
State Capital: Global and Australian Perspectives
Seattle University Law Review Vol. 37:59
Australian Foreign Investment Law and Policy in the Asian Century
As the pendulum swings towards regulation from laissez-faire in the aftermath of the 2008 GFC, there is no more pressing question than how the benefits of regulation compare with the potential harm done to the economy if regulation causes a misallocation of resources.
Regulatory Independence – It’s not Just about Institutions
The Costs and Benefits of Financial Regulation: A Financial CGE Assessment of the Impact of a Rise in Commercial Bank Capital Adequacy Ratios
Removing ‘Red Tape’ Regulation in an Uncertain Environment
Australian Prudential Regulation Before and After the Global Financial Crisis
Comparing the Impacts of Financial Regulation in Australia and the United States via Simulation with Country-Specific Financial CGE Models
The role of accounting standards in financial reporting is well understood. However, recent years have seen a marked rise in the frequency with which firms prominently report financial performance metrics (non GAAP metrics) such as ‘underlying profit’, ‘cash profit’, and ‘recu...
Stephen Taylor, Associate Dean, Professor, Accounting, UNSW Australia Watch >
Rise and rise of non-GAAP disclosure Report
Despite much discussion about financial integration in Asia, it is not clear what financial integration means or how to measure it. There is little evidence as to the benefits and costs for participants.
The project aims to:
2nd April, 9.30am - 3.30pm
Mills Room, ANU Chancelry, Building 10, Ellery Cresent
Supported by the Research School of Asia & the Pacific (RSAP) at ANU >>
Professor Jenny Corbett, Pro-Vice Chancellor, The Australian National University Watch >
The Rise of Foreign State Ownership in East Asia: Domestic Political Determinants and Stabilizing Effects
Measuring Financial Integration: The Network Approach
Measuring Economic and Financial Interconnections for a Selection of Asia-Pacific Economies
Short-form disclosure documents emerged to address widespread concerns regarding the effectiveness of the conventional approach to disclosure in providing consumer protection. The requirement to provide investors with all the information they need in order to make an informed i...
Financial Products and Short-Form Disclosure Documents - Challenges and Trends
Short-Form Disclosure Documents ? An Empirical Survey of Six Jurisdictions
Capital Markets Law Journal, Vol. 11, No. 2 (2016)
Facilitating Electronic Financial Services Disclosures (“CP 224”)
ASIC Consultation Paper 224
Submission on Treating Customers Fairly in the Financial Sector: A Draft Market Conduct Policy Framework for South Africa – Harmonised Disclosure
National Treasury of South Africa
Clear concise and effective – the evolution of product disclosure documents
Exploring Tensions in Finance Law; Trans-Tasman Insights
Shelley Griffiths, Sheelagh McCracken and Ann Wardrop (eds)
(2014, Thomson Reuters)
Institutional investment in Australia is highly innovative and complex. The regulatory focus – and associated literature on institutional investment has been on the sell-side. Considerably less attention has been paid to the buy-side, that is to the institutional investor...
Legal Considerations for Superannuation Investors when Investing in Complex Financial Products
Stock exchange mergers are not a new phenomenon. Domestic and regional exchanges have been consolidating for decades. However, the epochal merger in 2007 of the New York Stock Exchange with Paris-based Euronext, itself a consolidation of several European exchanges, was a game c...
International Capital Markets - Law and Institutions
Success and Failure in Stock Exchange Consolidations: Implications for Markets and Their Regulation
Exchange consolidations: Success and Failure
The Global Financial Crisis and its fallout have tested the integrity and resilience of regulatory frameworks in respect of financial services. The relevance of the ‘twin peaks’ model for financial regulation, as pioneered in Australia, is becoming greater as an increasing number of jurisdictio...
The Financial Sector Regulation Bill in South Africa: Lessons from Australia
Approaches to Financial System Regulation: An International Comparative Survey
Twin Peaks: A Theoretical Analysis
The four methods of financial system regulation: An international comparative survey
Journal of Banking and Finance Law and Practice (2015) No.3 Vol. 26
This is the first in-depth Australian study of the corporate governance implications of securities loans. It sought to:
• Evaluate the legal structure of securities loans and how they are regulated in Australia and other major financial markets;
• Examine the impact of securities lo...
The Legal Structure and Regulation of Securities Lending
Securities Lending, Empty Voting and Corporate Governance
Law and Financial Markets Review
Volume 8 Issue 4 (Nov 2014)
Securities loans – are they benign or benevolent?
Current estimates predict that only 35% of Australians will be adequately funded in retirement. Factors such as the aging population, increasing life-expectancy rates, rising living costs, and the inadequacy of many superannuation balances strongly suggest the need for working Australians to actively manag...
"Superannuation Knowledge, Behaviour and Attitudes in Young Adults in Australia"
The 2008 Global Financial Crisis (GFC) originated in the US, and promptly spread throughout the world. Although much has been written about the price performance of the financial markets during this period, the driving factors behind the markets’ gyrations have received less attention.
Global Financial Crisis, Liquidity Shocks and Global Financial Stability
Commonality in Liquidity
Commonality in news around the world
Journal of Financial Economics
Volume 116, Issue 1
Asian banks navigated the 2008 GFC relatively successfully. Nevertheless, the sovereign debt crisis in Europe, and the consequent withdrawal of funds from the Asian markets, highlighted the importance of having resilient regional and national financial markets in Asia.
This study examines...
Aspects of Regional Financial Stability: A Policy Approach
Banks Non-Interest Income and Global Financial Stability
The funds, entities and regulators in the Australian superannuation industry comprise a system that is complex and dynamic. The differentiation between roles and the distribution of responsibility amongst a large number of entities provides the system with a measure of resilience against the local failure...
Dr Scott Donald, Senior Lecturer, Faculty of Law, University of New South Wales. Watch>
The Implications of Complexity for Systemic Risk in the Superannuation System
It's a Small World after All:
Using Social Network Analysis to Investigate Systemic Risk in the Australian Superannuation Sector
Too connected to fail: the regulation of systemic risk within Australia’s superannuation system
Journal of Financial Regulation, 2015, 0, 1–23
Bank custodians and systemic risk in the Australian superannuation system
Published in Journal of Banking and Finance Law and Practice Vol. 26 pp. 25 - 38
Accurate and timely estimates of the state of the economy and systemic risks are of crucial importance for business, financial, regulatory and macroeconomic policy decision makers, who typically have to act in real time. However, difficulties arise in observing the large amount of contributing variables th...
Professor Jeffrey Sheen, Department of Economics, Faculty of Business and Economics, Macquarie University. Watch>
Understanding a Small Open Economy Business Conditions Index
Systemic Financial Risk Inference in a Global Setting
As recent financial market failures have highlighted, financial institutions’ risk policies and practices can have far-reaching effects.
The research aimed to:
(i) Produce a model t...
Policy Recommendation Submitted to APRA. Download >>
Submission to the Basel Committee for Banking Supervision: Corporate governance principles for banks October 2014.
Risk Governance, Structures, Culture and Behaviour: A View from the Inside
The Effect of Risk Governance in the Insurance Sector During the Financial Crisis - Empirical Evidence from an International Sample
A Framework and Measure for Examining Risk Climate in Financial Institutions
Reform Where It Is Least Needed: Diffusion of Post Crisis Risk Governance Regulation
The Determinants and Outcomes of Bank Risk Governance after the Crisis: An International Study
The aim of this project is to review how financial advice is regulated in leading common law countries, with a view to identifying measures that could benefit Australian legislation. The project team produced five working papers, which shed light on agency problems affecting funds management and financial...
Down the Retirement Risk Zone with Gun and Camera
Economic Papers: a journal of applied economics and policy 06/2014; 33(2)
Restoring a Level Playing Field for Defined Benefits Superannuation
JASSA: The Finsia Journal of Applied Finance (2013)
Dynamic Asset Allocation When Bequests are Luxury Goods
Journal of Economic Dynamics and Control (2014)
Agency Theory and Financial Planning Practice
Australian Economic Review, Vol. 47, Issue 3 (2014)
Melbourne Money and Finance Conference
28-29 July 2014
Regulating Financial Advice: Lessons from the United States, the United Kingdom and Canada
Also featured in JASSA Issue 4 (2014)
This project is the first documented attempt to use micro data to scientifically evaluate how changes in foreign banks’ lending behaviour during the 2007-2009 GFC impacted credit stability and the real economy in the Asian region. The study examined the roles played by two channels of shock transmiss...
Dr Ying Xu, Postdoctoral Research Fellow, Crawford School of Public Policy, Australia-Japan Research Centre, Australian National University. Watch
The rise of Asian lenders may benefit global financial stability
East Asia Forum
Author: Ying Xu, ANU
It used to be the case that a small group of European and US banks dominated the international finance scene.Today, Asian banks are steadily climbing up the ranks of global lenders, while US and European banks have started to slide. From 2007–13, data from Thomson Reuters indicates that Japanese mega bank Mizuho Financial Group climbed 10 places from 17th to 7th. Read More
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 role in the transmitting process. It is the liquidity channel measured by lending in foreign currency that is mainly responsible for the GFC transmission to the loan market in Asia, albeit the effect on the credit market is likely to be small. Read More
Foreign banks and international shock transmission: does bank ownership still matter?
Journal of International Financial Markets, Institutions and Money (2015)
The Financial System Inquiry identified the international competitiveness of Australia’s financial services sector as a high priority for policy makers given profound changes in Asia. Yet how the sector is defined, and the measures for competitiveness, are poorly understood.
What turns cities into international financial centres?
Lecture presented at Trinity College, Dublin
Professor Dariusz Wojcik and Dr Eric Knight
What Turns Cities into International Financial Centres?
International Competitiveness of Australia’s Financial Services Sector: Fulfilling the Mandate of the Financial System Inquiry
Systemic stability has supported economic growth in Australia over recent decades. The Australian financial industry is a fundamental pillar of the national economy, and is hence reliant on the welfare of the banking system. Australian financial institutions weathered the global financial crisis (GFC) rela...
The Value of Bank Capital Buffers in Maintaining Financial System Resilience
Global equities are an important asset class, comprising around one quarter of the portfolios of Australian default superannuation funds – nearly the same magnitude as domestic equities. However, comparatively less attention is given to global equities, possibly due to an informational ‘home bi...
Global Equity Fund Performance: An Attribution Approach
Global Equity Fund Performance Evaluation with Equity and Currency Style Factors
Style Matters When Selecting Global Equity Funds
This project adds to the policy debate over the efficacy of the dividend imputation system, which was raised by the Financial System Inquiry and the Tax Discussion Paper.
(i) Examines the financial implications of the imputation system, addressing its...
Do Franking Credits Matter?
Exploring the Financial Implications of Dividend Imputation
Dividend Imputation: The International Experience
The Impact of Dividend Imputation on Share Prices , the Cost of Capital and Corporate Behaviour
JASSA, Issue 1, 2016
Axing dividend imputation may not be worth the risks
The Australian Financial Review, February 2016
Numerous academic and regulatory studies find that algorithmic traders (ATs) and high-frequency traders (HFTs) have a beneficial market impact in terms of contributing to a narrowing in bid-ask spreads and improving price discovery. However, many institutional investors contend that finding liquidity for l...
Heterogeneity in the Effects of Algorithmic and High-Frequency Traders on Institutional Transaction Costs
The significance and magnitude of superannuation funds in Australia has seen their governance arrangements subject to considerable scrutiny in recent years. A series of government inquiries have made recommendations with a view to changing current governance arrangements, including proposing to increase th...
Superannuation Legislation Amendment (Governance) Bill 2015: Governance arrangements for APRA regulated superannuation funds
An independent view of super fund independence
ASFA Conference - 7 October 2015
Independence and the Governance of Superannuation Funds
Independence in Practice: Superannuation Fund Governance Through the Eyes of Fund Directors
“Say on pay” legislation has been introduced in several countries but Australia’s “two strikes” rule is unique in that it empowers shareholders to vote on a board spill if the compensation report of a public company receives 25% or more dissenting votes for two consecutive yea...