DEVALUING DEREGULATION
In: Journal des économistes et des études humaines: JEEH, Volume 8, Issue 4, p. 379-400
ISSN: 2153-1552
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In: Journal des économistes et des études humaines: JEEH, Volume 8, Issue 4, p. 379-400
ISSN: 2153-1552
In: Theory and society: renewal and critique in social theory, Volume 15, Issue 1-2, p. 139-174
ISSN: 1573-7853
In: Theory and society: renewal and critique in social theory, Volume 15, Issue 1-2, p. 139-174
ISSN: 0304-2421
In: Public administration review: PAR, Volume 55, Issue 5, p. 495
ISSN: 1540-6210
In: Journal of policy analysis and management: the journal of the Association for Public Policy Analysis and Management, Volume 7, Issue 1, p. 165
ISSN: 1520-6688
In: The Freeman: ideas on liberty, Volume 35, p. 610-617
ISSN: 0016-0652, 0445-2259
In: Topics in regulatory economics and policy series 28
In: Australian journal of political science: journal of the Australasian Political Studies Association, Volume 32, Issue 3, p. 369-382
ISSN: 1036-1146
In: Policy options: Options politiques, Volume 9, Issue 4, p. 23-26
ISSN: 0226-5893
In: The Australian economic review, Volume 19, Issue 1, p. 37-49
ISSN: 1467-8462
Over the past six years, financial markets in Australia have been deregulated almost completely. This article attempts to explain why Australia's financial markets have been deregulated and why financial deregulation has occurred so quickly. It suggests the answers lie in changed perceptions of the usefulness of regulation as a means to specific ends. Exogenous developments in the financial environment altered the impact of regulations on financial institutions. The result was a weakening in the competitive position of regulated financial institutions relative to unregulated financial institutions and direct financiers. This led simultaneously to a reduction in the ability of the monetary authorities to control the growth of total financing and a growing perception amongst regulated institutions that the costs of regulated status outweighed the benefits. The rapid demise of the regulations can be traced to the joint realisation by the monetary authorities and the regulated institutions that the regulations no longer served their respective ends. This conjunction of 'public interest' and 'private interest' in financial deregulation can in turn be traced to the unique ability of financial markets to generate close substitutes for existing financial products at low cost.
In: Social science quarterly, Volume 71, Issue 2, p. 427-428
ISSN: 0038-4941
In: U of Penn Law School, Public Law Research Paper No. 20-44
SSRN
Working paper
In: Journal of public policy, Volume 8, Issue Apr-Jun 88
ISSN: 0143-814X
In the last 10 years new schools of thought have provided a stronger normative foundation for and a stronger positive explanation against deregulation and privatization in the near future. Political debate on deregulation and privatization is characterized by 3 institutional peculiarities, which are described. (Abstract amended)