Global financial crisis, international financial architecture and regulation

摘要

1. Introduction The papers included in this special issue have been selected from the papers presented at the 22nd Australasian Finance and Banking conference held in Sydney in December 2009. The conference is sponsored by the Australian Reserve Bank of Australia, the Australian Securities Exchange and a number of major companies, including BlackRock and KPMG. The papers in this special issue cover a number of topics with respect to the global financial crisis, financial regulation and financial stability in the context of countries in Europe, the US and the Asia Pacific region. The recent global financial crisis (GFC) has raised the awareness of policy makers, financial analysts and the general population about the financial risk inherent in the current international financial architecture. The response to the financial crisis has also led some to argue that the underlying causes of the recent GFC may not have been addressed. A number of studies have attempted to analyse different aspects of the recent GFC such as Claessen et al. (2009), Ivashina and Scharfstein (2010), Dolly King and Wen (2011), Ang and Mauck (2011), Tsai et al. (2011) and Popov and Ongena (2011).