Financial Regulation in Australia

Kevin Davis

Australian Economic Review, 1984, vol. 17, issue 3, 135-146

Abstract: This paper examines whether a regulatory distinction between banks and other financial institutions, as proposed by the Campbell and Martin Reports, is an appropriate ingredient of financial regulation. Three specific issues relevant to the making of such a distinction are examined. They are entry to the payments mechanism, monetary control, and prudential regulation. In examining each of these three issues the roles of imperfect information and other financial market characteristics are stressed. The paper concludes that while a regulatory distinction between banks and others may be appropriate, the distinctions suggested by the Reports and associated regulatory frameworks are unwarranted.

Date: 1984
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