Governance and Australian Financial Institutions

Kevin Davis

Asia Pacific Economic Papers from Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University

Abstract: This paper examines issues of corporate governance arising from the activities of financial institutions and markets. It is argued that governance problems are particularly severe in financial institutions vis-a-vis firms in other industries, and particularly important for society given the central role of financial institutions and markets in the financing and corporate governance activities of the economy. Processes of financial reform and financial system design have, it is argued, generally paid inadequate attention to governance considerations. The paper: examines some of the public policy issues related to governance of financial institutions; discusses some of the problems evident in governance within financial institutions; and considers emerging issues and trends in the governance role of financial institutions in the broader economy. ‘Structural changes in financial markets have led to the emergence of new financial instruments, increased integration of markets, stronger competition and new or radically changed financial institutions. These developments are having an important impact on the functioning of financial governance channels, although not all consequences are well understood.’ OECD (1997)

JEL-codes: G20 (search for similar items in EconPapers)
Pages: 20 pages
Date: 1999-08
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Persistent link: https://EconPapers.repec.org/RePEc:csg:ajrcau:294

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