An Australian Perspective
Edited by Mohamed Ariff, John H. Farrar and Ahmed M. Khalid
Mohamed Ariff and John Farrar 1.1 INTRODUCTION The word ‘global’ appeared in the Australian financial press discussions of what was then described as the international financial crisis in 2008. The world has since come to accept the term ‘Global Financial Crisis’ (GFC). It is everybody’s knowledge that the GFC mutated during April 2007 and September 2008 to become the world’s most virulent banking/financial crisis to occur in 80 years. The GFC has ravaged the world’s economies, shaved world income by some US$800 billion in 2008, slowed growth considerably in the three years since 2008, and hollowed out or killed some of the major financial players, not just in the USA and the UK, but also around the world. A lot has been written about this crisis. Do we need another book on this topic? This book is a prognosis of the crisis as analysed by leading scholars and professionals in accounting, banking, economics, finance, law and regulation. This book also has a contribution by Ronald MacKinnon, a world-renowned scholar associated with the influential idea of financial suppression that led to financial liberalization and sequencing policy reforms in the 1980s across the developing countries. The book examines the subject from a broad perspective to encourage lessons to be learned from many dimensions and actions to be taken to avoid the excesses of the financial/banking markets during the past 15 years to 2009. This book traces the origins of the crisis, examines the impacts on economies, and how so many titans...