Show simple item record

dc.contributor.convenorAndrea Campbell and Lisa Martinen_AU
dc.contributor.authorTiernan, Anne-Mareeen_US
dc.contributor.editorMichael C. Jensen (Chairman SSRN)en_US
dc.date.accessioned2017-05-03T11:57:43Z
dc.date.available2017-05-03T11:57:43Z
dc.date.issued2010en_US
dc.date.modified2011-06-02T05:08:47Z
dc.identifier.refurihttp://www.apsanet.org/mtgs/program_2010/en_AU
dc.identifier.urihttp://hdl.handle.net/10072/34649
dc.description.abstractThe global financial crisis (GFC) of 2008 sent the economies of major developed nations into freefall. As credit markets froze and investor and consumer confidence collapsed to levels not seen since the Great Depression, governments clamoured to develop policies and interventions aimed at preventing wholesale economic meltdown. The Australian economy has come through the crisis relatively unscathed. In contrast to most other advanced economies, Australia avoided recession and, despite dire forecasts, has experienced only modest increases in rates of unemployment. Consumer confidence has recovered, investment is returning and the economy has performed consistently above expectations. What accounts for Australia's success in navigating the global financial crisis? Economists will emphasise the combination of monetary and fiscal policy responses - significant cuts to interest rates, large stimulus packages, bank guarantees and other stabilising measures that were rapidly deployed as the crisis unfolded; the underlying strength of the nation's economy, surplus budgets, comparatively low rates of debt and effective prudential regulation. Each of these was undoubtedly crucial, but as this paper argues, features inherent to the institutions of Australian governance must also be taken into account. This paper examines the structures of advice and support to Australian decision-makers that enabled decisive action to be taken and decisions implemented as the financial crisis loomed. It highlights the significance of the economic policy settings established by successive Australian governments, supported by a cadre of economic advisers - career officials and partisans, whose experience and institutional memory proved valuable to the newly-elected Labor government. The paper argues that Australia's success owes much to timely and effective policy responses deployed quickly as the financial crisis loomed. The government's pre-emptive and aggressive response to the global financial crisis and the design of its fiscal policies was supported and enabled by an advisory system that had prepared for and which consciously drew on the lessons learned during earlier downturns. It concludes that the policy learning of key actors within the advisory and decision-making system was significant in helping to position Australia's economy to withstand the most significant economic shock since the Great Depression.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.format.extent143959 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherSocial Science Research Networken_US
dc.publisher.placeUnited Statesen_US
dc.publisher.urihttp://ssrn.com/abstract=1665974en_AU
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofconferencenameAPSA 2010: 106th American Political Science Association Annual Meetingen_US
dc.relation.ispartofconferencetitleAPSA 2010 Washington, D.C. Meetingen_US
dc.relation.ispartofdatefrom2010-09-02en_US
dc.relation.ispartofdateto2010-09-05en_US
dc.relation.ispartoflocationWashington, DCen_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchAustralian Government and Politicsen_US
dc.subject.fieldofresearchPublic Policyen_US
dc.subject.fieldofresearchcode160601en_US
dc.subject.fieldofresearchcode160510en_US
dc.titleWeathering the Global Financial Crisis: Reflections on the Capacity of the Institutions of Australian Governanceen_US
dc.typeConference outputen_US
dc.type.descriptionE1 - Conference Publications (HERDC)en_US
dc.type.codeE - Conference Publicationsen_US
gro.facultyGriffith Business School, School of Government and International Relationsen_US
gro.rights.copyrightCopyright remains with the author 2010. The attached file is posted here with permission of the copyright owner for your personal use only. No further distribution permitted. For information about this conference please refer to the publisher's website or contact the author.en_AU
gro.date.issued2010
gro.hasfulltextFull Text


Files in this item

This item appears in the following Collection(s)

  • Conference outputs
    Contains papers delivered by Griffith authors at national and international conferences.

Show simple item record