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Insuring for a crisis: deposit insurance and the GFC, the Australian and New Zealand experience
journal contribution
posted on 2012-09-01, 00:00 authored by Ameeta JainAmeeta Jain, Monica KeneleyMonica Keneley, Dianne ThomsonDeposit insurance schemes were an important element in policy responses to the global financial crisis (GFC). There has been considerable debate about the nature and efficacy of such policy measures in alleviating the fallout from financial crises. The GFC highlighted problems associated with deposit insurance schemes including moral hazard, coverage limits, co-insurance, cross border issues and market distortions. Despite these shortcomings, deposit insurance schemes were able to ameliorate the financial panic experienced and reduce contagion. This paper evaluates the Australian and New Zealand experience with deposit insurance introduced in response to the GFC, and compares this to the OECD experience. It reflects on the performance of deposit insurance schemes considered against the attributes of good policy design, and evaluates the specific problems and strengths encountered during the GFC.
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Journal
Economic papersVolume
31Issue
3Pagination
359 - 368Publisher
Wiley-Blackwell Publishing AsiaLocation
Richmond, Vic.Publisher DOI
ISSN
0812-0439eISSN
1759-3441Language
engPublication classification
C1 Refereed article in a scholarly journalUsage metrics
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