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An Evaluation of Privatisations in Australian Banking and Insurance

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Abstract

In the 1990s Australian governments, both federal and state, committed themselves to a policy of microeconomic reform of which privatisation of key government assets was a major component. Government owned banks and insurance offices were amongst the first institutions to be sold off. The results of this policy have been both complex and in cases unforeseen. Few of these privatised financial firms are in existence today. An information cost framework is used to evaluate the experience of privatised banks and insurers. This approach points to a dynamic process of organisational change within the financial sector that has influenced the outcome of the privatisation process in the financial sector.

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File URL: http://www.deakin.edu.au/buslaw/aef/workingpapers/papers/2006-09eco.pdf
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Bibliographic Info

Paper provided by Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance in its series Economics Series with number 2006_09.

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Length: 26 pages
Date of creation: 23 Oct 2006
Date of revision:
Handle: RePEc:dkn:econwp:eco_2006_09

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Related research

Keywords: privatisation; financial markets; banking and insurance; deregulation; information costs; organisational change;

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  1. Kane, Edward J, 1981. "Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation," Journal of Finance, American Finance Association, vol. 36(2), pages 355-67, May.
  2. Kane, Edward J, 1984. " Technological and Regulatory Forces in the Developing Fusion of Financial-Services Competition," Journal of Finance, American Finance Association, vol. 39(3), pages 759-72, July.
  3. Domberger, Simon & Piggott, John, 1986. "Privatization Policies and Public Enterprise: A Survey," The Economic Record, The Economic Society of Australia, vol. 62(177), pages 145-62, June.
  4. Monica Keneley, 2002. "Demutualisation In The Life Insurance Industry: A Preliminary Assessment," Economic Papers, The Economic Society of Australia, vol. 21(1), pages 66-79, 03.
  5. Mark Casson, 1997. "Institutional Economics and Business History: A Way Forward?," Business History, Taylor & Francis Journals, vol. 39(4), pages 151-171.
  6. Ian R. Harper, 2000. "Mergers in Financial Services: Why the Rush?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 33(1), pages 67-72.
  7. Monica Keneley, 2003. "Adaptation and Change In The Australian Life Insurance Industry: A Historical Perspective," Economics Series 2003_08, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
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