House of Representatives Committees

Standing Committee on Economics, Finance and Public Administration

Inquiry into the international financial market effects on government policy

Report

The Committee tabled its report International financial markets: friends or foes? on 26 March 2001. Copies of sections of the report in PDF follow as well as a copy of the full report as a PDF document (345KB). Hardcopies of the full report are available from the Committee Secretariat.

(To view or print the PDF document, you will require the Acrobat PDF Reader, which can be downloaded free of charge from Adobe)

List of recommendations

Government response: September 2001 (PDF 1323KB)

Table of contents of report: International financial markets: friends or foes?

FRONT SECTION (PDF format 38KB)

(This document contains the sections of the report from the Foreword to the List of recommendations)

FOREWORD

MEMBERSHIP OF THE COMMITTEE

LIST OF ABBREVIATIONS

CHAPTER 1 Introduction (PDF format 14KB)

Background
Scope of the inquiry
Conduct of the inquiry
Structure of the report

CHAPTER 2 Asian financial crisis (PDF format 66KB)

Background to the crisis
The spread of the crisis
Australia's experience
Recovery from the crisis
Capital controls
Action required

CHAPTER 3 Effects of the globalisation of international financial markets on economic policy (PDF format 65KB)

Dealing with global financial markets
Effects on monetary and fiscal policies
Monetary policy
Fiscal policy
Policy performance
Shared currency
Strategies against market volatility
Electronic commerce and transfer pricing
Australia as a regional finance centre

CHAPTER 4 Transparency and information requirements (PDF format 53KB)

Australia's self assessment
International opinion
Disclosure by private market participants
Information provided by governments
The availability of data
International standards
Conclusion

CHAPTER 5 International financial architecture (PDF format 53KB)

Present structure
Reforming the system
Criticism of IMF policies
Moral hazard
Progress in reforming the international financial architecture
Conclusion

CHAPTER 6 Role of hedge funds (highly leveraged institutions) (PDF format 47KB)

Nature of hedge funds
The problems with hedge funds
Australia's experience with hedge funds
Action required

CHAPTER 7 Derivatives (PDF format 54KB)

Definition of derivatives
Difficulties with derivatives
Size of the derivatives market
Hedging and speculating with derivatives
Hedging
Speculating
Conclusions

APPENDIX A - LIST OF SUBMISSIONS (PDF format 9KB)

APPENDIX B - LIST OF EXHIBITS (PDF format 11KB)

APPENDIX C - LIST OF HEARINGS AND WITNESSES (PDF format 10KB)

APPENDIX D - ROUND TABLE CONFERENCE WITH MEMBERS OF THE FINANCIAL COMMUNITY (PDF format 10KB)

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