Questioning the role of banks and bank regulation

27 October 2011

What banks and bank regulation are for will be the topic of debate by a distinguished panel of academics, policy makers and regulators on 28 October at the University of Sydney.

Dr Lynne Chester, from the Department of Political Economy and the convenor of the event, said "We chose this topic because banks and their regulation are integral to financial markets and to understanding the causes and consequences of the global financial crisis, which is far from being resolved but is still unfolding, as witnessed by recent events in Europe."

The panel will discuss the role of banks and the design of banking regulation in this context.

The panel consists of:

Professor Dick Bryan, Department of Political Economy, University of Sydney, has researched and taught on two related areas: theories of value and distribution and the evolving global economic system. His current focus is international finance and he is co-author of Capitalism with Derivatives: A Political Economy of Financial Derivatives, Capital and Class. Dick is also convenor of the Australian Working Froup on Financialization.

Professor Bryan said, "In the midst of the global financial crisis, there were promises of major changes to financial regulation. By any standards the reforms to date have been modest, and banking regulation complies with the same basic conventions as it did previously.

"No doubt a modest outcome is associated with policy caution. But it is time to become visionary on these issues. We need to be looking beyond the conventions, and open up wider questions about the appropriate social and economic role of banking. We need to discuss bank regulation within this broader framework. There are no simple answers, but these are the right sorts of ways to frame questions."

Professor Sheila Dow is Emeritus Professor of Economics at the University of Stirling, Director of Stirling Centre for Economic Methodology, and an adviser on monetary policy to the House of Commons Treasury Select Committee. She has worked previously as an economist with the Bank of England and the Government of Manitoba. Recent books include Economic Methodology: An Inquiry, and A History of Scottish Economic Thought, co-edited, with Alexander Dow.

Dr Peter Docherty, University of Technology, Sydney, expert on the macroeconomic effects of financial and monetary institutional arrangements and the history of the Australian financial system. Peter has held academic appointments at the University of Sydney and the University of New South Wales. He has written extensively on the history of monetary thought and is the author of Money and Employment: A Study of the Theoretical Implications of Endogenous Money.

Peter Kell, Deputy Chair of the Australian Competition and Consumer Commission. He serves on the Consumer Policy Committee of the Organisation for Economic Cooperation and Development and the International Consumer Protection and Enforcement Network. He is also a member of the Advisory Board of the federal government's Financial Literacy Foundation. Before joining the ACCC, Mr Kell was chief executive of CHOICE (the Australian Consumers Association) and a board member of the global consumer organisation Consumers International. Mr Kell previously worked at the Australian Securities and Investments Commission.

Helen Rowell, General Manager, Policy Development, Australian Prudential Regulatory Authority. Helen also chairs APRA's internal general insurance industry committee. Since joining APRA Helen has represented it at various subcommittees of the International Association of Insurance Supervisors (IAIS), particularly the Solvency and Actuarial Issues Subcommittee. She also represents APRA on the Joint Forum Working Group that is currently reviewing the Principles on Supervision of Financial Conglomerates. Prior to joining APRA in April 2002 Helen was a partner at Towers Perrin.

This event is presented by the Department of Political Economy, supported by the Faculty of Arts and Social Sciences.

Event details

What: What are banks and bank regulation for?

When: 10.30am, Friday 28 October

Where: Darlington Centre, Darlington Campus

Cost: Free

Bookings: contact Lynne Chester or Michael Beggs

Contact: Verity Leatherdale

Phone: 02 9351 4312

Email: 4526392f030c4d553f1542020b340f343a0d39293a5d2509187f300e3e56183b