Responses to systemic risk after the global financial crisis: Canada and New Zealand
This paper considers the responses of two jurisdictions to systemic risk identified as contributing to the global financial crisis (GFC). Canada and New Zealand are studied as two jurisdictions that both weathered the global financial crisis relatively well. Both have recently proposed new national authorities for the regulation and enforcement of securities: the Canadian Securities Regulation Authority and the Financial Markets Authority (New Zealand). Nevertheless, the proposals and the responses for new national authorities reveal that the two countries view the GFC and the appropriate responses quite differently. This paper analyses the appropriateness of the two responses.