Deregulation has been a feature of the evolution of financial markets in the past two decades. Extending this trend has been the move to privatise government-owned financial institutions. In the 1990s, Australian governments progressively sold publicly owned banks and insurance institutions. One outcome has been that few of these privatised financial firms exist today, having been absorbed in mergers and acquisitions within the financial services sector. This paper uses an information cost framework to explain the experience of privatised banks and insurers. Our approach points to a dynamic process of organisational change that has influenced the outcomes of privatisation in the financial services sector.
The privatisation experience in the Australian banking and insurance sectors: an explanation of the change in ownership structures
Abstract
Deregulation has been a feature of the evolution of financial markets in the past two decades. Extending this trend has been the move to privatise government-owned financial institutions. In the 1990s, Australian governments progressively sold publicly owned banks and insurance institutions. One outcome has been that few of these privatised financial firms exist today, having been absorbed in mergers and acquisitions within the financial services sector. This paper uses an information cost framework to explain the experience of privatised banks and insurers. Our approach points to a dynamic process of organisational change that has influenced the outcomes of privatisation in the financial services sector.Preview Only. This article cannot be rented because we do not currently have permission from the publisher.
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The privatisation experience in the Australian banking and insurance sectors: an explanation of the change in ownership structures
Keneley, Monica; McKenzie, Margaret
Follow Accounting, Business & Financial History
, Volume 18 (3): 303-321
Informa Healthcare – Nov 1, 2008
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