Organisation

Centre for International Finance and Regulation

Owning Institution:

University of New South Wales

Macquarie University

University of Technology Sydney

Government of Australia

Government of New South Wales

University of Sydney

University of Melbourne

Australian National University

The Centre for International Finance and Regulation (CIFR) was a Centre of Excellence operating from 2011 to 2016 to address fundamental issues affecting the Australian financial industry. CIFR’s mission was to promote financial sector vibrancy, resilience and integrity, supporting Australia as a regional financial centre through leading research and education on systemic risk, market and regulatory performance and financial market developments. CIFR funded 71 research projects, involving well over 100 researchers from domestic and international universities.

For Australia’s financial industry, CIFR provided a strategic link between academia, policy-makers, regulators and other industry participants. Now closed, the Centre's output of 148 papers are all available at this publisher page.

Working paper

Dynamic implied correlation modeling and forecasting in structured finance

30 Mar 2014

Centre for International Finance and Regulation

The market volume of credit derivatives increased rapidly from $180 billion in 1996 to over $57 trillion in 2008 (BBA, 2006; BIS, 2010). This growth rate highlights the importance of these new instruments in nancial markets. Consequences of the global nancial crisis (GFC), e.g., the Lehman Brothers' bankruptcy in 2008, underline the challenge to aggregate...

Working paper

Forecasting mortgage securitization risk under systemic risk and parameter uncertainty

30 Mar 2014

Daniel Rosch,

Harald Scheule

Centre for International Finance and Regulation

The Global Financial Crisis exposed financial institutions to severe unexpected losses in relation to mortgage securitizations and derivatives. This paper finds that risk models such as ratings are exposed to a large degree of systematic risk and parameter uncertainty.

Working paper

Foreign investment law and policy in Australia: a critical analysis

30 Mar 2014

George Gilligan,

Justin O'Brien,

Megan Bowman

Centre for International Finance and Regulation

Under Australia’s foreign investment review framework all foreign governments and their related entities should notify the federal government and gain approval before making a direct investment in Australia regardless of the value of that investment. Yet can Australia’s current policy settings be maintained in their current form given the pace and scale of change since...

Working paper

Governance of financial institutions: a cross-country evaluation of national codes following Basel (2010)

30 Mar 2014

Shane Magee,

Elizabeth Sheedy,

Sue Wright

Centre for International Finance and Regulation

Five years after the banking crisis of 2008, we review progress in the area of governance reform. At the height of the crisis, broad support emerged for new governance regulations in banking that would focus more on risk management and hence the rights of depositors, debt-holders and the wider community. In 2010 the Basel Committee...

Working paper

Restoring a level playing field for defined benefits superannuation

22 Mar 2014

Hazel Bateman,

Geoffrey Kingston

Centre for International Finance and Regulation

After declining worldwide since the late 1980s, defined benefits plans will not recover their previous dominance in Australia because they can only be offered by large and stable organisations. Since 1992 Australia has had compulsory superannuation that is mostly privately managed. In addition, several policy measures have unduly weakened defined benefits schemes, especially in the...