Focusing on Australia, this study evaluates Basel II's regulatory framework as carried on in Basel III's design, and also assesses the effectiveness implementation in Australia, based on interviews with bank risk managers, senior analysts, and regulatory supervisors in Australia who work closely with Basel Accords. The study uses the Universal Pragmatics methodology (developed by Jurgen Habermas) for understanding relevant documents and the interview responses of the finance and regulatory professionals. A range of economic theories is employed to establish a distinction between risk and uncertainty, to explain both causes and consequences of financial instability, and to investigate policy responses to investigate major financial crises.
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