In a Speech given on 16th March 2014 and titled “Reflections on the Financial Crisis,” former...

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In a Speech given on 16th March 2014 and titled “Reflections onthe Financial Crisis,” former Assistant Governor (Financial System)of the RBA Dr. Edey said: “I am often asked why Australia was ableto come through the GFC relatively unscathed. Unlike the US, the UKand the euro area, Australia didn't have a recession and we didn'thave any bank failures. My usual response is that it was a mixtureof good luck and good management.”
This sentiment is echoed in a Speech titled "Lessons and Questionsfrom the GFC" given on the 6th of December 2018 in Sydney, by theReserve Bank of Australia Deputy Governor Dr. Guy Debelle whostated: “Good luck certainly played a role. But the policy actionsmade an important contribution too” referring to the experience ofAustralia during the GFC.

Explain what they means by “a mixture of good luck and goodmanagement,” making specific reference to both ad-hoc measuresduring the GFC and the general approach to financial stability.(max 400 words)

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Underlying the suggestions that I have made is a firm belief that the success of our approaches to crisis management needs to be viewed and assessed with a wide focus Certainly there is the question of See Answer

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In a Speech given on 16th March 2014 and titled “Reflections onthe Financial Crisis,” former Assistant Governor (Financial System)of the RBA Dr. Edey said: “I am often asked why Australia was ableto come through the GFC relatively unscathed. Unlike the US, the UKand the euro area, Australia didn't have a recession and we didn'thave any bank failures. My usual response is that it was a mixtureof good luck and good management.”This sentiment is echoed in a Speech titled "Lessons and Questionsfrom the GFC" given on the 6th of December 2018 in Sydney, by theReserve Bank of Australia Deputy Governor Dr. Guy Debelle whostated: “Good luck certainly played a role. But the policy actionsmade an important contribution too” referring to the experience ofAustralia during the GFC.Explain what they means by “a mixture of good luck and goodmanagement,” making specific reference to both ad-hoc measuresduring the GFC and the general approach to financial stability.(max 400 words)