The OECD
countries that experienced the fastest economic growth in the 15 years prior to the global
financial crisis – including the US, the UK, Australia, and Ireland – were also the countries
with the greater financial sector deregulation (Pomfret, 2009). However, financial
deregulation increases vulnerability to a financial crisis (Pomfret, 2009). When the global
financial crisis unfolded, it was regarded as unexpectedly sudden (Sidhu & Tan, 2011).