The Reserve Bank of New Zealand Bulletin

Quarterly that explores issues related to both central banking and the New Zealand economy. On the record speeches of the Governor and Deputy Governors also featured regularly.

Articles from Vol. 66, No. 1, March

Editor's Note
Central banks have a wide range of functions, generally including monetary policy, exchange rate policy, financial system surveillance, provision of settlement accounts to commercial banks and the issuance of notes and coins. At first sight, it might...
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Financial Sector Assessment Programme
New Zealand is scheduled to undergo an assessment by the International Monetary Fund (IMF) later this year under the Financial Sector Assessment Programme (FSAP). The FSAP is a relatively new surveillance and assessment programme developed and jointly...
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Introducing Overnight Indexed Swaps
Last year, a new type of financial instrument -- the Overnight Indexed Swap (OIS) -- was introduced to New Zealand. This article is intended as a primer, explaining what the OIS is and how it is used by market participants to manage interest rate risks...
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Making Sense of a Rising Exchange Rate. (Speech)
My subject today is "Making sense of a rising exchange rate". The exchange rate has risen sharply over the last year or so, and has become the stuff of media headlines in ways not seen for some time, and the concern of exporters which I acknowledge....
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RBNZ Leaves OCR Unchanged. (News Releases)
6 March 2003. The Reserve Bank has decided to leave the Official Cash Rate at 5.75 per cent. Speaking at the release of the Reserve Bank's March 2003 Monetary Policy Statement Reserve Bank Governor Alan Bollard said "On 23 January 2003, we stated...
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RBNZ Responds to Currency Concerns. (News Releases)
24 January 2003 The Reserve Bank today explained how exchange rate movements impact on monetary policy. This follows calls from exporters for the Reserve Bank to consider their needs when making interest-rate decisions. Speaking to the Canterbury...
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Recent Developments in the Payment System
Payment systems have attracted increasing interest in recent years. They provide important linkages between different parts of the financial sector and support economic activity more generally. The weaknesses and risks in a payment system, however,...
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The Legal History of Money in New Zealand
A central bank's stock in trade is money. This is no less true in New Zealand than in any other country. It is perhaps not surprising, therefore, that the Reserve Bank takes more than a passing interest in the historical development of notes and coins...
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The Output Gap and Its Role in Monetary Policy Decision-Making
Understanding the link between the real economy and inflation is essential to monetary policy formulation. In conventional macroeconomics, the concept of the output gap is an important component of that link. Used in this context, the output gap provides...
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