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. 67, No. 2, June

APEC Policy Dialogue on Financial Disclosure-Policy Conclusions
1 Introduction In February 2004, the APEC Finance Ministers' process held a Policy Dialogue on Financial Disclosure in Kuala Lumpur, Malaysia. The Policy Dialogue was co-chaired by Chile (the Ministry of Finance) and New Zealand (the Reserve Bank...
Bank Regulation and Foreign-Owned Banks
This article is a revised version of the paper presented by Professor George Kaufman in Wellington, New Zealand, on 7 April this year, when he was Professorial Fellow in Monetary and Financial Economics at Victoria University, on a programme sponsored...
Developments in the New Zealand Banking Industry during 2003
This article reviews developments in the New Zealand banking industry over the year ended 31 December 2003. It describes structural changes in the industry, comments on current issues in the area of banking supervision in New Zealand, and examines...
Editor's Note
In this issue of the Bulletin we have a broad range of articles relating to most of the Reserve Bank's core functions, including monetary policy, financial stability and the exchange rate. For the first time in the Bulletin, we also feature an interview....
Interpreting Clause 4(b) of the Policy Targets Agreement: Avoiding Unnecessary Instability in Output, Interest Rates and the Exchange Rate
In clause 2(b) of the Policy Targets Agreement (PTA) between the Minister of Finance and Governor of the Reserve Bank, the target used to direct the Reserve Bank's pursuit of price stability is expressed as "future CPI inflation outcomes between 1...
Musings on Financial Stability Issues: An Interview with Professor George Kaufman (1)
Professor George Kaufman, the John F Smith Professor of Finance and Economics at Loyola University in Chicago, spent time at the Reserve Bank of New Zealand earlier this year while a Professorial Fellow in Monetary and Financial Economics at Victoria...
OCR Increased to 5.75 per Cent: 10 June 2004
The Reserve Bank today increased the Official Cash Rate from 5.5 to 5.75 per cent. Speaking at the release of the Reserve Bank's June 2004 Monetary Policy Statement, Reserve Bank Governor Alan Bollard said "The New Zealand economy has enjoyed strong...
Outcomes of the Financial Sector Assessment Programme for New Zealand
This article reviews the main findings from the recent assessment of the New Zealand financial system by the International Monetary Fund, under the Financial Sector Assessment Programme (FSAP). The FSAP assessment concluded that New Zealand's financial...
Reserve Bank Foreign Exchange Intervention Principles: 30 March 2004
The Reserve Bank today released a letter from the Bank to the Minister of Finance outlining how it intends to undertake foreign exchange market interventions. The letter is attached. This follows the Reserve Bank recommending, and the Government...
What Drives the New Zealand Dollar?
This article draws together some of our recent exchange rate research. The research is interpreted against an asset price view of the exchange rate, which has become increasingly relevant as foreign exchange market turnover has become dominated by...