Reserve Bank of New Zealand Bulletin articles

(NB. If you do not have the free Acrobat reader software necessary to read these discussion papers already installed, go to the Adobe website.)

June 1999 (Vol 62, no 2)

Articles

Defining money and credit aggregates: theory meets practice (PDF 117KB)

By Sean Collins, Clive Thorp and Bruce White, Economics Department
This article reviews the way in which money and credit aggregates are compiled and used in the Reserve Bank.

A primer on derivatives markets (PDF 112KB)

By Christian Hawkesby, Financial Markets Department
This article describes the main financial derivative products and markets in New Zealand.

Polymer bank notes (PDF 35KB)

By Brian Lang and John Barry, Currency Department
On 3 May 1999 the Bank issued a new $20 bank note into circulation that had been printed on a polymer substrate. This article traces the history of polymer, briefly describes the process of production, and highlights the benefits of the substrate and the implications for the future of bank note handling within the country.

Developments in the banking industry (PDF 101KB)

By Peter Dench, Banking System Department
This article reviews developments in the New Zealand banking system over the 1998 calendar year, within the context of the international banking environment.

New legislation on netting and payments finality (PDF 29KB)

By Loretta DeSourdy, Banking System Department
This article explains recent legislative changes directed at making the netting of financial contracts in New Zealand more legally certain and at aligning the commencement of liquidation or insolvency with the recent move to the real-time gross settlement of high value payment transactions.

Strategic choices in inflation targeting: the New Zealand experience (103KB)

By Murray Sherwin
A presentation by Murray Sherwin, Deputy Governor of the Reserve Bank of New Zealand, to a seminar on inflation targeting hosted by the International Monetary Fund and Central Bank of Brazil, 3-5 May 1999, Rio De Janiero.

Speeches

Monetary policy into the new millennium (PDF 39KB)

Alternatively, link to the html version of this speech by Dr Don Brash.

The views expressed are those of individual authors and do not necessarily reflect official positions of the Reserve Bank of New Zealand. Articles published in this Bulletin may not be wholly or substantially reproduced without the permission of the Reserve Bank of New Zealand. Data, brief extracts from articles, and other material appearing in the Bulletin, may be used without restriction provided due acknowledgement is made of the source.