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Major global developments in the new millennium

Author

Listed:
  • Alan Bollard
  • Mark Smith

    (Reserve Bank of New Zealand)

Abstract

This article is an abridged version of a paper prepared for an address to the Canterbury Employers' Chamber of Commerce, on January 27, 2006.1 It examines three major global developments that have occurred in recent years and discusses their impact on the New Zealand economy in terms of their effect on relative prices. These developments include (i) closer integration of China and other emerging economies with large pools of labour, (ii), a housing market boom in some OECD countries, and (iii) recent geopolitical and biosecurity events. The monetary and financial stability policy implications of these developments are discussed as are some lessons for households, businesses and public policymakers.

Suggested Citation

  • Alan Bollard & Mark Smith, 2006. "Major global developments in the new millennium," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 1-14., June.
    • Handle: RePEc:nzb:nzbbul:june2006:4
    as

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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2006/2006jun69-2bollardsmith.pdf
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    References listed on IDEAS

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    1. Michael Francis & François Painchaud & Sylvie Morin, 2005. "Understanding China's Long-Run Growth Process and Its Implications for Canada," Bank of Canada Review, Bank of Canada, vol. 2005(Spring), pages 5-17.
    2. Roland-Holst, David & Verbiest, Jean-Pierre & Zhai, Fan, 2005. "Growth and Trade Horizons for Asia: Long-term Forecasts for Regional Integration," Asian Development Review, Asian Development Bank, vol. 22(2), pages 76-107.
    3. Felix Delbruck, 2005. "Oil prices and the New Zealand economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 68, December.
    4. Alan Bollard, 2004. "What's happening in the property sector?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, September.
    5. Christian Gillitzer & Jonathan Kearns, 2005. "Long-term Patterns in Australia’s Terms of Trade," RBA Research Discussion Papers rdp2005-01, Reserve Bank of Australia.
    6. Phil Briggs, 2004. "Currency hedging by exporters and importers," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, December.
    7. anonymous, 2004. "Asset prices and monetary policy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, march.
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    Cited by:

    1. Shi, Song & Jou, Jyh-Bang & Tripe, David, 2014. "Can interest rates really control house prices? Effectiveness and implications for macroprudential policy," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 15-28.

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