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A new approach to macro-prudential policy for New Zealand

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This article outlines the Reserve Bank’s new macro-prudential policy framework and the governance arrangements surrounding it. Macro-prudential tools can help address the build-up of systemic risk in the financial system. Such tools can create additional buffers for financial institutions and help to dampen growth in credit and asset prices directly, but they are not a ‘silver bullet’. The macro-prudential approach is still in its infancy and there is scope to refine the framework in the light of local and international experience. A recent Memorandum of Understanding between the Minister of Finance and the Governor of the Reserve Bank sets out expectations for macro-prudential policy accountability and transparency.

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  • Lamorna Rogers, 2013. "A new approach to macro-prudential policy for New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 12-22, September.
    • Handle: RePEc:nzb:nzbbul:sep2013:03
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    File URL: http://rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2013/2013sep76-3rogers.pdf
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    References listed on IDEAS

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    1. Toby Fiennes & Cavan O'Connor-Close, 2012. "The evolution of prudential supervision in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 75, pages 5-13, March.
    2. Rebecca Craigie & Anella Munro, 2010. "Financial sector amplification and credit cycles in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 73, pages 15-34, June.
    3. Grant Spencer, 2010. "The Reserve Bank and macro-financial stability," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 73, pages 5-14, June.
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    Cited by:

    1. Rochelle Barrow & Tobias Irrcher, 2015. "Capturing loan-to-value data in New Zealand – challenges and opportunities," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Indicators to support monetary and financial stability analysis: data sources and statistical methodologies, volume 39, Bank for International Settlements.
    2. David Hargreaves, 2016. "The macroprudential policy framework in New Zealand," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential policy, volume 86, pages 141-146, Bank for International Settlements.
    3. Chris Hunt, 2013. "The last financial crisis and the case for macro-prudential intervention," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 3-16, June.
    4. Günes Kamber & Özer Karagedikli & Christie Smith, 2015. "Applying an Inflation-Targeting Lens to Macroprodential Policy "Institutions"," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 395-429, September.
    5. Tony Wolken, 2013. "Measuring systemic risk: the role of macro-prudential indicators," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 13-30, December.
    6. John McDermott & Rebecca Williams, 2018. "Inflation Targeting in New Zealand: An Experience in Evolution," RBA Annual Conference Volume (Discontinued), in: John Simon & Maxwell Sutton (ed.),Central Bank Frameworks: Evolution or Revolution?, Reserve Bank of Australia.
    7. Lamorna Rogers, 2014. "An A to Z of loan-to-value ratio (LVR) restrictions," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 77, pages 3-14, March.

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