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The global financial crisis and its transmission to New Zealand – an external balance sheet analysis

  • Paul Bedford

    (Reserve Bank of New Zealand)

Registered author(s):

    Recent global events have underscored how instability in the international financial system can have a pervasive impact on the world economy. Starting in the middle of 2007, deteriorating credit quality in the US residential mortgage market served as the catalyst for a systemic financial crisis that has spread far beyond its original source, including to New Zealand. This article aims to shed light on the channels through which these global developments have affected the domestic financial system and real economy, principally by examining the scale and composition of the international assets and liabilities that comprise New Zealand’s external balance sheet.

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    File URL: http://www.rbnz.govt.nz/research_and_publications/reserve_bank_bulletin/2008/2008dec71_4bedford.pdf
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    Article provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.

    Volume (Year): 71 (2008)
    Issue (Month): (December)
    Pages:

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    Handle: RePEc:nzb:nzbbul:december2008:2
    Contact details of provider: Postal: P.O. Box 2498, Wellington
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    Web page: http://www.rbnz.govt.nz
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    1. Philip R. Lane & Gian Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities,1970–2004," The Institute for International Integration Studies Discussion Paper Series iiisdp126, IIIS.
    2. Michael Reddell & Ian Woolford & Sean Comber, 2001. "International capital flows, external debt, and New Zealand financial stability," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, December.
    3. David Drage & Anella Munro & Cath Sleeman, 2005. "An update on Eurokiwi and Uridashi bonds," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 68, September.
    4. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, June.
    5. Chris Hunt, 2008. "Financial turmoil and global imbalances: the end of Bretton Woods II?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, September.
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