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In retrospect: RBNZ’s support of financial market functioning at the onset of COVID-19

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This Bulletin discusses our actions to support financial market functioning during the early months of the COVID-19 crisis. We combine financial market data with insights from interviewing market participants to: - provide an outline of what drove dysfunction in key financial markets in New Zealand in March and April 2020 and - analyse the facilities and operations deployed by the Reserve Bank to address financial market dysfunction. The evidence presented in this Bulletin shows that our actions to support market functioning were timely and effective, particularly given the speed with which events unfolded. Our experience in 2020 provides valuable observations and next steps that will help to refine the design and deployment of facilities and operations to support market functioning. These are listed in this article.

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  • Finn Robinson & Denham Watson, 2024. "In retrospect: RBNZ’s support of financial market functioning at the onset of COVID-19," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 87, pages 1-38, January.
    • Handle: RePEc:nzb:nzbbul:jan2024:01
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    File URL: https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bulletins/2023/rbnzs-support-of-financial-market-functioning-at-the-onset-of-covid-19.pdf
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