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Some perspectives on past recessions


  • Michael Reddell
  • Cath, Sleeman

    (Reserve Bank of New Zealand)


As the economy slows in 2008, this article sketches out some key features of past recessions in New Zealand – all the downturns since the mid-1960s, plus the Depression of the 1930s. Each recession was triggered, in significant part, by international events, but each was exacerbated, in part, by domestic pressures or imbalances. History doesn’t mechanically repeat itself, but these past experiences are a sobering backdrop against which to consider the outlook for the New Zealand economy over the next year or two.

Suggested Citation

  • Michael Reddell & Cath, Sleeman, 2008. "Some perspectives on past recessions," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, June.
  • Handle: RePEc:nzb:nzbbul:june2008:2

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    References listed on IDEAS

    1. Sebastian Edwards, 2005. "The end of large current account deficits : 1970-2002 : are there lessons for the United States?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 205-268.
    2. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    3. Anella Munro & Rishab Sethi, 2007. "Understanding the New Zealand current account: A structural approach," Reserve Bank of New Zealand Discussion Paper Series DP2007/10, Reserve Bank of New Zealand.
    4. Bracke, Thierry & Bussière, Matthieu & Fidora, Michael & Straub, Roland, 2008. "A framework for assessing global imbalances," Occasional Paper Series 78, European Central Bank.
    5. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2009. "Will Sub-Prime be a Twin Crisis for the United States?," Review of International Economics, Wiley Blackwell, vol. 17(4), pages 655-666, September.
    6. Aizenman, Joshua & Sun, Yi, 2010. "Globalization and the sustainability of large current account imbalances: Size matters," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 35-44, March.
    7. Sebastian Edwards, 2007. "On Current Account Surpluses and the Correction of Global Imbalances," NBER Working Papers 12904, National Bureau of Economic Research, Inc.
    8. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2004. "The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap," NBER Working Papers 10727, National Bureau of Economic Research, Inc.
    9. Martin Feldstein, 2008. "Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate," Journal of Economic Perspectives, American Economic Association, vol. 22(3), pages 113-125, Summer.
    10. Jesmin Rahman, 2008. "Current Account Developments in New Member States of the European Union; Equilibrium, Excess, and EU-Phoria," IMF Working Papers 08/92, International Monetary Fund.
    11. Thierry Bracke & Matthieu Bussière & Michael Fidora & Roland Straub, 2008. "A framework for assessing global imbalances," Occasional Paper Series 78, European Central Bank.
    12. Miller, Marcus & Zhang, Lei, 2006. "Fear and Market Failure: Global Imbalances and 'Self-insurance'," CEPR Discussion Papers 6000, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Rebecca Williams, 2017. "Business cycle review: 2008 to present day," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-22, March.
    2. Bordo, Michael & Hargreaves, David & Kida, Mizuho, 2011. "Global shocks, economic growth and financial crises: 120 years of New Zealand experience," Financial History Review, Cambridge University Press, vol. 18(03), pages 331-355, December.
    3. Ralph Lattimore & Trinh Le & Iris Claus & Adolf Stroombergen., 2009. "Economic progress and puzzles : Long-term structural change in the New Zealand economy, 1953-2006," Macroeconomics Working Papers 23006, East Asian Bureau of Economic Research.
    4. repec:taf:nzecpp:v:50:y:2016:i:3:p:261-280 is not listed on IDEAS
    5. Viv B. Hall & C. John McDermott, 2016. "Recessions and recoveries in New Zealand's post-Second World War business cycles," New Zealand Economic Papers, Taylor & Francis Journals, vol. 50(3), pages 261-280, September.
    6. Rebecca Craigie & David Gillmore & Nicolas Groshenny, 2012. "Not a jobless recovery, just a slow one," Reserve Bank of New Zealand Analytical Notes series AN2012/06, Reserve Bank of New Zealand.
    7. James Graham, 2014. "'N Sync: how do countries' economies move together?," Reserve Bank of New Zealand Analytical Notes series AN2014/04, Reserve Bank of New Zealand.
    8. McKelvie, S. & Hall, Viv B., 2012. "Stylised facts for New Zealand business cycles: A post-1987 perspective," Working Paper Series 2364, Victoria University of Wellington, School of Economics and Finance.

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