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The Reserve Bank and macro-financial stability


  • Grant Spencer

    (Reserve Bank of New Zealand)


This article describes the evolving macro-financial stability (MFS) function of the Reserve Bank and discusses the appropriate framework for the function in light of the global financial crisis (GFC). Areas where further analysis and research will be needed are highlighted. The article begins by discussing the evolving international context before explaining the Reserve Bank of New Zealand’s macro-financial stability function. Governance issues are also addressed.

Suggested Citation

  • 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.
  • Handle: RePEc:nzb:nzbbul:june2010:2

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    Cited by:

    1. Emmanuel Carré & Jézabel Couppey-Soubeyran & Salim Dehmej, 2015. "La coordination entre politique monétaire et politique macroprudentielle. Que disent les modèles dsge ?," Revue économique, Presses de Sciences-Po, vol. 66(3), pages 541-572.
    2. 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.

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