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The policy origins of the Reserve Bank of New Zealand


  • Matthew Wright

    (Reserve Bank of New Zealand)


The Reserve Bank of New Zealand formally began operations on 1 August 1934, with responsibility for currency issue, debt management and the exchange rate. Although the establishment of the Bank can be seen partly as a response to the depression of the early 1930s, it also reflected forces that played out over much of the period following the First World War. Britain's push to see its Dominions establish their own central banks and the long-standing case for an independent New Zealand currency were both important factors shaping the debate around the case for a central bank. This article discusses these historical influences, the personalities that played a key role in the policy debate, and the events that culminated in the opening of the Bank.

Suggested Citation

  • Matthew Wright, 2006. "The policy origins of the Reserve Bank of New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, September.
  • Handle: RePEc:nzb:nzbbul:september2006:2

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    References listed on IDEAS

    1. Michael Francis & François Painchaud & Sylvie Morin, 2005. "Understanding China's Long-Run Growth Process and Its Implications for Canada," Bank of Canada Review, Bank of Canada, vol. 2005(Spring), pages 5-17.
    2. Alan Bollard, 2004. "What's happening in the property sector?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, September.
    3. Christian Gillitzer & Jonathan Kearns, 2005. "Long-term Patterns in Australia’s Terms of Trade," RBA Research Discussion Papers rdp2005-01, Reserve Bank of Australia.
    4. Phil Briggs, 2004. "Currency hedging by exporters and importers," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, December.
    5. Felix Delbruck, 2005. "Oil prices and the New Zealand economy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 68, December.
    6. anonymous, 2004. "Asset prices and monetary policy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, march.
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    Cited by:

    1. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, March.

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