18 December 1998
The Reserve Bank today made public its December 1998 issue of the Reserve Bank of New Zealand Bulletin. The Bulletin is a quarterly Reserve Bank publication, which provides a detailed examination of issues relevant to central banking in New Zealand.
Editor Bruce White commented: "The lead article in this Bulletin is the first of a series that we plan to publish on the recent business cycle. It's intended as a scene setter, laying out what actually happened to the economy during the course of the 1991-97 cycle, and in what respects this was similar to, and different from, previous New Zealand economic cycles and experiences internationally."
"This Bulletin also reproduces two papers that review developments in the New Zealand financial sector and capital market over the last decade or so. The first reviews the liberalisation of financial markets in New Zealand. The second is a paper on this country's experience with external capital flows in the 1990s."
"Another focus of this Bulletin is economic forecasting. This is a subject that has attracted some publicity of late, in the light of the unexpected contraction in the New Zealand economy in the first half of 1998. One of the articles outlines how the Reserve Bank formulates and communicates its economic projections."
"Another article in this issue discusses the reasons why the Reserve Bank holds foreign reserves, even though it has had no need to use them since the New Zealand dollar was floated in March 1985," Mr White concluded.
To obtain copies of the RBNZ Bulletin contact the Bank's Publications Section, phone 04 4713910. The RBNZ Bulletin can also be viewed on the Internet at www.rbnz.govt.nz.
For further information contact:
Phone 04 471 3767, pager 026 103 787
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