Reserve Bank of New Zealand Bulletin articles

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December 1999 (Volume 62, no 4)

Articles

Financial intermediation and the monetary transmission mechanism (PDF 80KB)

By Iris Claus and Christie Smith, Economics Department
The article explores the role of financial intermediation in the monetary transmission mechanism. It discusses how and why shocks that affect lenders' willingness to lend can have an impact on economic activity, and why this needs to be factored into analyses of the interaction of monetary policy, the financial sector and the real economy.

Monetary policy and the Reserve Bank balance sheet (PDF 111KB)

By Andy Brookes, Financial Markets Department
This article aims to illuminate one of the less prominent aspects; the Reserve Bank's balance sheet and its role in monetary policy implementation.

Intra-day liquidity and real-time gross settlement - 18 months on (PDF 96KB)

By Tim Hampton, Financial Markets Department
Last year the Reserve Bank and the New Zealand banking system shifted to a system of real-time gross settlement (RTGS) for large wholesale payments, as a way of substantially reducing the level of risk associated with the inter-bank settlement process. This article explains the choices made as to how to provide the additional liquidity, reviews the successful first 18 months of the new system, and outlines some refinements that have recently been announced.

Combating financial scams and money laundering (PDF 54KB)

By Peter Dench, Banking System Department
This article looks briefly at the types of financial malpractices that have surfaced recently in New Zealand.

Risk management in the Reserve Bank (PDF 24KB)

By Steve Anderson, Risk Assessment and Assurance Department
In late 1998 a new department - the Risk Assessment and Assurance Department - was established within the Reserve Bank. This article introduces the role and activities of the Department.

Opening comments to the third meeting of the Asia-Pacific Central Securities Depositories Group (PDF 34KB)

By Donald T Brash
Opening comments to the third meeting of the Asia-Pacific Central Securities Depositories Group.

Speeches

Opening address to the SEANZA Forum of Banking Supervisors' Conference (PDF 26KB)

Alternatively, link to the html version of this speech by Dr Don Brash.

The views expressed are those of individual authors and do not necessarily reflect official positions of the Reserve Bank of New Zealand. Articles published in this Bulletin may not be wholly or substantially reproduced without the permission of the Reserve Bank of New Zealand. Data, brief extracts from articles, and other material appearing in the Bulletin, may be used without restriction provided due acknowledgement is made of the source.