Reserve Bank of New Zealand Bulletin articles

(NB. If you do not have the free Acrobat reader software necessary to read these discussion papers already installed, go to the Adobe website.)

March 2004 (Vol 67, no 1)

March 2004 (Vol 67, no 1)

Download the complete issue of the March 2004 Bulletin (PDF 196KB)

Articles

Editor's Note (PDF 14KB)

Impact of the exchange rate on export volumes (PDF 51KB)

By Mark Smith
This article reviews our understanding of how export volumes (as opposed to export values) are influenced by the exchange rate and other factors. Recent analysis finds that the real TWI exchange rate has a sizeable effect on export volumes; the low measured elasticity of export volumes needs to be considered in light of the large cyclical movements in the TWI exchange rate. We also find that export sectors respond differently to the same exchange rate movement, with exports of services volumes (which include tourism) more exchange rate sensitive than export volumes from the agricultural sector.

The Reserve Bank of New Zealand Amendment Act 2003 (PDF 34KB)

By James Twaddle
In August 2003, the Reserve Bank of New Zealand Amendment Act 2003 was enacted. The Amendment Act represents a continued evolution of the legislative framework in which the Reserve Bank operates. This article provides an overview
of the main changes and the motivations behind them.

Designation of payment systems - new Part VC of the Reserve Bank of New Zealand Act 1989 (PDF 32KB)

By Loretta DeSourdy
This article looks at the new Part VC of the Reserve Bank of New Zealand Act, which deals with the designation of payment systems. It briefly describes payment systems and looks at why legislation designating them was required. The article then looks at the details of the legislative framework.

Speeches

Asset prices and monetary policy (PDF 68KB)

Alternatively, link to the html version of this speech by Dr Alan Bollard.