A new approach to macro-prudential policy for New Zealand

Lamorna Rogers
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Lamorna Rogers: Reserve Bank of New Zealand, http://www.rbnz.govt.nz

Reserve Bank of New Zealand Bulletin, 2013, vol. 76, No 3, 12-22

Abstract: This article outlines the Reserve Bank’s new macro-prudential policy framework and the governance arrangements surrounding it. Macro-prudential tools can help address the build-up of systemic risk in the financial system. Such tools can create additional buffers for financial institutions and help to dampen growth in credit and asset prices directly, but they are not a ‘silver bullet’. The macro-prudential approach is still in its infancy and there is scope to refine the framework in the light of local and international experience. A recent Memorandum of Understanding between the Minister of Finance and the Governor of the Reserve Bank sets out expectations for macro-prudential policy accountability and transparency.

Date: 2013
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