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The importance of market discipline in the Reserve Bank’s prudential regime

Cavan O’Connor-Close and Neroli Austin
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Neroli Austin: Reserve Bank of New Zealand, http://www.rbnz.govt.nz

Reserve Bank of New Zealand Bulletin, 2016, vol. 79, 1-15

Abstract: The Reserve Bank’s prudential framework is based on a three pillar approach that relies on self-discipline from regulated entities, market discipline provided by market participants, and regulatory discipline. Since the global financial crisis, the regulatory pillar has been bolstered in line with international regulatory developments. This article discusses the role of market discipline in the current framework and its on-going importance to the Reserve Bank’s prudential regime.

Date: 2016
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