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External Imbalances and Macroeconomic Policy in New Zealand

Philip Lane

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: This paper argues that large external imbalances pose signifi?cant macroeconomic risks for New Zealand. While New Zealand has coped well in recent years, the global fi?nancial crisis has underlined the vulnerability of defi?cit countries to fi?nancial shocks. New Zealand can draw important lessons from the global crisis by adjusting its macroeconomic policy framework to further mitigate the risks embedded in its international balance sheet.

Keywords: New Zealand; external imbalances; macroeconomic policy (search for similar items in EconPapers)
JEL-codes: E60 F41 (search for similar items in EconPapers)
Date: 2011-11
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