Global shocks, economic growth and financial crises
Subtitle: 120 years of New Zealand experience
By: Michael D. Bordo, David Hargreaves, Mizuho Kida
Contributors: Hargreaves, David; Kida, Mizuho, 1969-; National Bureau of Economic Research
Series: NBER working paper series -- working paper 16027; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16027.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "We identify the timing of currency, banking crises and sudden stops in New Zealand from 1880 to 2008, and consider the extent to which empirical models can explain New Zealand's crisis history.  We find that the cross country evidence on the determinants of crises fits New Zealand experience reasonably well.  A number of the risk factors that correlate with crises internationally-such as domestic imbalances, external debt, and currency mismatches-were elevated for New Zealand when the country had more frequent crises and have improved in the recent (more stable) period.  However, a time-series analysis of New Zealand growth over 120 years shows that global factors-such as the US growth rate and terms of trade-explain New Zealand growth fairly well, and that crisis dummy variables do not have significant additional explanatory power.  This suggests that having sound institutions and policies may help avoid severe domestic crises, but will not be sufficient to avoid the domestic economic impact of the global business cycle"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 6/1/2010.

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