David Hargreaves

Reserve Bank of New Zealand
P.O. Box 2498, Wellington
New Zealand

E-Mail: David.Hargreaves@rbnz.govt.nz
Institutional Affiliation: Reserve Bank of New Zealand

NBER Working Papers and Publications

May 2010Global shocks, economic growth and financial crises: 120 years of New Zealand experience
with Michael D. Bordo, Mizuho Kida: w16027
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 hav...

Published: Bordo, Michael & Hargreaves, David & Kida, Mizuho, 2011. "Global shocks, economic growth and financial crises: 120 years of New Zealand experience," Financial History Review, Cambridge University Press, vol. 18(03), pages 331-355, December. citation courtesy of

National Bureau of Economic Research
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Cambridge, MA 02138

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