A pension system is at the heart of social protection. By ensuring income security for older persons and other vulnerable groups, it prevents poverty, reduces inequality, and facilitates consumption smoothing. A pension system also affects the working population's labor market choices and has...

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging...

The High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth came together to provide policy analysis and practical proposals for actions that could help countries secure a strong recovery from the pandemic and a successful green transition. This report pulls together...

This report provides an assessment of whether and how multilateral platforms could bring meaningful improvements to the cross-border payments ecosystem. It was written by the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) in collaboration with the BIS...

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging...

Estimates of the "output gap" play a significant role in the thinking of inflation- targeting central banks. This note outlines how the Reserve Bank estimates the level of potential output and the output gap.facing small advanced economies, such as New Zealand.

Using data from the Household Economic Survey we examine the vulnerability of several cohorts of owner-occupiers who had recently taken out mortgages. We focus particularly on the period leading up to the introduction of the "speed limit" on high LVR mortgage lending.

Over the past several decades, China’s share of global output and trade – and of trade with New Zealand – has increased rapidly. This note outlines some of the ways in which the emergence of China has influenced, and may influence in the future, New Zealand’s economy.

Fluctuations in the margins banks paid (over risk-free interest rates) on their funding costs have been a significant factor since the financial crisis of 2008/09. This paper uses a model to analyse the response of New Zealand’s monetary policy to such fluctuations since 1993, On average, the...

ntral clearing of derivatives contracts is one way to reduce risk in the financial system. Since the crisis of 2008/09 there has been an international push to clear more derivatives contracts through central counterparties. This paper reviews some of the considerations facing small advanced...