This article provides an update on the market for offshore issues of New Zealand dollar denominated bonds, commonly referred to as New Zealand dollar Eurobonds, Eurokiwis, New Zealand dollar Uridashi, and global issues. Net issuance of these bonds has surged in the past two years, driven by...

This article explores some of the channels through which the financial system may amplify business cycles in New Zealand. Such amplification (‘procyclicality’) has been of interest for decades when considering financial booms and crises. There has been particular interest recently in...

This article reviews New Zealand’s approach to funding foreign currency reserves: a mix of holding foreign currency assets funded by outright purchases of foreign exchange, borrowing foreign currency long term to fund foreign currency assets, and swapping local currency assets for foreign...

This article draws together some of our recent exchange rate research. The research is interpreted against an asset price view of the exchange rate, which has become increasingly relevant as foreign exchange market turnover has become dominated by capital market transactions unrelated to trade...