{"id":{"repo_id":"auckland-ms","oai_identifier":"oai:researchspace.auckland.ac.nz:2292/54325"},"canonical_url":"https://search.dev.ndltd.org/etd/auckland-ms/oai:researchspace.auckland.ac.nz:2292/54325","repository":{"repo_id":"auckland-ms","name":"University of Auckland","base_url":"https://researchspace.auckland.ac.nz/server/oai/request"},"display":{"title":"Financial Stability in New Zealand: Three Essays","abstract":"In this thesis, I explore the past, present, and future of New Zealand’s financial stability through the estimation of New Zealand’s medium-term financial cycle; a close examination of New Zealand’s 1984 currency crisis; and a theoretical consideration of the interaction of monetary policy and macro-prudential policy in pursuit of financial stability outcomes. My results suggest that the nature of the New Zealand financial cycle changed fundamentally after the liberalising reforms of the mid-1980s, leading to greater synchronisation with international capital markets; that the 1984 currency crisis was the result of self-fulfilling market expectations, coordinated by the announcement of a snap election; and that using monetary policy to address financial stability (a policy approach also known as “leaning against the wind”) would only be appropriate if the macro-prudential regulator had a low level of risk-sensitivity, and if the macro-prudential instrument is well-tested and known to be effective over the financial stability objective.","abstract_html":"In this thesis, I explore the past, present, and future of New Zealand’s financial stability through the estimation of New Zealand’s medium-term financial cycle; a close examination of New Zealand’s 1984 currency crisis; and a theoretical consideration of the interaction of monetary policy and macro-prudential policy in pursuit of financial stability outcomes. My results suggest that the nature of the New Zealand financial cycle changed fundamentally after the liberalising reforms of the mid-1980s, leading to greater synchronisation with international capital markets; that the 1984 currency crisis was the result of self-fulfilling market expectations, coordinated by the announcement of a snap election; and that using monetary policy to address financial stability (a policy approach also known as “leaning against the wind”) would only be appropriate if the macro-prudential regulator had a low level of risk-sensitivity, and if the macro-prudential instrument is well-tested and known to be effective over the financial stability objective.","abstract_has_math":false,"creators":["Davies, Caitlin"],"institution":"ResearchSpace@Auckland","degree_name":"PhD","degree_level":"Doctoral","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":[],"advisors":["Gai, Prasanna","Berka, Martin"],"committee_chairs":[],"committee_members":[],"year":2020,"date_issued":"2020","date_published":"2020","updated_at":"2026-07-24T01:05:11Z","subjects":[],"languages":[],"rights":["Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated."],"rights_urls":["https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm"],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/2292/54325","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor.advisor","label":"Advisor","values":["Gai, Prasanna","Berka, Martin"]},{"key":"dc:creator","label":"Author","values":["Davies, Caitlin"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.accessioned","label":"Dc Date Accessioned","values":["2021-01-25T00:48:53Z"]},{"key":"dc:date.available","label":"Dc Date Available","values":["2021-01-25T00:48:53Z"]},{"key":"dc:date.issued","label":"Date","values":["2020"]},{"key":"dc:publisher","label":"Institution","values":["ResearchSpace@Auckland"]},{"key":"dc:relation.isreferencedby","label":"Dc Relation Isreferencedby","values":["UoA99265331305402091"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Doctoral"]},{"key":"thesis:degree_name","label":"Degree Name","values":["PhD"]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["The University of Auckland"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:rights","label":"Dc Rights","values":["Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated."]},{"key":"dc:rights.uri","label":"Rights URI","values":["https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://hdl.handle.net/2292/54325"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["In this thesis, I explore the past, present, and future of New Zealand’s financial stability through the estimation of New Zealand’s medium-term financial cycle; a close examination of New Zealand’s 1984 currency crisis; and a theoretical consideration of the interaction of monetary policy and macro-prudential policy in pursuit of financial stability outcomes. My results suggest that the nature of the New Zealand financial cycle changed fundamentally after the liberalising reforms of the mid-1980s, leading to greater synchronisation with international capital markets; that the 1984 currency crisis was the result of self-fulfilling market expectations, coordinated by the announcement of a snap election; and that using monetary policy to address financial stability (a policy approach also known as “leaning against the wind”) would only be appropriate if the macro-prudential regulator had a low level of risk-sensitivity, and if the macro-prudential instrument is well-tested and known to be effective over the financial stability objective."]},{"key":"dc:title","label":"Title","values":["Financial Stability in New Zealand: Three Essays"]}]}],"canonical_facts":{"dc:contributor.advisor":["Gai, Prasanna","Berka, Martin"],"dc:creator":["Davies, Caitlin"],"dc:date.accessioned":["2021-01-25T00:48:53Z"],"dc:date.available":["2021-01-25T00:48:53Z"],"dc:date.issued":["2020"],"dc:description.abstract":["In this thesis, I explore the past, present, and future of New Zealand’s financial stability through the estimation of New Zealand’s medium-term financial cycle; a close examination of New Zealand’s 1984 currency crisis; and a theoretical consideration of the interaction of monetary policy and macro-prudential policy in pursuit of financial stability outcomes. My results suggest that the nature of the New Zealand financial cycle changed fundamentally after the liberalising reforms of the mid-1980s, leading to greater synchronisation with international capital markets; that the 1984 currency crisis was the result of self-fulfilling market expectations, coordinated by the announcement of a snap election; and that using monetary policy to address financial stability (a policy approach also known as “leaning against the wind”) would only be appropriate if the macro-prudential regulator had a low level of risk-sensitivity, and if the macro-prudential instrument is well-tested and known to be effective over the financial stability objective."],"dc:identifier.uri":["https://hdl.handle.net/2292/54325"],"dc:publisher":["ResearchSpace@Auckland"],"dc:relation.isreferencedby":["UoA99265331305402091"],"dc:rights":["Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated."],"dc:rights.uri":["https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm"],"dc:title":["Financial Stability in New Zealand: Three Essays"],"dc:type":["Thesis"],"thesis:degree_discipline":["Economics"],"thesis:degree_level":["Doctoral"],"thesis:degree_name":["PhD"],"thesis:institution_name":["The University of Auckland"]},"updated_at":"2026-07-24T01:05:11Z"}