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External Imbalances and Macroeconomic Policy in New Zealand

Philip R. Lane, IIIS, Trinity College Dublin and CEPR

IIIS Discussion Paper No. 376

This paper argues that large external imbalances pose significant macroeconomic risks for New Zealand. While New Zealand has coped well in recent years, the global financial crisis has underlined the vulnerability of deficit countries to financial shocks. New Zealand can draw important lessons from the global crisis by adjusting its macroeconomic policy framework to further mitigate the risks embedded in its international balance sheet.

Last updated 28 August 2014 by IIIS (Email).