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The policy origins of the Reserve Bank of New Zealand

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  • Matthew Wright

    (Reserve Bank of New Zealand)

Abstract

The Reserve Bank of New Zealand formally began operations on 1 August 1934, with responsibility for currency issue, debt management and the exchange rate. Although the establishment of the Bank can be seen partly as a response to the depression of the early 1930s, it also reflected forces that played out over much of the period following the First World War. Britain's push to see its Dominions establish their own central banks and the long-standing case for an independent New Zealand currency were both important factors shaping the debate around the case for a central bank. This article discusses these historical influences, the personalities that played a key role in the policy debate, and the events that culminated in the opening of the Bank.

Suggested Citation

  • Matthew Wright, 2006. "The policy origins of the Reserve Bank of New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, September.
    • Handle: RePEc:nzb:nzbbul:september2006:2
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2006/2006sep69-3wright.pdf
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    Cited by:

    1. James Graham & Christie Smith, 2012. "A brief history of monetary policy objectives and independence in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 75, pages 28-37, March.
    2. Josh Ryan-Collins & Frank van Lerven, 2018. "Bringing the helicopter to ground: a historical review of fiscal-monetary coordination to support economic growth in the 20th century," Working Papers PKWP1810, Post Keynesian Economics Society (PKES).
    3. Matthew Wright, 2009. "Mordacious years’: socio-economic aspects and outcomes of New Zealand’s experience in the Great Depression," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 72, pages 43-61, September.
    4. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093.
    5. Marcelo de Paiva Abreu & Pedro Carvalho Loureiro de Souza, 2011. ""Palatable Foreign Control": British money doctors and central banking in South America, 1924-1935," Textos para discussão 597, Department of Economics PUC-Rio (Brazil).
    6. Geoffrey Brooke & Anthony Endres & Alan Rogers, 2018. "The Economists and Monetary Thought in Interwar New Zealand: The Gradual Emergence of Monetary Policy Activism," Working Papers 2018-09, Auckland University of Technology, Department of Economics.
    7. Matthew Wright, 2018. "The historical meaning of the Reserve Bank’s Armistice Day coin," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 81, pages 1-14, August.

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