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In July 2007 the Reserve Bank added un-hedged foreign currency assets to its foreign reserves portfolio. This means that some of the Bank’s reserves are now funded directly in New Zealand dollar (NZD)-denominated borrowings as opposed to in foreign currency. When reserves are fully hedged,...
Persistent link: https://www.econbiz.de/10009275508
This paper develops a panel data econometric analysis in order to determine the main macroeconomic causes of household indebtedness in the European Union countries from 1995 to 2019. During that time, household indebtedness reached unprecedented and unsustainable levels, which played a crucial...
Persistent link: https://www.econbiz.de/10014318307
Over much of the past 40 years, cycles of house price and consumption growth have been closely synchronised in New Zealand. Three main hypotheses for this co-movement have been proposed in the literature. Firstly, an increase in house prices increase homeowners wealth, which increases their...
Persistent link: https://www.econbiz.de/10008559911
This paper aims to contribute to our understanding of inflation dynamics in the United Kingdom by estimating two dynamic stochastic general equilibrium models and assessing the role of nominal and real rigidities within them. We first obtain an empirical representation of the monetary...
Persistent link: https://www.econbiz.de/10008506261
We examine the effect of export market entry on New Zealand firm performance. Our novel contribution to the literature is the treatment of export status as an incremental process, in which firms may export to one or more markets with each of these markets providing additional potential for...
Persistent link: https://www.econbiz.de/10008674324
A compelling, but highly tractable, axiomatic foundation for intertemporal decision making is established and discussed. This axiomatic foundation relies on methods employed in cooperative bargaining theory. Four simple axioms imply that the intertemporal objective function is a weighted...
Persistent link: https://www.econbiz.de/10008674325
Consider an n-person bargaining problem where players bargain over the division of a cake whose size is stochastic. In such a game, the players are not only bargaining over the division of a cake, but they are also sharing risk. This paper presents the Nash bargaining solution to this problem,...
Persistent link: https://www.econbiz.de/10008674326
We examine the relationship between housing equity and wage earnings. We first provide a simple model of wage bargaining where failure leads to both job loss and mortgage default. Moreover, foreclosure generates disutility beyond selling a home. We test this prediction using nine waves of the...
Persistent link: https://www.econbiz.de/10010292235
Homeownership rates are very different across European countries. They range from below 50% in Germany to over 80% in Greece, Spain or Ireland. However the differences lie not only in the overall homeownership rates but also in its structure, and this is the focus of this paper. Its aim is to...
Persistent link: https://www.econbiz.de/10011600830
This paper examines determinants of the agrarian structure in transition economies with an emphasis on the role of rural households’ human capital. Farm restructuring has resulted in a broad range of farm types, such as co-operatives, partnerships, individual farms and combinations of them. In...
Persistent link: https://www.econbiz.de/10011912121