The Global Financial Crisis : A Driver for More Responsible Mortgage Lending in New Zealand

2016 ◽  
Vol 11 (2) ◽  
pp. 1-17
Author(s):  
Garth Simpson ◽  
Nicholas McGuigan
Keyword(s):  
New Zealand ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Mortgage Lending ◽  
The Global Financial Crisis

scholarly journals Would Macroprudential Regulation Have Prevented the Last Crisis?

2019 ◽  
Vol 33 (1) ◽  
pp. 107-130 ◽  
Author(s):  
David Aikman ◽  
Jonathan Bridges ◽  
Anil Kashyap ◽  
Caspar Siegert
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
Financial System ◽  
Mortgage Lending ◽  
Financial Policy ◽  
Policy Interventions ◽  
The Us ◽  
Set Up ◽  
The Global Financial Crisis

How well equipped are today’s macroprudential regimes to deal with a rerun of the factors that led to the global financial crisis? To address the factors that made the last crisis so severe, a macroprudential regulator would need to implement policies to tackle vulnerabilities from financial system leverage, fragile funding structures, and the build-up in household indebtedness. We specify and calibrate a package of policy interventions to address these vulnerabilities—policies that include implementing the countercyclical capital buffer, requiring that banks extend the maturity of their funding, and restricting mortgage lending at high loan-to-income multiples. We then assess how well placed are two prominent macroprudential regulators, set up since the crisis, to implement such a package. The US Financial Stability Oversight Council has not been designed to implement such measures and would therefore make little difference were we to experience a rerun of the factors that preceded the last crisis. A macroprudential regulator modeled on the UK’s Financial Policy Committee stands a better chance because it has many of the necessary powers. But it too would face challenges associated with spotting build-ups in risk with sufficient prescience, acting sufficiently aggressively, and maintaining political backing for its actions.

The main determinants effecting international visitor arrivals in New Zealand

2016 ◽  
Vol 23 (5) ◽  
pp. 921-940 ◽  
Author(s):  
Azmat Gani ◽  
Michael D. Clemes
Keyword(s):  
New Zealand ◽  
Financial Crisis ◽  
Exchange Rates ◽  
Global Financial Crisis ◽  
Good Governance ◽  
Real Exchange Rates ◽  
Relative Prices ◽  
Per Capita ◽  
Main Determinants ◽  
The Global Financial Crisis

This study examines the main determinants of international visitor arrivals in New Zealand in light of New Zealand’s major earthquakes in 2010 and 2011 as well as the global financial crisis of 2007. Our results provide strong evidence that visitor origin country per capita incomes, relative prices, real exchange rates, the distance between New Zealand and its main visitor origin countries and New Zealand’s record of good governance are statistically significant determinants of visitor arrivals to New Zealand. Our findings also reveal a negative but statistically insignificant effect of the earthquakes of 2010 and 2011on visitor arrivals to New Zealand. Our findings do not provide any significant regressive effect of the global financial crisis on visitor arrivals to New Zealand.

scholarly journals Class in New Zealand

2016 ◽  
Vol 1 ◽  
pp. 71
Author(s):  
Patrick Ongley
Keyword(s):  
New Zealand ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Class Relations ◽  
Full Understanding ◽  
Social Transformations ◽  
Class Society ◽  
Current State ◽  
Opportune Time ◽  
The Global Financial Crisis

In the wake of the global financial crisis and amidst a tide of concern about inequality, now is an opportune time to revisit the topic of class. It is conspicuously absent from most of the discourse surrounding the current state of capitalism and its iniquities, but it is critical to a full understanding of them. In New Zealand, we have always tended to shy away from talk of class, but like all capitalist societies this is a class society, and we are all connected to and divided from others by class relations. Class also connects our present to our past and future, playing key roles in the periodic economic and social transformations shaping our history. New Zealand has been through at least three such transitions, which have all involved significant shifts in class relations and class structures. At this current uncertain juncture in the aftermath of the global financial crisis, we may have the opportunity to forge another transformation.  

scholarly journals Strategising for Resilience

2021 ◽  
Author(s):  
◽  
Simon Collins
Keyword(s):  
New Zealand ◽  
Financial Crisis ◽  
Strategic Management ◽  
Dynamic Capabilities ◽  
Global Financial Crisis ◽  
Manufacturing Sector ◽  
Current Theory ◽  
Study Approach ◽  
Management Concepts ◽  
The Global Financial Crisis

<p>The term “resilience” is used to describe aspects of businesses that are able to withstand potentially destructive changes in the commercial environment in which they operate. Few studies have investigated the ability that some firms have not just to endure disturbance, but to buck market trends and improve, grow and capitalise on potentially destructive change. This thesis aims to elaborate our existing understanding by contributing empirical knowledge on resilient firms through the examination of the research questions: In the context of the New Zealand Manufacturing sector during the Global Financial Crisis, what contributes to resilience in firms? And, do dynamic capabilities play a role in the resilience of firms?  To address the identified gap in the literature, this research analysed the strategies of seventeen New Zealand manufacturing firms during the Global Financial Crisis utilising a qualitative, case study approach. Teece’s (2007) Sensing, Seizing and Transformation dynamic capabilities framework was used to analyse and categorise the firms’ actions. The findings confirm some, but also refute other, pre-existing assumptions and understandings regarding the resilience of firms that are offered by the prevailing literature.  This thesis contributes to the field of theory by offering evidence for five propositions that extend the existing resilience literature. These are: first, that the dynamic capabilities framework provides a useful means through which to examine the resilience of firms; second, resilient firms appear to have bundles of dynamic capabilities that provide resilience when present; third, certain capabilities appear to be necessary but not sufficient to create resilience; fourth, capabilities that enable firms to generate additional efficiency and margin appear to be among the most valuable in the creation of resilience, and fifth, capabilities that increase the ‘volume’ of knowledge, and improve the flow of, and access to, knowledge within a firm also appear to be among the most valuable for creating resilience.  This examination of the concept of resilience presents new perspectives on why some firms perform better during crises, and how advantage is created and maintained when the environment generates barriers to performance. The results progress resilience as an emerging concept in the strategic management literature in two ways: first, the addition of empirical evidence extends and elaborates current theory regarding what constitutes resilient action in firms; and second, the results highlight the strengths and weaknesses of applying a dynamic capabilities framework to explore strategic management concepts.</p>

Strategising for Resilience

2021 ◽  
Author(s):  
◽  
Simon Collins
Keyword(s):  
New Zealand ◽  
Financial Crisis ◽  
Strategic Management ◽  
Dynamic Capabilities ◽  
Global Financial Crisis ◽  
Manufacturing Sector ◽  
Current Theory ◽  
Study Approach ◽  
Management Concepts ◽  
The Global Financial Crisis

<p>The term “resilience” is used to describe aspects of businesses that are able to withstand potentially destructive changes in the commercial environment in which they operate. Few studies have investigated the ability that some firms have not just to endure disturbance, but to buck market trends and improve, grow and capitalise on potentially destructive change. This thesis aims to elaborate our existing understanding by contributing empirical knowledge on resilient firms through the examination of the research questions: In the context of the New Zealand Manufacturing sector during the Global Financial Crisis, what contributes to resilience in firms? And, do dynamic capabilities play a role in the resilience of firms?  To address the identified gap in the literature, this research analysed the strategies of seventeen New Zealand manufacturing firms during the Global Financial Crisis utilising a qualitative, case study approach. Teece’s (2007) Sensing, Seizing and Transformation dynamic capabilities framework was used to analyse and categorise the firms’ actions. The findings confirm some, but also refute other, pre-existing assumptions and understandings regarding the resilience of firms that are offered by the prevailing literature.  This thesis contributes to the field of theory by offering evidence for five propositions that extend the existing resilience literature. These are: first, that the dynamic capabilities framework provides a useful means through which to examine the resilience of firms; second, resilient firms appear to have bundles of dynamic capabilities that provide resilience when present; third, certain capabilities appear to be necessary but not sufficient to create resilience; fourth, capabilities that enable firms to generate additional efficiency and margin appear to be among the most valuable in the creation of resilience, and fifth, capabilities that increase the ‘volume’ of knowledge, and improve the flow of, and access to, knowledge within a firm also appear to be among the most valuable for creating resilience.  This examination of the concept of resilience presents new perspectives on why some firms perform better during crises, and how advantage is created and maintained when the environment generates barriers to performance. The results progress resilience as an emerging concept in the strategic management literature in two ways: first, the addition of empirical evidence extends and elaborates current theory regarding what constitutes resilient action in firms; and second, the results highlight the strengths and weaknesses of applying a dynamic capabilities framework to explore strategic management concepts.</p>

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