Banking Crises in New Zealand-An Historical Perspective

摘要: This article examines ‘systemic’ banking crises in New Zealand. While there are examples of individual institutional failures Zealand’s early colonial development for example, only two episodes that have involved a significant erosion system capital – our definition systemic crisis. The first episode occurred the late 1880s and 1890s after credit-fuelled rural land boom 1870s, while second 1980s as result another credit-driven asset price bust cycle following financial deregulation earlier decade. Both can be understood within framework places at centre stage propensity economic agents to under-price risk, thereby creating balance sheet vulnerabilities intermediaries, which occasionally erupt into panic