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Monetary Policy impotence

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Panel 1OCR cut wont matter muchRBNZ has slow super tankerRBA has a jet boatPanel 2Lets explain 87% of mortgages fixedNZ$52 bln rolls over soonMost set 2 yrs ago at 8-8.5%Will reset now around 8.5-9%Panel 3Effective mortgage rate risingWill drop just 10bps in 3 yrsThats the RBNZ forecastYet OCR to fall 150 bpsPanel 4Why wont mortgage rates fallForeign funding up 150-200bpsBanks owe NZ$135 bln overseasOpen economy No choiceWe castrated our own RBNZPanel 5However, RBA moves immediate75% of loans are variable rate.Changes take 1 weekImmediate effectPanel 6We need a positive yield curveShould RBNZ cut drastically?No. But worth consideringMay happen anywayPanel 7Foreigners may increase ratesMay see us as riskyNZ debt higher than US debtNet a jet boat

Channel: News & Politics
Uploaded: November 30, 1999 at 12:00 am
Author: ofInterestNZ

Length: 05:36
Rating: 5.0
Views: 593


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Video Comments

altfseven (November 30, 1999 at 12:00 am)
8.5% ...wow ... are you able to tell me the lotto numbers too.......
georgewtwat (November 30, 1999 at 12:00 am)
excellent Video Bernard - you're a great a teacher.
Chandlerbin2006 (November 30, 1999 at 12:00 am)
Look into the austrian theory of the business cycle.

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