The Contribution of Foreign Borrowing to the New Zealand Economy

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Title The Contribution of Foreign Borrowing to the New Zealand Economy
Author Makin, Anthony John; Zhang, Wei; Scobie, Grant M.
Journal Name New Zealand Economic Papers
Year Published 2009
Place of publication Australia
Publisher Routledge
Abstract New Zealand's persistent current account deficits and high external debt level remain central to ongoing economic policy debate. However, what is often overlooked is the potentially positive macroeconomic contribution made by foreign finance. This paper suggests that foreign capital inflows, the counterpart of current account deficits, have in fact made a significant contribution to New Zealand national income from a growth accounting perspective. A stylised national balance sheet that includes New Zealand's assets and foreign liabilities also places the stock of foreign debt in proper context and reveals that national wealth gains have been significant as well.
Peer Reviewed Yes
Published Yes
Alternative URI http://dx.doi.org/10.1080/00779950903308786
Volume 43
Issue Number 3
Page from 263
Page to 278
ISSN 0077-9954
Date Accessioned 2009-11-18
Date Available 2010-07-14T07:43:59Z
Language en_AU
Faculty Griffith Business School
Subject International Economics and International Finance
URI http://hdl.handle.net/10072/29329
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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