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Displaying: 1 - 48 of 48 items.
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Speeches and presentations
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Address to Blenheim South Rotary Club by Peter Shirtcliffe
26 October 2009, Peter Shirtcliffe
You have asked me to address you on the issue of our debt levels and productivity. You have also
suggested that I speak about the Young Enterprise scheme with which I have been associated for
many years. My approach tonight is to show you how closely allied are these two matters.
At the outset let me suggest to you that there is nothing wrong with debt per se. In our time we
have all had to cope with some form of debt, either in our business or simply to buy a home. The
issue is the ability to service the debt.
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The Fiscal Responsibility Act: A Stocktake
23 September 2004, Roger Kerr
Roger Kerr's paper to the Conferenz 8th Annual Public Sector Finance Forum in Wellington today.
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The Inflation Debate
15 April 1991, Lindsay Fergusson
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Books and reports
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Monetary Arrangements for New Zealand
1 May 2001, Peter Hartley
There is no summary available for this publication.
NZ $24.95
incl GST
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The Real Cost of Capital in New Zealand: Is It Too High?
1 October 2000, Martin Lally
There seems to be a widely held view or suspicion in New Zealand that this country's real cost of capital is high, and that this obstructs investment and/or places New Zealand firms at a disadvantage to foreign competitors. Motivated by these concerns this paper examines the following questions:
(i) is the real cost of capital high in New Zealand by comparison with other countries?
(ii) if it is high, what are the most plausible explanations for this? and
(iii) what might be done to lower it?
The first two questions are concerned with 'high' in a relative sense, whereas the last question is consistent with 'high' in either a relative or absolute sense. To deal with the relative concerns, some foreign countries must be selected. Both Australia and the United States are selected for examination on the basis of being the most significant sources to New Zealand of foreign direct investment. This paper commences by estimating the cost of capital in each country, invoking widely used models and parameter estimates. The paper then considers whether the actual cost of capital may diverge from these calculations. In doing the latter, we consider two polar cases - one involving complete segmentation and the other complete integration of world equity markets. Explanations for these results are offered, followed by an inquiry into their policy implications.
NZ $22.50
incl GST
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The Reserve Bank of New Zealand: Policy Reforms and Institutional Structure
1 September 1991, Tyler Cowen
There is no summary available for this publication.
NZ $33.75
incl GST
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Submissions
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Inquiry into the Future Monetary Policy Framework
19 July 2007, New Zealand Business Roundtable
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Comment on the Reserve Bank's Proposed Outsourcing Policy for Systemically Important Banks
28 February 2005, New Zealand Business Roundtable
We have several concerns about the propositions contained in paragraphs 20 and 21. We raise them in the context of section 68 of the Act.
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Submission on the 2005 Budget Policy Statement
16 February 2005, New Zealand Business Roundtable
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Submission on the Public Finance (State Sector Management) Bill
21 April 2004, NZBR
The reasons for repealing the FRA as a separate piece of legislation
appear to be symbolic. While this could be seen as a step towards de-emphasising the
importance of fiscal responsibility, we think some features of the Bill represent
improvements.
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Submission on Taxation of Non-controlled Offshore Investment in Equity
2 March 2004, NZBR
The New Zealand Business Roundtable Submission on the officials' issues paper, 'Taxation of Non-controlled Offshore Investment in Equity'.
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Submission on the 2004 Budget Policy Statement
11 February 2004, New Zealand Business Roundtable
The government's own projections make it clear that New Zealand will not achieve its 'top priority' goal of increasing sustainable growth under current policies.
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2003 Budget Policy Statement
12 January 2003, New Zealand Business Roundtable
In this submission, section 2 reviews the outlook for economic growth in the light of the government's growth targets. Section 3 comments on the government's fiscal strategy in relation to its growth objective. Section 4 reviews New Zealand's experience to date with the Fiscal Responsibility Act 1994. Section 5 provides our conclusions and recommendations.
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Submission on the Review of the Securities Commission
1 February 1998, New Zealand Business Roundtable
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Submission to the Finance and Expenditure Select Committee on the Reserve Bank of New Zealand Bill
1 July 1990, New Zealand Business Roundtable
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Articles
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Budget 2010 Will Be Test of Government's Resolve
29 January 2010, Roger Kerr
Last month the government released its Budget Policy Statement (BPS) for 2010, along with its 2009 Half Year Economic and Fiscal Update.
Shortly the Finance and Expenditure Committee of parliament will be considering submissions on the BPS and the process of putting together the budget will be in full swing.
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Tax Reform Depends on Spending Restraint
15 January 2010, Roger Kerr
Expectations about the forthcoming report of the Victoria University-led Tax Working Group may be inflated. This is not a criticism of the TWG or its
likely lines of thinking.
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Inflation and Housing: Three Myths
8 October 2009, Roger Kerr
Recently there have been renewed calls to tax capital gains on housing. Opposition leader Phil Goff has indicated Labour would be open to talks. Parliament’s Finance and Expenditure Committee considered the taxation of housing in its 2007-08 monetary policy inquiry. It found that the monetary framework was sound, with monetary policy being necessary and sufficient to maintain price stability. Only the Green Party recommended a capital gains tax (CGT)on housing (other than the family home).
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Financial Turmoil: Market Failure or Government Failure?
29 September 2008, Roger Kerr
As the Wall Street Journal observed, the great irony is that the banks that made some of the worst mortgage investments were the most highly regulated. Bank regulators cannot possibly spot all weaknesses. More emphasis must go on caveat emptor - investors and depositors beware.
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Budget Tax Package Should Focus on Economic Growth
3 April 2008, Rob McLeod
The forthcoming budget will announce significant personal income tax reductions. Not all tax cuts are created equal. What form should the tax package take? This article was published in the NZ Herald today.
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Confusion Around Inflation Putting Monetary Policy Framework at Risk
27 July 2007, Roger Kerr
Monetary policy is a hot topic right now. The Reserve Bank's decision yesterday to raise the Official Cash Rate to 8.25% will ensure that it remains on the boil.
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Monetary Policy, Inflation and Capital Markets
7 March 2007, Roger Kerr
This article was first published in the Independent Financial Review.
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Energy Efficiency: Another Central Planning Failure
21 April 2006, Roger Kerr
Last month the Energy Efficiency and Conservation Authority (EECA) released a Situation Assessment Report on the National Energy Efficiency and Conservation Strategy.
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Inflation Debate Going Off the Rails
19 December 2005, Roger Kerr
The public debate about inflation seems at serious risk of going off the rails.
Confusion abounds at several levels.
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Are Tax Cuts Inflationary?
15 July 2005, Roger Kerr
In arguing against tax cuts, one point that finance minister Michael Cullen asserts is that they would push up prices, and that the Reserve Bank would have to raise interest rates to curb inflation.
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The Record of Progress
10 September 2004, Roger Kerr
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The Role of Business in Historical Perspective and Today
30 July 2004, Roger Kerr
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Why is Australia doing so well?
24 August 2003, Roger Kerr
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New Zealand's slow slide to mediocrity
9 July 2003, Norman LaRocque
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Perspectives
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Issue 406 I Can Afford Higher Taxes. But They’ll Make Me Work Less
21 October 2010, N Gregory Mankiw
AN important issue dividing the political parties is whether to raise taxes on those earning more than $250,000 a year. Democrats say these taxpayers can afford to chip in a bit more. Republicans say raising taxes on those who already face the highest marginal tax rates will hurt the economy.
So I thought it might be useful to do a case study on one of these high-income taxpayers. Fortunately, I have one handy: me.
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Issue 390 Teach Yourself Free Market Economics in Two Hours
12 August 2010, Daniel Hannan
If you want to understand what’s happening to the world economy, read Peter Schiff’s new book (co-written with his brother Andrew): How an Economy Grows and Why it Crashes. You don’t need any background in economics to understand it; an intelligent child could follow its arguments.
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Issue 375 Growth Rates Expose Underperforming States
16 June 2010, Richard Blandy
THERE were great differences between the states and territories in the growth rates of their economies from 1990-2009. Their annual growth rates were (from fastest to slowest): Queensland (4.5 per cent); Western Australia (4.2 per cent); Northern Territory (3.6 per cent); ACT (3.2 per cent); Victoria (3.1 per cent ); Tasmania (2.6 per cent ); NSW (2.5 per cent) and South Australia (2.4 per cent).
Can differences in economic structure - a big mining sector, for example - explain these differences? Or were these growth differences broadly spread across sectors? In short, did state governments' economic policies matter?
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Issue 364 PIGS and Euros
3 May 2010, Alvaro Vargas Llosa
WASHINGTON—Experts watching the economic drama of the PIGS—Portugal, Italy, Greece and Spain—keep telling us, reasonably, that you cannot have a Southern European economy and a German exchange rate. They mean that the euro, dominated by mighty and disciplined Germany, has become a straitjacket for deficit-ridden, debt-laden, unproductive economies that cannot devalue their way out of the crisis because they have ceded control over monetary policy to the European Central Bank.
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Issue 358 learning from What Works
8 April 2010, Richard W Rahn
Economists, political scientists, reporters and pundits spend too much of their time looking at dysfunctional societies and trying to explain why there are poverty, joblessness and hopelessness. In many ways, Haiti is easy to explain - no rule of law and 200 years of corrupt and incompetent governments. Switzerland is the polar opposite. It has almost no corruption and has the rule of law with honest, competent judges and government administrators.
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Issue 354 The Patsy Revolt of 2010
25 March 2010, Bill Bonner
Insurrection is in the air. In England, government employees are preparing the biggest strike since the ’80s. In America, dissatisfaction with Congress is at record highs; four out of five of those polled say, “Nothing can be accomplished in Washington.”
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Issue 351 Taxpayer beware - The hidden costs of public funding's helping hand
12 March 2010, James Stanfield
While much of the current debate on higher education has focused on what is seen, namely the immediate benefits of government spending and national planning, it has tended to neglect what is not seen - the hidden costs and unintended consequences of these interventions.
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Issue 341 The Spending ‘Freeze’ That Isn’t
2 February 2010, Edward P Lazear
In last night's State of the Union address President Obama proposed a three-year "spending freeze" on what amounts to one-sixth of the federal budget. Our biggest entitlement programs, Social Security and Medicare, would be excluded. These changes are optical rather than substantive. Given the spending agenda that is already in place, we can expect to see large increases in the proportion of GDP that is spent by our government for years to come.
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Issue 327 Stimulus Spending Doesn't Work
9 December 2009, Robert J Barro and Charles J Redlick
The global recession and financial crisis have refocused attention on government stimulus packages. These packages typically emphasize spending, predicated on the view that the expenditure "multipliers" are greater than one—so that gross domestic product expands by more than government spending itself.
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Issue 325 The Young and the Jobless
2 December 2009, WSJ Editorial
Earlier this year, economist David Neumark of the University of California, Irvine, wrote on these pages that the 70-cent-an-hour increase in the minimum wage would cost some 300,000 jobs. Sure enough, the mandated increase to $7.25 took effect in July, and right on cue the August and September jobless numbers confirm the rapid disappearance of jobs for teenagers.
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Issue 324 How California can get its Groove Back
30 November 2009, Michael J Boskin & John F Cogan
For many decades California residents enjoyed a rising standard of living, an outstanding education system, and unprecedented upward mobility. Yet now, despite state leadership in technology, agriculture and entertainment, California's economy radically underperforms. While uncontrolled spending, excessive regulation and litigation have helped create a dismal business environment, the tax system is central to the state's economic woes.
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Issue 296 What Happened to the 'Depression'?
4 September 2009, Allan H. Meltzer
Day after day, economists, politicians and journalists repeat the trope that the current recession is the worst since the Great Depression. Repetition may reinforce belief, but the comparison is greatly overstated and highly misleading. Anyone who knows even a bit about the Great Depression knows that this is false.
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Issue 288 Beware sorry fate of fads
5 August 2009, John Roskam
A decade ago we were told we should be more like the ʺCeltic Tigerʺ ‐ Ireland. In the heady days
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Issue 278, Money: How It Works and Why
1 July 2009, Steven Horwitz
Money is one human institution that is so ubiquitous that we do not often step back and try to understand exactly how it works and why. After all, when one thinks about it, it is somewhat strange that a customer can walk into a store, hand over a piece of paper with ink on it, or just transfer some bytes of information over a computer, and walk out with merchandise worth much more than the ink and paper or the bytes.
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Issue 278 Money: How it Works and Why
1 July 2009, Steven Horwitz
Money is one human institution that is so ubiquitous that we do not often step back and try to understand exactly how it works and why. After all, when one thinks about it, it is somewhat strange that a customer can walk into a store, hand over a piece of paper with ink on it, or just transfer some bytes of information over a computer, and walk out with merchandise worth much more than the ink and paper or the bytes. How has it come to be that we engage in this massive network of trust that we call monetary exchange? What exactly makes something money, and what role does money play in the economy and in generating economic growth and preserving economic freedom?
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Issue 269 The GDP Question
29 May 2009, Bob Packwood
President Obama’s plan to increase the tax rate on those making more than $250,000 has further fueled a national debate about the virtue of raising taxes on the “rich.” But this debate puts the cart before the horse. The real question is not how much we want to tax, but how much we want to spend. After all, the more a government spends, the more it has to tax or borrow.
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E-Connects
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Economics 101 on "Moral Hazard"
11 January 2010, Center for Freedom and Prosperity Foundation
A new video released by the Center for Freedom and Prosperity Foundation is the first in their "Economics 101" video series, a project designed to educate students, young people, and the general public about basic free market principles. This first video deals with the concept of "Moral Hazard."
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America's Fiscal Crisis Is Excessive Government, not Rising Debt
15 December 2009, Centre for Freedom and Prosperity Foundation
In this CF&P Foundation video entitled, "Deficits are Bad, but the Real Problem is Spending," Dan Mitchell of the Cato Institute explains that huge deficits and skyrocketing debt are rightly causing worry, but these are merely symptoms of the real problem of excessive government spending.
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How Big Are Fiscal Multipliers?
22 October 2009, Ethan Ilzetzki, Enrique G Mendoza and Carlos A Vegh
As fiscal stimulus packages were hastily put
together around the world last spring, one could
not have been blamed for thinking that there
must be some broad agreement in the profession
regarding the size of the fiscal multipliers.
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