New Zealand bond yields are determined globally, paper finds
Changes in global market interest rates are reflected "almost one for one" in New Zealand interest rates when using monthly data, according to a recent Reserve Bank of New Zealand analytical note.
Using bond yields for 12 advanced countries, What in the world moves New Zealand bond yields? by Michelle Lewis and Lauren Rosborough, uses statistical techniques to identify the co-movement among these yields, and thus estimate two-year and 10-year world interest rates.
"Overall, 62% of the
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