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Exchange rate puzzle in New Zealand: New evidence
Baiding Hu,Yingjie Lin,Paul Dalziel 한양대학교 경제연구소 2019 JOURNAL OF ECONOMIC RESEARCH Vol.24 No.2
This paper adopts an event-study approach that utilises a combinationof the asset pricing model of the exchange rate due to Engel and West(2010) and a state space model to examine the impact of monetarypolicy shocks on the change of the New Zealand exchange rate. Wefind evidence to support the “exchange rate puzzle” (ERP) originallycoined by Grilli and Roubini (1995). The ERP in the New Zealandcontext was also found in Wilkinson et al. (2001). Using newer data,the present study is able to account for the role of the recent globalfinancial crisis (GFC) in influencing the nexus between the exchangerate and interest rate. It is found that the GFC had a mediating effecton the ERP, showing the exchange rate responded asymmetrically tomonetary policy shocks.
( Caroline Saunders ),( Meike Guenther ),( Peter Tait ),( John Saunders ),( Paul Dalziel ),( Paul Rutherford ) 한국EU학회 2015 Asia-Pacific Journal of EU Studies Vol.13 No.2
Understanding international consumer preferences and attitudes towards food is important for countries like New Zealand that depend heavily on food exports. New Zealand’s export focus has changed over the last few decades from almost all exports going to Europe, to more into Asian markets, in particular to China. It is therefore important that different cultures and preferences in these markets are considered and understood. This paper will present results from a pilot survey in six countries (UK, Korea, Japan, India, China and Indonesia) focusing on how consumers in different markets respond to different attributes and on how New Zealand producers can communicate those using smart technology and digital media in overseas markets. The results highlight the importance of food safety and health foods in these markets. In general, developing countries valued attributes more than developed countries. This included environmental quality in food which was also seen as key for underpinning food safety. In addition, the study examined the potential impact of varying levels of premiums for food attributes on there turns to the agricultural sectors of the EU (European Union-28) and New Zealand using the partial equilibrium Lincoln Trade and Environment Model (LTEM). Trade model projections showed that the potential impact on the revenue for agriculture was important.