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Has files: YesSubject: search.filters.subject.Economic growth, New Zealand

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    An econometric analysis of New Zealand's determinants of economic growth, 1960-1996 : a research thesis submitted in partial requirement for the degree of Masters of Applied and International Economics at Massey University
    (Massey University, 1998) Black, Sarah
    The key purpose of this study is to analyse whether the generally agreed determinants of economic growth, such as labour force, trade, openness to trade, investment, inflation, research and development, human capital, tourism, government consumption expenditure and government education expenditure, impact significantly on New Zealand's growth. This study applies Auto-Regressive Distributed Lag (ARDL) cointegration regression analysis to time series data on the relevant variables for the period 1960 to 1996. Empirical models are based on neoclassical and endogenous growth theory models, and equations specified will fall under seven differing frameworks. The importance of economic growth and principally the sequence of New Zealand's growth, is the main reason for choosing New Zealand as the case study in this analysis. Such an empirical examination should enhance the knowledge and future development of economic growth and its determinants for New Zealand. Empirical evidence indicates that the endogenous growth model explains New Zealand's economic growth performance quite satisfactorily. Models incorporating the variables: growth of exports, public sector investment and tourism receipts, are positive and statistically significant to New Zealand's growth performance over this period. Export-led growth is favoured in this analysis. The need for massive state intervention in the New Zealand economy was officially declared over by the Fourth Labour Government in 1984. Radical and extensive macroeconomic and microeconomic reforms were undertaken, representing a revolutionary break from past policies of heavy regulation and import protection and the accompanying large fiscal deficits and high rates of inflation. Succeeding this period of major restructuring, the New Zealand economy has supported a strong recovery since 1991, outperforming most other OECD countries. The challenge now for policy makers, is to manage sustained economic growth, as growth slows under the influence of a shaky international environment.
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    An examination of the methods and effects of restricting external trade : with particular reference to the New Zealand experience (1938-68) : presented to the Faculty of Social Science, Massey University in partial fulfilment of requirements for the degree of Doctor of Philosophy
    (Massey University, 1974) Lane, P. A.
    A notable feature of economic activity since the second world war has been the growth of international trade, which has tended to increase relative dependence on trade, thus placing a larger section of the national economy outside the control of normal monetary and fiscal policy. Thus, between 1960 and 1970, the real G.N.P. of the Industrial Nations of the world increased by just over a half; during the same period the volume of trade of these nations increased by 119%. One of the features of this growth in trade has been an increasing, especially among industrial nations - making exports dependent on a narrower range of goods, more sensitive to market changes. At the same time, a much wider range of importable goods has become available, making a larger section of the internal economy sensitive to the winds of foreign competition. New Zealand has been something of an exception to this rule. Since the war, she has become somewhat less dependent on trade. Her relative dependence, measured as Exports + Imports/Gross Dom. Prod. (current prices, Imports at C.D.V.) was 46.3% in 1950/51, gradually falling to 41.8% in 1960/61, and 36.7% in 1970/71. This is insufficient evidence on which to make too sweeping a generalisation, but it is significant that those nations which had the more liberal trade policies - Japan, Germany, Sweden - experienced pro-trade biased growth, while a country like New Zealand with stringent control policies, had anti-trade biased growth. And economic growth itself was somewhat slower in New Zealand, averaging about 1.5% in real terms during the 1950s, 1.3% in the 1960s.