December 2003 Reserve Bank Bulletin released

The Reserve Bank today released the December 2003 issue of the Reserve Bank of New Zealand Bulletin.

The December issue of the Bulletin contains three articles, and two speeches delivered over recent months by the Bank's Governor.

The first article provides a summary of the regulatory framework in the New Zealand financial sector. It describes the core components of the financial system, including the financial institutions and financial markets, and the infrastructure required to support the system.

The second article examines the relationship between surveyed inflation expectations and inflation in New Zealand since inflation stabilised in the early 1990's. It turns out that while survey data may be inaccurate predictors of the level of inflation, they can still provide useful directional information regarding near-term inflationary pressures.

The third article is on the "New Zealand CPI Inflation Calculator", which is located on the Bank's website ( http://www.rbnz.govt.nz) This article explains how the Calculator works.

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Gordon Campbell: On the Sony cyber attack

Given the layers of meta-irony involved, the saga of the Sony cyber attack seemed at the outset more like a snarky European art film than a popcorn entry at the multiplex.

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