11 of 12  ON LAGS  To conclude, lags pervade economic activities. They matter. As researchers, and as policymakers, we need to understand when lags are important, and develop techniques to detect when those lags are changing. The passage of time needs to be taken seriously in economic inquiry. So I’ll take no more of yours tonight, and thank you for listening.
We look forward to building the trans-Tasman regulatory community based on the principles of cooperation and harmonisation. But, we will also work diligently to continue developing the capacity to preserve New Zealand's systemic financial interests. BIS Review 20/2005  5  Conclusion Overall, the strong presence of foreign banks has brought many benefits to New Zealand in terms of soundness and efficiency.