4  Marvin Goodfriend (2005) “Why a corporate bond market: growth and direct finance” remarks made at the BIS/PBC seminar on “Developing corporate bond markets in Asia” held in Kumming, China, 17-18 November 2005. 2  BIS Review 11/2007  New Zealand’s unique financial services It is thus instructive to assess the relative role that these financial products play in New Zealand.
Doing so highlights just how unique – although not necessarily concerning – New Zealand’s financial intermediation is in some respects. While the profile looks similar to Australia, domestic credit 5 accounts for around 150 percent of GDP in NZ, compared to 180 percent in Australia, and our stock market capitalisation is less than half of theirs, relative to GDP.