Grant Spencer: Prudential lessons from the Global Financial Crisis Presentation by Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand, to the Financial Institutions of NZ 2012 Remuneration Forum, Auckland, 3 May 2012. *  *  *  New Zealand has a small open economy and a financial system that is well integrated into the international financial system.
So, not surprisingly, New Zealand was heavily affected by the Global Financial Crisis (GFC) and the global recession that followed. In the real economy, our export prices tumbled and GDP growth remained negative or flat through most of 2008 –2009.