As the world's biggest economies search for ways to let the air out of giant asset bubbles, they might find some answers in tiny New Zealand.
Fittingly the nation that begins the developed world's day and the central bank that pioneered inflation targeting will probably be the first to raise short-term interest rates.
The move could come next year as growth steadily returns to levels seen before the collapse of Lehman Brothers Holdings Inc. in 2008. But something far more interesting is afoot at the Reserve Bank of New Zealand's headquarters in Wellington.