Central Bank Reserve Management

New Trends, from Liquidity to Return

Inbunden, Engelska, 2007

2 469 kr

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This book provides first-hand insights on the modern considerations governing official reserve holdings and investment in different asset classes. Tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Leading experts from central banks, investment banks and the academic community elucidate on this and related issues.The expert contributors adopt a unique approach in their explicit linkage of the increased focus on return by central banks and the implications of new accounting rules (IFRS) for income recognition and profit distribution. They also address the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system, as well as:asset and currency diversificationchanging reserve management practices in the face of steeply growing official reserve holdingsnew risk management techniques profit distribution agreements.Central Bank Reserve Management will prove a valuable information resource for researchers and academics with an interest in central banking issues and asset management, financial sector, government and central bank officials, and representatives of international financial institutions.

Produktinformation

Utgivningsdatum2007-06-26
FormatInbunden
SpråkEngelska
FörlagEdward Elgar Publishing Ltd
ISBN9781845429577

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Contents: Preface 1. Central Bank Reserve Management: Trends and IssuesAge F.P. Bakker and Ingmar R.Y. van HerptPART I: THE SIZE OF CENTRAL BANK RESERVES2. Assessing the Benefits and Costs of Official Foreign Exchange ReservesRobert N. McCauley3. The Politics and Micro-Economics of Global ImbalancesAvinash Persaud4. The Cost–Benefit Approach to Reserve Adequacy: The Case of ChileEsteban Jadresic5. Foreign Reserve Adequacy from the Asian PerspectiveHidehiko Sogano6. Dealing with Reserve Accumulation: The Case of KoreaHeung Sik Choo7. Reserve Accumulation: A View from the United StatesMatthew HigginsPART II: RESERVE MANAGEMENT: RETURN VERSUS LIQUIDITY8. Trends in Reserve Management by Central BanksJennifer Johnson-Calari, Robert Grava and Adam Kobor 9. Implications of Growing Reserves of Central Banks for Asset AllocationAmy Yip10. Setting the Strategic Benchmark Duration and Currency Allocation: A Developing Country Case StudyVinod Kumar Sharma11. Observations on the Return versus Liquidity Debate: The Canadian PerspectiveDonna Howard12. A European View on Return versus LiquidityPentti Hakkaraïnen and Mika Pösö13. The Composition of Central Bank Reserves: The Market PerspectiveJoachim Fels14. Central Bank Risk Management: The Case of the Czech National BankLudek Niedermayer15. Returns from Alpha and Beta: An Equilibrium Approach to InvestingRobert Litterman16. The Conservative Approach to Central Bank Reserve ManagementHans-Helmut Kotz and Isabel Strauss-KahnPART III: IMPLICATIONS FOR CENTRAL BANK BALANCE SHEETS17. Central Bank Balance Sheets: Comparisons, Trends and Some ThoughtsFrancesco Papadia and Flemming Würtz18. Governance Aspects of Central Bank Reserve ManagementAge F.P. Bakker19. Too Much of a Good Thing: Reserve Accumulation and Volatility in Central Bank Balance SheetsHervé FerhaniReferencesIndex