How Countries Manage Reserve Assets

How Countries Manage Reserve Assets

Central bank reserve managers control foreign exchange reserves worth over $2 trillion. Traditionally, central banks are tight lipped about how these huge portfolios are managed. For the first time, How Countries Manage Reserve Assets offers a privileged insight into how central bankers themselves approach their work. Authors Contributors include many of the leading authorities on this subject: David Williams, former treasurer, IMF Professor Charles Goodhart, London School of Economics Professor Barry Eichengreen, University of California Donald J. Mathieson, IMF Y. V. Reddy, former deputy governor, Reserve Bank of India Jacobo De Léon, Bank of Canada Michael Naameh, Crown Agents Asset Management Erich Gmuer and Gion Cavegn, Swiss National Bank Ib Hansen and Christian Olgaard, Danmarks Nationalbank Professor Avinash Persaud, Gresham College Roberts L. Grava, Bank of Latvia Roberto de Beaufort, and Francisco Palomino Banco de la República, Colombia Professor Peter Bernholz, University of Basel Dick Ware, World Gold Council Geoffrey Dicks, Kit Juckes and Paul Stanworth Royal Bank of Scotland Joshua Kurtzig, Christopher Hemus and Ian Goodwin, IMF
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New survey of reserve managers How Countries Manage Reserve Assets sets the scene with a new 2002 survey of central bank reserve managers examining their current practice and future strategy. This addresses key questions about the demand for reserves, asset diversification, alternative management structures, and central banks' changing priorities and approaches. In subsequent chapters, leading central bank reserve managers discuss the key debates in modern central bank reserve management: portfolio benchmarking; asset diversification outsourcing and the role of external managers reserve management in developing countries tranching optimal levels of reserves and balance sheet rules risk analysis for reserves approaches to accounting
Reserve Assets Group How Countries Manage Reserve Assets draws on six years of annual meetings of Central Banking Publications' reserve assets group and the experience of over 100 central bank reserve managers who have attended these meetings.
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Contents How countries manage reserve assets - summary of a survey of reserve managers by Robert Pringle and Nick Carver The need for reserves by David Williams Intervention in asset markets by C. A. E. Goodhart The currency composition of foreign exchange reserves: retrospect and prospect by Barry Eichengreen and Donald J. Mathieson Reserve management at the Reserve Bank of India by Y. V. Reddy How the Bank of Canada manages reserves by Jacobo De León Reserve management in developing countries by Michael Naameh A view from the Swiss National Bank by Erich Gmuer and Gion Cavegn Risk management of currency reserves by Ib Hansen, Christian Olgaard and Peter Kaer Jensen Fewer government bonds: rethinking reserve portfolios by Roberts L. Grava The case for investing in corporate debt by Roberto de Beaufort, Francisco Palomino and Sandra Benitez The advantages and disadvantages of holding gold by Peter Bernholz The role of gold in reserve management by Dick Ware The UK and the euro: implications for reserve managers by Geoffrey Dicks, Kit Juckes and Paul Stanworth Accounting for reserves by Joshua Kurtzig, Christopher Hemus and Ian Goodwin The future of reserve management by Avinash Persaud Appendix 1: How countries manage reserve assets: survey questionnaire Appendix 2: Extracts from central banks' reports How Countries Manage Reserve Assets
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£180 (UK)
US$353/

270 (outside UK)

1-902182-23-5

20 January 2003

New survey of risk managers

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